Riverhead Capital Management LLC lessened its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 32.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 12,979 shares of the financial services provider’s stock after selling 6,369 shares during the period. Riverhead Capital Management LLC’s holdings in Commerce Bancshares were worth $774,000 at the end of the most recent reporting period.
Other large investors have also recently made changes to their positions in the company. Synovus Financial Corp acquired a new position in shares of Commerce Bancshares in the 2nd quarter valued at about $49,000. Trustcore Financial Services LLC acquired a new stake in Commerce Bancshares during the 2nd quarter worth approximately $75,000. Kavar Capital Partners LLC purchased a new position in Commerce Bancshares in the second quarter valued at approximately $88,000. Benjamin Edwards Inc. raised its holdings in Commerce Bancshares by 22.3% in the second quarter. Benjamin Edwards Inc. now owns 2,076 shares of the financial services provider’s stock valued at $124,000 after buying an additional 378 shares during the period. Finally, ETF Managers Group LLC raised its holdings in Commerce Bancshares by 9.0% in the first quarter. ETF Managers Group LLC now owns 2,527 shares of the financial services provider’s stock valued at $147,000 after buying an additional 208 shares during the period. Institutional investors own 65.79% of the company’s stock.
Shares of NASDAQ:CBSH traded up $0.32 during mid-day trading on Wednesday, hitting $60.18. 9,494 shares of the company traded hands, compared to its average volume of 370,937. The firm has a market cap of $6.47 billion, a P/E ratio of 15.91, a PEG ratio of 2.92 and a beta of 0.75. Commerce Bancshares, Inc. has a 52-week low of $53.40 and a 52-week high of $71.86. The firm’s 50 day simple moving average is $57.72 and its 200 day simple moving average is $59.14.
Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $0.96 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.94 by $0.02. The firm had revenue of $338.90 million during the quarter, compared to analysts’ expectations of $339.94 million. Commerce Bancshares had a return on equity of 15.02% and a net margin of 29.90%. Commerce Bancshares’s quarterly revenue was up 4.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.96 EPS. On average, equities analysts expect that Commerce Bancshares, Inc. will post 3.67 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 23rd. Stockholders of record on Friday, September 6th will be paid a dividend of $0.26 per share. The ex-dividend date is Thursday, September 5th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.73%. Commerce Bancshares’s dividend payout ratio is currently 27.51%.
Several research firms have issued reports on CBSH. DA Davidson boosted their price objective on shares of Commerce Bancshares to $62.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 17th. Stephens reissued a “hold” rating and issued a $57.00 target price on shares of Commerce Bancshares in a research note on Wednesday, August 14th. Zacks Investment Research raised shares of Commerce Bancshares from a “sell” rating to a “hold” rating and set a $50.00 target price on the stock in a research note on Wednesday, June 12th. Raymond James lowered shares of Commerce Bancshares from a “market perform” rating to an “underperform” rating in a report on Monday, July 8th. Finally, BidaskClub cut shares of Commerce Bancshares from a “hold” rating to a “sell” rating in a research report on Thursday, August 8th. Three analysts have rated the stock with a sell rating and five have issued a hold rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $58.41.
Commerce Bancshares Profile
Commerce Bancshares, Inc operates as the bank 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 banking services.
Featured Article: Preferred Stock
Want to see what other hedge funds are holding CBSH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Commerce Bancshares, Inc. (NASDAQ:CBSH).
Receive News & Ratings for Commerce Bancshares Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Commerce Bancshares and related companies with MarketBeat.com's FREE daily email newsletter.