V Raymond Stranghoener Sells 6,399 Shares of Commerce Bancshares, Inc. (CBSH) Stock
Commerce Bancshares, Inc. (NASDAQ:CBSH) insider V Raymond Stranghoener sold 6,399 shares of the company’s stock in a transaction dated Thursday, October 26th. The stock was sold at an average price of $58.40, for a total transaction of $373,701.60. Following the completion of the sale, the insider now directly owns 47,112 shares of the company’s stock, valued at approximately $2,751,340.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Shares of Commerce Bancshares, Inc. (CBSH) opened at 58.16 on Wednesday. The company has a market capitalization of $5.91 billion, a PE ratio of 20.60 and a beta of 0.83. Commerce Bancshares, Inc. has a 12 month low of $46.57 and a 12 month high of $60.61. The firm has a 50-day moving average of $57.16 and a 200 day moving average of $56.20.
Commerce Bancshares (NASDAQ:CBSH) last issued its earnings results on Thursday, October 12th. The financial services provider reported $0.71 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.74 by ($0.03). Commerce Bancshares had a return on equity of 12.08% and a net margin of 23.93%. The company had revenue of $304.83 million for the quarter, compared to the consensus estimate of $317.28 million. During the same quarter last year, the business posted $0.68 EPS. Commerce Bancshares’s quarterly revenue was up 4.9% on a year-over-year basis. On average, equities research analysts expect that Commerce Bancshares, Inc. will post $2.90 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, December 18th. Shareholders of record on Thursday, November 30th will be issued a dividend of $0.225 per share. This represents a $0.90 dividend on an annualized basis and a yield of 1.55%. The ex-dividend date is Wednesday, November 29th. Commerce Bancshares’s dividend payout ratio (DPR) is currently 31.91%.
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A number of institutional investors and hedge funds have recently modified their holdings of CBSH. Nuance Investments LLC boosted its holdings in Commerce Bancshares by 814.4% during the second quarter. Nuance Investments LLC now owns 955,417 shares of the financial services provider’s stock worth $54,296,000 after buying an additional 850,930 shares during the last quarter. Lazard Asset Management LLC boosted its holdings in Commerce Bancshares by 27.1% during the second quarter. Lazard Asset Management LLC now owns 1,448,515 shares of the financial services provider’s stock worth $82,318,000 after buying an additional 308,460 shares during the last quarter. Schroder Investment Management Group boosted its holdings in Commerce Bancshares by 53.0% during the second quarter. Schroder Investment Management Group now owns 831,785 shares of the financial services provider’s stock worth $47,686,000 after buying an additional 288,009 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Commerce Bancshares by 2.9% during the second quarter. Vanguard Group Inc. now owns 8,599,122 shares of the financial services provider’s stock worth $488,688,000 after buying an additional 246,065 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its holdings in Commerce Bancshares by 617.1% during the second quarter. Russell Investments Group Ltd. now owns 237,411 shares of the financial services provider’s stock worth $13,492,000 after buying an additional 204,306 shares during the last quarter. Hedge funds and other institutional investors own 62.13% of the company’s stock.
Several equities research analysts recently weighed in on the stock. Zacks Investment Research downgraded shares of Commerce Bancshares from a “buy” rating to a “hold” rating in a report on Monday, October 9th. Piper Jaffray Companies reaffirmed a “neutral” rating and issued a $60.00 price objective on shares of Commerce Bancshares in a report on Friday, October 6th. Wells Fargo & Company reaffirmed a “market perform” rating and issued a $53.00 price objective (up previously from $51.00) on shares of Commerce Bancshares in a report on Friday, July 14th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $61.00 price objective on shares of Commerce Bancshares in a report on Friday, July 14th. Finally, Stephens reaffirmed an “equal weight” rating and issued a $56.00 price objective (up previously from $52.00) on shares of Commerce Bancshares in a report on Monday, July 17th. Five equities research analysts have rated the stock with a sell rating and six have given a hold rating to the company. The stock currently has an average rating of “Hold” and an average target price of $56.63.
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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