JPMorgan Chase & Co. trimmed its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 0.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,085,216 shares of the financial services provider’s stock after selling 7,232 shares during the period. JPMorgan Chase & Co. owned 1.07% of Commerce Bancshares worth $62,302,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Commerce Bancshares by 2.9% in the 2nd quarter. Vanguard Group Inc. now owns 8,599,122 shares of the financial services provider’s stock worth $488,688,000 after acquiring an additional 246,065 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of Commerce Bancshares by 1.1% in the 2nd quarter. BlackRock Inc. now owns 7,591,937 shares of the financial services provider’s stock worth $431,451,000 after acquiring an additional 82,095 shares during the last quarter. FMR LLC lifted its holdings in Commerce Bancshares by 2.0% during the 2nd quarter. FMR LLC now owns 2,029,867 shares of the financial services provider’s stock valued at $115,357,000 after buying an additional 40,600 shares in the last quarter. Lazard Asset Management LLC lifted its holdings in Commerce Bancshares by 27.1% during the 2nd quarter. Lazard Asset Management LLC now owns 1,448,515 shares of the financial services provider’s stock valued at $82,318,000 after buying an additional 308,460 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in Commerce Bancshares by 3.4% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,083,851 shares of the financial services provider’s stock valued at $62,613,000 after buying an additional 35,361 shares in the last quarter. 59.15% of the stock is owned by institutional investors.
Several research firms have recently commented on CBSH. Zacks Investment Research lowered shares of Commerce Bancshares from a “buy” rating to a “hold” rating in a report on Monday, October 9th. Piper Jaffray Companies reissued a “neutral” rating and set a $60.00 target price on shares of Commerce Bancshares in a research report on Friday, October 6th. BidaskClub downgraded shares of Commerce Bancshares from a “sell” rating to a “strong sell” rating in a research report on Saturday. Finally, Keefe, Bruyette & Woods reissued a “sell” rating and set a $51.00 target price on shares of Commerce Bancshares in a research report on Friday, September 15th. Six analysts have rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. The company currently has a consensus rating of “Sell” and a consensus target price of $56.63.
In other news, insider V Raymond Stranghoener sold 6,399 shares of the stock in a transaction dated Thursday, October 26th. The shares were sold at an average price of $58.40, for a total transaction of $373,701.60. Following the sale, the insider now owns 47,112 shares of the company’s stock, valued at $2,751,340.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Jonathan M. Kemper sold 55,000 shares of the stock in a transaction dated Monday, December 11th. The stock was sold at an average price of $55.06, for a total transaction of $3,028,300.00. The disclosure for this sale can be found here. Company insiders own 4.30% of the company’s stock.
Shares of Commerce Bancshares, Inc. (NASDAQ CBSH) opened at $55.76 on Friday. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.04. Commerce Bancshares, Inc. has a 1-year low of $51.90 and a 1-year high of $60.61. The stock has a market cap of $5,798.86, a price-to-earnings ratio of 20.23, a PEG ratio of 3.17 and a beta of 0.80.
Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings data on Thursday, October 12th. The financial services provider reported $0.71 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.74 by ($0.03). The firm had revenue of $304.83 million during the quarter, compared to analysts’ expectations of $317.28 million. Commerce Bancshares had a net margin of 23.93% and a return on equity of 12.08%. The company’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.68 EPS. equities research analysts forecast that Commerce Bancshares, Inc. will post 2.77 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, December 18th. Shareholders of record on Thursday, November 30th will be paid a dividend of $0.225 per share. This represents a $0.90 annualized dividend and a yield of 1.61%. The ex-dividend date of this dividend is Wednesday, November 29th. Commerce Bancshares’s dividend payout ratio (DPR) is presently 33.51%.
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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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