Commerce Bancshares, Inc. (CBSH) Position Boosted by Prudential Financial Inc.
Prudential Financial Inc. raised its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 65.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 107,842 shares of the financial services provider’s stock after buying an additional 42,780 shares during the quarter. Prudential Financial Inc. owned about 0.11% of Commerce Bancshares worth $6,129,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors have also bought and sold shares of the company. Citizens Financial Group Inc. RI purchased a new position in Commerce Bancshares during the first quarter worth about $119,000. Mosaic Family Wealth LLC grew its position in Commerce Bancshares by 5.8% during the second quarter. Mosaic Family Wealth LLC now owns 3,297 shares of the financial services provider’s stock worth $187,000 after buying an additional 181 shares in the last quarter. WFG Advisors LP grew its position in Commerce Bancshares by 2.8% during 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. RFG Advisory Group LLC purchased a new position in Commerce Bancshares during the first quarter worth about $237,000. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its position in Commerce Bancshares by 5.9% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 4,229 shares of the financial services provider’s stock worth $240,000 after buying an additional 237 shares in the last quarter. Institutional investors and hedge funds own 62.20% of the company’s stock.
Several equities analysts recently commented on CBSH shares. BidaskClub cut Commerce Bancshares from a “hold” rating to a “sell” rating in a research report on Saturday, June 24th. Barclays PLC set a $58.00 target price on Commerce Bancshares and gave the stock a “hold” rating in a research report on Sunday, July 16th. Piper Jaffray Companies restated a “hold” rating and set a $52.00 target price on shares of Commerce Bancshares in a research report on Friday, July 14th. Jefferies Group LLC restated a “hold” rating and set a $61.00 target price on shares of Commerce Bancshares in a research report on Friday, July 14th. Finally, Zacks Investment Research cut Commerce Bancshares from a “buy” rating to a “hold” rating in a research report on Friday, August 25th. Five research analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $55.25.
In other news, Director John R. Capps sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $54.82, for a total transaction of $548,200.00. Following the completion of the transaction, the director now owns 12,828 shares in the company, valued at $703,230.96. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Chairman David W. Kemper sold 10,132 shares of the firm’s stock in a transaction dated Friday, July 21st. The shares were sold at an average price of $57.83, for a total value of $585,933.56. Following the transaction, the chairman now owns 1,270,757 shares of the company’s stock, valued at approximately $73,487,877.31. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,819 shares of company stock valued at $1,174,728. Company insiders own 4.30% of the company’s stock.
Commerce Bancshares, Inc. (CBSH) opened at 55.17 on Friday. The stock has a 50 day moving average price of $55.53 and a 200-day moving average price of $56.01. The stock has a market capitalization of $5.61 billion, a PE ratio of 19.99 and a beta of 0.82. Commerce Bancshares, Inc. has a 12-month low of $47.64 and a 12-month high of $60.61.
Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings data on Thursday, July 13th. The financial services provider reported $0.75 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.05. The firm had revenue of $305.89 million during the quarter, compared to analyst estimates of $309.44 million. Commerce Bancshares had a return on equity of 12.01% and a net margin of 23.79%. The business’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.70 earnings per share. On average, equities analysts anticipate that Commerce Bancshares, Inc. will post $2.94 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 25th. Stockholders of record on Friday, September 8th will be given a dividend of $0.225 per share. The ex-dividend date of this dividend is Thursday, September 7th. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.63%. Commerce Bancshares’s payout ratio is 32.64%.
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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