Russell Investments Group Ltd. Acquires 204,306 Shares of Commerce Bancshares, Inc. (CBSH)
Russell Investments Group Ltd. raised its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 617.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 237,411 shares of the financial services provider’s stock after buying an additional 204,306 shares during the period. Russell Investments Group Ltd.’s holdings in Commerce Bancshares were worth $13,492,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Comerica Bank increased its stake in Commerce Bancshares by 3.3% in the first quarter. Comerica Bank now owns 93,208 shares of the financial services provider’s stock worth $5,224,000 after buying an additional 3,017 shares during the period. Wesbanco Bank Inc. increased its position in Commerce Bancshares by 11.2% in the first quarter. Wesbanco Bank Inc. now owns 9,300 shares of the financial services provider’s stock valued at $522,000 after buying an additional 940 shares during the last quarter. Elkfork Partners LLC increased its position in Commerce Bancshares by 18.2% in the first quarter. Elkfork Partners LLC now owns 7,282 shares of the financial services provider’s stock valued at $409,000 after buying an additional 1,122 shares during the last quarter. Rafferty Asset Management LLC increased its position in Commerce Bancshares by 260.6% in the first quarter. Rafferty Asset Management LLC now owns 15,822 shares of the financial services provider’s stock valued at $889,000 after buying an additional 11,434 shares during the last quarter. Finally, Lazard Asset Management LLC acquired a new position in Commerce Bancshares during the first quarter valued at $64,025,000. 62.13% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Commerce Bancshares, Inc. (NASDAQ CBSH) traded down 0.27% during midday trading on Friday, reaching $55.22. 368,459 shares of the company’s stock traded hands. The stock’s 50-day moving average price is $57.34 and its 200 day moving average price is $56.49. The firm has a market capitalization of $5.61 billion, a PE ratio of 20.01 and a beta of 0.81. Commerce Bancshares, Inc. has a one year low of $45.37 and a one year high of $60.61.
Commerce Bancshares (NASDAQ:CBSH) last released its earnings results on Thursday, July 13th. The financial services provider reported $0.75 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.05. The company had revenue of $305.89 million during the quarter, compared to analyst estimates of $309.44 million. Commerce Bancshares had a net margin of 23.79% and a return on equity of 12.01%. The firm’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.70 EPS. On average, equities research analysts expect that Commerce Bancshares, Inc. will post $2.94 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, September 25th. Investors of record on Friday, September 8th will be issued a $0.225 dividend. This represents a $0.90 annualized dividend and a yield of 1.63%. The ex-dividend date of this dividend is Thursday, September 7th. Commerce Bancshares’s dividend payout ratio is 32.64%.
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A number of equities analysts have recently commented on CBSH shares. Stephens restated a “hold” rating on shares of Commerce Bancshares in a research report on Monday, April 17th. Barclays PLC raised their price objective on shares of Commerce Bancshares from $54.00 to $55.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 19th. Piper Jaffray Companies cut their price objective on shares of Commerce Bancshares from $55.00 to $52.00 and set a “neutral” rating for the company in a research report on Wednesday, April 19th. Morgan Stanley raised their price objective on shares of Commerce Bancshares from $48.00 to $49.00 and gave the company an “underweight” rating in a research report on Tuesday, June 6th. Finally, Jefferies Group LLC restated a “hold” rating and issued a $61.00 price objective on shares of Commerce Bancshares in a research report on Sunday, June 11th. Five equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $55.00.
In related news, Vice Chairman Jonathan M. Kemper sold 36,979 shares of the stock in a transaction that occurred on Wednesday, June 7th. The shares were sold at an average price of $54.10, for a total value of $2,000,563.90. Following the completion of the sale, the insider now directly owns 1,045,605 shares of the company’s stock, valued at approximately $56,567,230.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jeffery D. Aberdeen sold 687 shares of the stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $59.09, for a total transaction of $40,594.83. Following the completion of the sale, the insider now directly owns 40,232 shares of the company’s stock, valued at $2,377,308.88. The disclosure for this sale can be found here. Insiders sold a total of 48,099 shares of company stock valued at $2,643,431 over the last three months. 4.30% of the stock is currently owned by insiders.
About Commerce Bancshares
Commerce Bancshares, Inc is a bank holding company of Commerce Bank (the Bank). The Bank is engaged in general banking business, providing a range of retail, mortgage banking, corporate, investment, trust and asset management products and services to individuals and businesses. The Company operates through three segments: Consumer, Commercial and Wealth.
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