Northwestern Mutual Investment Management Company LLC lessened its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 4.8% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,335 shares of the financial services provider’s stock after selling 725 shares during the period. Northwestern Mutual Investment Management Company LLC’s holdings in Commerce Bancshares were worth $687,000 at the end of the most recent quarter.
Several other large investors have also recently modified their holdings of the company. Comerica Bank boosted its stake in shares of Commerce Bancshares by 3.3% in the first quarter. Comerica Bank now owns 93,208 shares of the financial services provider’s stock valued at $5,224,000 after buying an additional 3,017 shares during the period. Elkfork Partners LLC boosted its stake in shares of 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 period. Rafferty Asset Management LLC boosted its stake in shares of 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 period. Lazard Asset Management LLC bought a new stake in shares of Commerce Bancshares in the first quarter valued at approximately $64,025,000. Finally, Swiss National Bank boosted its stake in shares of Commerce Bancshares by 1.5% in the first quarter. Swiss National Bank now owns 150,314 shares of the financial services provider’s stock valued at $8,442,000 after buying an additional 2,200 shares during the period. Institutional investors own 62.20% of the company’s stock.
Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) opened at 53.21 on Monday. Commerce Bancshares, Inc. has a 1-year low of $45.37 and a 1-year high of $60.61. The company has a market capitalization of $5.41 billion, a PE ratio of 19.28 and a beta of 0.82. The firm’s 50-day moving average price is $56.01 and its 200 day moving average price is $56.19.
Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings results on Thursday, July 13th. The financial services provider reported $0.75 EPS for the quarter, beating the Thomson Reuters’ 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 firm had revenue of $305.89 million during the quarter, compared to the consensus estimate of $309.44 million. During the same period last year, the firm earned $0.70 EPS. The business’s quarterly revenue was up 6.1% compared to the same quarter last year. Equities analysts predict that Commerce Bancshares, Inc. will post $2.94 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, September 25th. Shareholders of record on Friday, September 8th will be issued a $0.225 dividend. This represents a $0.90 annualized dividend and a yield of 1.69%. The ex-dividend date of this dividend is Thursday, September 7th. Commerce Bancshares’s payout ratio is 32.64%.
In other Commerce Bancshares news, Director John R. Capps sold 10,000 shares of the firm’s stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $54.82, for a total value of $548,200.00. Following the completion of the transaction, the director now directly owns 12,828 shares of the company’s stock, valued at approximately $703,230.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Chairman David W. Kemper sold 10,132 shares of the firm’s stock in a transaction on Friday, July 21st. The shares were sold at an average price of $57.83, for a total transaction of $585,933.56. Following the completion of the transaction, the chairman now directly owns 1,270,757 shares of the company’s stock, valued at $73,487,877.31. The disclosure for this sale can be found here. Over the last three months, insiders sold 20,819 shares of company stock valued at $1,174,728. Insiders own 4.30% of the company’s stock.
Several equities research analysts recently issued reports on CBSH shares. Morgan Stanley boosted their price target on Commerce Bancshares from $48.00 to $49.00 and gave the company an “underweight” rating in a research note on Tuesday, June 6th. Jefferies Group LLC reiterated a “hold” rating and issued a $61.00 price target on shares of Commerce Bancshares in a research note on Sunday, June 11th. Keefe, Bruyette & Woods reiterated a “sell” rating and issued a $46.00 price target on shares of Commerce Bancshares in a research note on Monday, June 12th. BidaskClub upgraded Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Finally, Zacks Investment Research cut Commerce Bancshares from a “hold” rating to a “sell” rating in a research note on Tuesday, June 20th. Five research analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company’s stock. Commerce Bancshares has a consensus rating of “Hold” and an average target price of $54.63.
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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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