Timber Hill LLC trimmed its stake in shares of Commerce Bancshares (NASDAQ:CBSH) by 46.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,518 shares of the financial services provider’s stock after selling 3,004 shares during the quarter. Timber Hill LLC’s holdings in Commerce Bancshares were worth $211,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CBSH. Tower Research Capital LLC TRC boosted its holdings in Commerce Bancshares by 189.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 2,211 shares of the financial services provider’s stock valued at $123,000 after purchasing an additional 1,448 shares in the last quarter. Wetherby Asset Management Inc. acquired a new stake in Commerce Bancshares during the first quarter valued at approximately $201,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Commerce Bancshares by 52.5% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,093 shares of the financial services provider’s stock valued at $284,000 after purchasing an additional 1,754 shares in the last quarter. State of Alaska Department of Revenue acquired a new stake in Commerce Bancshares during the fourth quarter valued at approximately $312,000. Finally, Stone Ridge Asset Management LLC acquired a new stake in Commerce Bancshares during the fourth quarter valued at approximately $377,000. 62.67% of the stock is currently owned by institutional investors.
Shares of Commerce Bancshares opened at $64.59 on Friday, according to Marketbeat. The company has a market capitalization of $6.89 billion, a PE ratio of 21.17, a price-to-earnings-growth ratio of 1.94 and a beta of 0.69. Commerce Bancshares has a one year low of $51.90 and a one year high of $65.77.
Commerce Bancshares (NASDAQ:CBSH) last announced its earnings results on Thursday, April 12th. The financial services provider reported $0.92 EPS for the quarter, topping the consensus estimate of $0.80 by $0.12. Commerce Bancshares had a return on equity of 13.21% and a net margin of 27.16%. The business had revenue of $312.58 million for the quarter, compared to the consensus estimate of $310.64 million. During the same period in the previous year, the business earned $0.68 EPS. research analysts anticipate that Commerce Bancshares will post 3.61 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 25th. Investors of record on Friday, June 8th will be given a $0.235 dividend. This represents a $0.94 annualized dividend and a yield of 1.46%. The ex-dividend date of this dividend is Thursday, June 7th. Commerce Bancshares’s dividend payout ratio (DPR) is presently 33.94%.
In related news, CEO David W. Kemper sold 8,414 shares of the business’s stock in a transaction that occurred on Wednesday, April 18th. The shares were sold at an average price of $63.07, for a total value of $530,670.98. Following the completion of the transaction, the chief executive officer now owns 1,266,502 shares in the company, valued at approximately $79,878,281.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Daniel D. Callahan sold 1,057 shares of the business’s stock in a transaction that occurred on Wednesday, April 18th. The stock was sold at an average price of $62.96, for a total transaction of $66,548.72. Following the completion of the transaction, the vice president now owns 31,275 shares of the company’s stock, valued at approximately $1,969,074. The disclosure for this sale can be found here. Insiders sold a total of 51,536 shares of company stock valued at $3,175,008 in the last 90 days. 4.00% of the stock is currently owned by corporate insiders.
A number of equities research analysts have weighed in on CBSH shares. ValuEngine raised Commerce Bancshares from a “hold” rating to a “buy” rating in a report on Friday, March 23rd. BidaskClub raised Commerce Bancshares from a “buy” rating to a “strong-buy” rating in a report on Wednesday, May 9th. Bank of America downgraded Commerce Bancshares from a “neutral” rating to an “underperform” rating and set a $64.00 target price on the stock. in a report on Tuesday, May 15th. They noted that the move was a valuation call. Keefe, Bruyette & Woods raised Commerce Bancshares from an “underperform” rating to a “market perform” rating and boosted their target price for the stock from $54.00 to $60.00 in a report on Tuesday, February 27th. Finally, Barclays reduced their target price on Commerce Bancshares from $63.00 to $58.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 11th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. Commerce Bancshares has a consensus rating of “Hold” and an average price target of $60.70.
Commerce Bancshares Company Profile
Commerce Bancshares, Inc operates as the holding company for Commerce Bank that provides retail, mortgage banking, corporate, investment, trust, and asset management products and services to individuals and businesses. It operates through three segments: Consumer, Commercial, and Wealth. The Consumer segment offers various banking products and services, including consumer deposits; consumer loans, such as automobile, motorcycle, marine, tractor/trailer, recreational vehicle, fixed rate and revolving home equity, and other consumer loans; patient health care financing; real estate loans; indirect and other consumer financing; personal mortgage banking; consumer installment lending; and consumer debit and credit bank cards, as well as provides online, mobile, and telephone banking services.
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