ProShare Advisors LLC Grows Holdings in Commerce Bancshares, Inc. (CBSH)
ProShare Advisors LLC raised its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 2.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 187,669 shares of the financial services provider’s stock after purchasing an additional 3,813 shares during the quarter. ProShare Advisors LLC owned 0.18% of Commerce Bancshares worth $10,665,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also added to or reduced their stakes in the company. Amalgamated Bank raised its stake in shares of Commerce Bancshares by 26.6% in the second quarter. Amalgamated Bank now owns 17,508 shares of the financial services provider’s stock valued at $995,000 after acquiring an additional 3,677 shares during the period. BlackRock Inc. raised its stake in shares of Commerce Bancshares by 1.1% in the second quarter. BlackRock Inc. now owns 7,591,937 shares of the financial services provider’s stock valued at $431,451,000 after acquiring an additional 82,095 shares during the period. Nationwide Fund Advisors raised its stake in shares of Commerce Bancshares by 4.0% in the second quarter. Nationwide Fund Advisors now owns 211,559 shares of the financial services provider’s stock valued at $12,023,000 after acquiring an additional 8,182 shares during the period. Captrust Financial Advisors purchased a new stake in shares of Commerce Bancshares in the second quarter valued at $106,000. Finally, Ameriprise Financial Inc. raised its stake in shares of Commerce Bancshares by 5.1% in the second quarter. Ameriprise Financial Inc. now owns 275,588 shares of the financial services provider’s stock valued at $15,664,000 after acquiring an additional 13,361 shares during the period. Institutional investors and hedge funds own 62.20% of the company’s stock.
Commerce Bancshares, Inc. (NASDAQ:CBSH) traded up 0.74% on Monday, reaching $55.58. 4,292 shares of the company traded hands. The stock has a market capitalization of $5.65 billion, a price-to-earnings ratio of 20.14 and a beta of 0.82. The stock has a 50 day moving average of $55.53 and a 200-day moving average of $56.01. Commerce Bancshares, Inc. has a 1-year low of $45.37 and a 1-year high of $60.61.
Commerce Bancshares (NASDAQ:CBSH) last posted its earnings results on Thursday, July 13th. The financial services provider reported $0.75 EPS for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.05. Commerce Bancshares had a net margin of 23.79% and a return on equity of 12.01%. The company had revenue of $305.89 million for the quarter, compared to analysts’ expectations of $309.44 million. During the same quarter in the prior year, the company posted $0.70 earnings per share. Commerce Bancshares’s revenue for the quarter was up 6.1% compared to the same quarter last year. On average, equities analysts anticipate that Commerce Bancshares, Inc. will post $2.94 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, September 25th. Shareholders of record on Friday, September 8th will be given a $0.225 dividend. The ex-dividend date of this dividend is Thursday, September 7th. This represents a $0.90 dividend on an annualized basis and a yield of 1.63%. Commerce Bancshares’s payout ratio is currently 32.64%.
Several equities research analysts have recently weighed in on CBSH shares. Zacks Investment Research raised shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Monday, July 10th. Barclays PLC set a $58.00 target price on shares of Commerce Bancshares and gave the company a “hold” rating in a research note on Sunday, July 16th. Keefe, Bruyette & Woods reissued a “sell” rating and issued a $51.00 target price on shares of Commerce Bancshares in a research note on Friday. UBS AG downgraded shares of Commerce Bancshares to an “underperform” rating in a research note on Thursday, August 10th. Finally, BidaskClub raised shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Five investment analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $55.25.
In other Commerce Bancshares news, Chairman David W. Kemper sold 10,132 shares of the company’s stock in a transaction dated Friday, July 21st. The shares were sold at an average price of $57.83, for a total value of $585,933.56. Following the transaction, the chairman now owns 1,270,757 shares of the company’s stock, valued at $73,487,877.31. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jeffery D. Aberdeen sold 687 shares of the company’s stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $59.09, for a total transaction of $40,594.83. Following the completion of the transaction, the insider now directly owns 40,232 shares in the company, valued at approximately $2,377,308.88. The disclosure for this sale can be found here. Insiders sold 20,819 shares of company stock worth $1,174,728 in the last ninety days. 4.30% of the stock is currently owned by corporate insiders.
Commerce Bancshares Company Profile
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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