Voya Investment Management LLC Sells 27,460 Shares of Commerce Bancshares, Inc. (CBSH)
Voya Investment Management LLC lowered its stake in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 52.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 25,017 shares of the financial services provider’s stock after selling 27,460 shares during the period. Voya Investment Management LLC’s holdings in Commerce Bancshares were worth $1,422,000 at the end of the most recent reporting period.
Other large investors also recently added to or reduced their stakes in the company. Schwab Charles Investment Management Inc. increased its holdings 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 purchasing an additional 8,179 shares during the period. WBI Investments Inc. acquired a new position in shares of Commerce Bancshares in the second quarter valued at approximately $2,496,000. Prudential Financial Inc. increased its holdings in shares of Commerce Bancshares by 3.5% in the first quarter. Prudential Financial Inc. now owns 65,062 shares of the financial services provider’s stock valued at $3,654,000 after purchasing an additional 2,200 shares during the period. Legal & General Group Plc increased its holdings 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 valued at $23,016,000 after purchasing an additional 6,542 shares during the period. Finally, Financial Counselors Inc. increased its holdings in shares of Commerce Bancshares by 54.6% in the second quarter. Financial Counselors Inc. now owns 211,361 shares of the financial services provider’s stock valued at $12,012,000 after purchasing an additional 74,613 shares during the period. 62.20% of the stock is currently owned by institutional investors and hedge funds.
Commerce Bancshares, Inc. (CBSH) opened at 58.00 on Friday. Commerce Bancshares, Inc. has a one year low of $48.90 and a one year high of $60.61. The company’s 50-day moving average price is $56.37 and its 200-day moving average price is $56.03. The firm has a market cap of $5.89 billion, a price-to-earnings ratio of 20.55 and a beta of 0.83.
Commerce Bancshares (NASDAQ:CBSH) last posted its earnings results on Thursday, October 12th. The financial services provider reported $0.71 earnings per share for the quarter, missing the consensus estimate of $0.74 by ($0.03). The business had revenue of $304.83 million for the quarter, compared to analysts’ expectations of $317.28 million. Commerce Bancshares had a return on equity of 12.08% and a net margin of 23.93%. Commerce Bancshares’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.68 EPS. On average, analysts anticipate that Commerce Bancshares, Inc. will post $2.90 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, September 25th. Investors of record on Friday, September 8th were paid a dividend of $0.225 per share. This represents a $0.90 annualized dividend and a yield of 1.55%. The ex-dividend date was Thursday, September 7th. Commerce Bancshares’s payout ratio is 31.91%.
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A number of research analysts have recently issued reports on the company. Zacks Investment Research lowered 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 set 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 set 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 set 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 set a $56.00 price objective (up previously from $52.00) on shares of Commerce Bancshares in a report on Monday, July 17th. Five investment analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $56.63.
In related news, Director John R. Capps sold 10,000 shares of the business’s stock in a transaction that occurred on 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 sale, the director now owns 12,828 shares in the company, valued at $703,230.96. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Jeffery D. Aberdeen sold 687 shares of the business’s stock in a transaction that occurred on Tuesday, July 25th. The stock was sold at an average price of $59.09, for a total value of $40,594.83. Following the sale, the insider now owns 40,232 shares of the company’s stock, valued at approximately $2,377,308.88. The disclosure for this sale can be found here. 4.30% of the stock is owned by insiders.
Commerce Bancshares 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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