Essex Investment Management Co. LLC Has $1,183,000 Stake in Commerce Bancshares, Inc. (NASDAQ:CBSH)
Essex Investment Management Co. LLC held its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,825 shares of the financial services provider’s stock at the end of the second quarter. Essex Investment Management Co. LLC’s holdings in Commerce Bancshares were worth $1,183,000 at the end of the most recent reporting period.
A number of other hedge funds also recently modified their holdings of CBSH. Citizens Financial Group Inc. RI bought a new stake in shares of Commerce Bancshares during the first quarter worth $119,000. Mosaic Family Wealth LLC raised its stake in shares of Commerce Bancshares by 2.9% in the first quarter. Mosaic Family Wealth LLC now owns 3,116 shares of the financial services provider’s stock worth $175,000 after buying an additional 89 shares in the last quarter. WFG Advisors LP raised its stake in shares of Commerce Bancshares by 2.8% in the first quarter. WFG Advisors LP now owns 3,939 shares of the financial services provider’s stock worth $221,000 after buying an additional 109 shares in the last quarter. Parametrica Management Ltd bought a new stake in shares of Commerce Bancshares during the first quarter worth $233,000. Finally, Moloney Securities Asset Management LLC increased its position in Commerce Bancshares by 6.2% in the second quarter. Moloney Securities Asset Management LLC now owns 4,269 shares of the financial services provider’s stock valued at $243,000 after buying an additional 250 shares during the last quarter. Hedge funds and other institutional investors own 62.13% of the company’s stock.
Commerce Bancshares, Inc. (NASDAQ CBSH) traded down 0.27% during mid-day trading on Friday, hitting $55.22. 368,459 shares of the stock traded hands. The stock has a market cap of $5.61 billion, a price-to-earnings ratio of 20.01 and a beta of 0.81. The company’s 50 day moving average price is $57.34 and its 200-day moving average price is $56.49. 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 quarterly earnings data on Thursday, July 13th. The financial services provider reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.05. The company had revenue of $305.89 million for the quarter, compared to the consensus estimate of $309.44 million. Commerce Bancshares had a net margin of 23.79% and a return on equity of 12.01%. The firm’s revenue was up 6.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.70 earnings per share. Analysts predict that Commerce Bancshares, Inc. will post $2.94 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 25th. Investors of record on Friday, September 8th will be issued a $0.225 dividend. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date of this dividend is Thursday, September 7th. Commerce Bancshares’s payout ratio is 32.64%.
Several equities analysts have recently issued reports on CBSH shares. Stephens reaffirmed a “hold” rating on shares of Commerce Bancshares in a research note on Monday, April 17th. Barclays PLC raised their price target on shares of Commerce Bancshares from $54.00 to $55.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 19th. Piper Jaffray Companies reduced their price target on shares of Commerce Bancshares from $55.00 to $52.00 and set a “neutral” rating for the company in a report on Wednesday, April 19th. Morgan Stanley raised their price target on shares of Commerce Bancshares from $48.00 to $49.00 and gave the stock an “underweight” rating in a report on Tuesday, June 6th. Finally, Jefferies Group LLC reiterated a “hold” rating and set a $61.00 price objective on shares of Commerce Bancshares in a report on Sunday, June 11th. Five analysts have rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company’s stock. Commerce Bancshares currently has an average rating of “Hold” and a consensus target price of $55.00.
In other Commerce Bancshares news, insider Jeffery D. Aberdeen sold 687 shares of the firm’s stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $59.09, for a total transaction of $40,594.83. Following the sale, the insider now owns 40,232 shares in the company, valued at approximately $2,377,308.88. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Vice Chairman Jonathan M. Kemper sold 36,979 shares of the firm’s stock in a transaction that occurred on Wednesday, June 7th. The stock was sold at an average price of $54.10, for a total transaction of $2,000,563.90. Following the sale, the insider now owns 1,045,605 shares in the company, valued at approximately $56,567,230.50. The disclosure for this sale can be found here. In the last three months, insiders sold 48,099 shares of company stock worth $2,643,431. 4.30% of the stock is currently owned by 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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