Allegis Investment Advisors LLC bought a new position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) during the second quarter, Holdings Channel reports. The fund bought 4,535 shares of the financial services provider’s stock, valued at approximately $258,000.

Several other large investors have also modified their holdings of CBSH. Legal & General Group Plc boosted its stake in shares of Commerce Bancshares by 1.6% in the second quarter. Legal & General Group Plc now owns 404,973 shares of the financial services provider’s stock worth $23,016,000 after buying an additional 6,542 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Commerce Bancshares by 0.4% in the second quarter. Bank of New York Mellon Corp now owns 1,048,490 shares of the financial services provider’s stock worth $59,586,000 after buying an additional 4,457 shares during the period. State of Wisconsin Investment Board boosted its stake in shares of Commerce Bancshares by 1.4% in the second quarter. State of Wisconsin Investment Board now owns 17,801 shares of the financial services provider’s stock worth $1,012,000 after buying an additional 250 shares during the period. UMB Bank N A MO boosted its stake in shares of Commerce Bancshares by 0.8% in the second quarter. UMB Bank N A MO now owns 189,684 shares of the financial services provider’s stock worth $10,780,000 after buying an additional 1,485 shares during the period. Finally, Teacher Retirement System of Texas boosted its stake in shares of Commerce Bancshares by 1.4% in the second quarter. Teacher Retirement System of Texas now owns 7,354 shares of the financial services provider’s stock worth $418,000 after buying an additional 103 shares during the period. Institutional investors and hedge funds own 61.42% of the company’s stock.

Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) opened at 54.46 on Friday. Commerce Bancshares, Inc. has a 52-week low of $45.37 and a 52-week high of $60.61. The company’s 50-day moving average is $57.32 and its 200 day moving average is $56.46. The firm has a market capitalization of $5.53 billion, a PE ratio of 19.73 and a beta of 0.81.

Commerce Bancshares (NASDAQ:CBSH) last announced its earnings results on Thursday, July 13th. The financial services provider reported $0.75 earnings per share for the quarter, beating the 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 quarter in the previous year, the company posted $0.70 EPS. The firm’s revenue for the quarter was up 6.1% on a year-over-year basis. Equities analysts expect that Commerce Bancshares, Inc. will post $2.94 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, September 25th. Investors of record on Friday, September 8th will be paid a $0.225 dividend. This represents a $0.90 annualized dividend and a yield of 1.65%. The ex-dividend date is Thursday, September 7th. Commerce Bancshares’s payout ratio is 32.64%.

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A number of brokerages have recently commented on CBSH. Zacks Investment Research cut shares of Commerce Bancshares from a “buy” rating to a “hold” rating in a research report on Thursday. Jefferies Group LLC reiterated a “hold” rating and issued a $61.00 target price on shares of Commerce Bancshares in a research report on Friday, August 11th. Raymond James Financial, Inc. reiterated an “underperform” rating on shares of Commerce Bancshares in a research report on Thursday, August 10th. UBS AG cut shares of Commerce Bancshares to an “underperform” rating in a research report on Thursday, August 10th. Finally, BidaskClub cut shares of Commerce Bancshares from a “sell” rating to a “strong sell” rating in a research report on Monday, July 31st. Five investment analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $55.00.

In other news, Chairman David W. Kemper sold 10,132 shares of the company’s stock in a transaction dated 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 owns 1,270,757 shares of the company’s stock, valued at approximately $73,487,877.31. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Vice Chairman Jonathan M. Kemper sold 36,979 shares of the company’s stock in a transaction dated Wednesday, June 7th. The shares were sold at an average price of $54.10, for a total transaction of $2,000,563.90. Following the transaction, the insider now directly owns 1,045,605 shares of the company’s stock, valued at approximately $56,567,230.50. The disclosure for this sale can be found here. Insiders sold a total of 48,099 shares of company stock valued at $2,643,431 in the last three months. 4.30% of the stock is currently owned by corporate 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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Institutional Ownership by Quarter for Commerce Bancshares (NASDAQ:CBSH)

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