SG Americas Securities LLC Sells 7,543 Shares of Commerce Bancshares, Inc. (CBSH)
SG Americas Securities LLC lowered its stake in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 22.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 26,423 shares of the financial services provider’s stock after selling 7,543 shares during the period. SG Americas Securities LLC’s holdings in Commerce Bancshares were worth $1,502,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of the company. State of Wisconsin Investment Board boosted its position 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 valued at $1,012,000 after buying an additional 250 shares during the period. UMB Bank N A MO boosted its position 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 valued at $10,780,000 after buying an additional 1,485 shares during the period. Teacher Retirement System of Texas boosted its position 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 valued at $418,000 after buying an additional 103 shares during the period. Arizona State Retirement System boosted its position in shares of Commerce Bancshares by 1.1% in the second quarter. Arizona State Retirement System now owns 36,800 shares of the financial services provider’s stock valued at $2,091,000 after buying an additional 400 shares during the period. Finally, Schwab Charles Investment Management Inc. boosted its position in shares of Commerce Bancshares by 1.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 468,110 shares of the financial services provider’s stock valued at $26,603,000 after buying an additional 8,179 shares during the period. 62.19% of the stock is owned by hedge funds and other institutional investors.
Shares of Commerce Bancshares, Inc. (NASDAQ CBSH) opened at 54.48 on Wednesday. Commerce Bancshares, Inc. has a 52-week low of $45.37 and a 52-week high of $60.61. The firm has a market cap of $5.54 billion, a price-to-earnings ratio of 19.74 and a beta of 0.81. The company’s 50-day moving average is $56.86 and its 200 day moving average is $56.39.
Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings results on Thursday, July 13th. The financial services provider reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.05. Commerce Bancshares had a return on equity of 12.01% and a net margin of 23.79%. The business had revenue of $305.89 million for the quarter, compared to analyst estimates of $309.44 million. During the same quarter in the prior year, the firm posted $0.70 earnings per share. The firm’s revenue for the quarter was up 6.1% compared to the same quarter last year. On average, analysts expect that Commerce Bancshares, Inc. will post $2.94 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, September 25th. Stockholders of record on Friday, September 8th will be paid a dividend of $0.225 per share. This represents a $0.90 annualized dividend and a dividend yield of 1.65%. The ex-dividend date of this dividend is Thursday, September 7th. Commerce Bancshares’s dividend payout ratio (DPR) is presently 32.64%.
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Several research analysts recently issued reports on the stock. Zacks Investment Research raised shares of Commerce Bancshares from a “hold” rating to a “buy” rating and set a $62.00 target price for the company in a report on Monday. Jefferies Group LLC reissued a “hold” rating and set a $61.00 target price on shares of Commerce Bancshares in a report on Friday, August 11th. Raymond James Financial, Inc. reissued an “underperform” rating on shares of Commerce Bancshares in a report on Thursday, August 10th. UBS AG cut shares of Commerce Bancshares to an “underperform” rating in a report on Thursday, August 10th. Finally, BidaskClub cut shares of Commerce Bancshares from a “sell” rating to a “strong sell” rating in a report on Monday, July 31st. 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. The stock currently has an average rating of “Hold” and a consensus price target of $54.63.
In other news, Chairman David W. Kemper sold 10,132 shares of the company’s stock in a transaction on Friday, July 21st. The stock was sold at an average price of $57.83, for a total transaction of $585,933.56. Following the transaction, the chairman now owns 1,270,757 shares of the company’s stock, valued at $73,487,877.31. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Vice Chairman Jonathan M. Kemper sold 36,979 shares of the company’s stock in a transaction on Wednesday, June 7th. The shares were sold at an average price of $54.10, for a total value of $2,000,563.90. Following the transaction, the insider now directly owns 1,045,605 shares in the company, valued at approximately $56,567,230.50. The disclosure for this sale can be found here. Insiders have sold 48,099 shares of company stock worth $2,643,431 in the last ninety days. 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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