Retirement Systems of Alabama Grows Position in Commerce Bancshares, Inc. (CBSH)
Retirement Systems of Alabama lifted its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 1.2% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 225,681 shares of the financial services provider’s stock after acquiring an additional 2,720 shares during the period. Retirement Systems of Alabama owned 0.22% of Commerce Bancshares worth $13,038,000 at the end of the most recent reporting period.
Several other institutional investors also recently added to or reduced their stakes in the stock. Sei Investments Co. lifted its position in shares of Commerce Bancshares by 5.6% during the 3rd quarter. Sei Investments Co. now owns 189,481 shares of the financial services provider’s stock valued at $10,948,000 after acquiring an additional 10,104 shares during the period. BNP Paribas Arbitrage SA raised its holdings in Commerce Bancshares by 151.6% during the third quarter. BNP Paribas Arbitrage SA now owns 95,696 shares of the financial services provider’s stock worth $5,528,000 after buying an additional 57,663 shares during the last quarter. Principal Financial Group Inc. raised its holdings in Commerce Bancshares by 2.8% during the third quarter. Principal Financial Group Inc. now owns 381,635 shares of the financial services provider’s stock worth $22,072,000 after buying an additional 10,386 shares during the last quarter. Prudential Financial Inc. raised its holdings in Commerce Bancshares by 39.7% during the third quarter. Prudential Financial Inc. now owns 150,612 shares of the financial services provider’s stock worth $8,701,000 after buying an additional 42,770 shares during the last quarter. Finally, Smith Moore & CO. raised its holdings in Commerce Bancshares by 32.8% during the third quarter. Smith Moore & CO. now owns 8,788 shares of the financial services provider’s stock worth $508,000 after buying an additional 2,173 shares during the last quarter. Institutional investors own 68.84% of the company’s stock.
Shares of Commerce Bancshares, Inc. (NASDAQ CBSH) opened at $55.70 on Friday. Commerce Bancshares, Inc. has a one year low of $51.90 and a one year high of $60.61. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.04. The stock has a market cap of $5,655.86, a price-to-earnings ratio of 19.73, a PEG ratio of 3.09 and a beta of 0.80.
Commerce Bancshares (NASDAQ:CBSH) last posted its earnings results on Thursday, October 12th. The financial services provider reported $0.71 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 firm had revenue of $304.83 million during the quarter, compared to the consensus estimate of $317.28 million. During the same quarter in the previous year, the company earned $0.68 EPS. The business’s revenue was up 4.9% compared to the same quarter last year. research analysts expect that Commerce Bancshares, Inc. will post 2.91 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 18th. Stockholders of record on Thursday, November 30th will be paid a $0.225 dividend. The ex-dividend date is Wednesday, November 29th. This represents a $0.90 annualized dividend and a dividend yield of 1.62%. Commerce Bancshares’s payout ratio is 31.91%.
In related news, Director John R. Capps sold 10,000 shares of the stock in a transaction dated Wednesday, August 30th. The shares were 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 transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider V Raymond Stranghoener sold 6,399 shares of the stock in a transaction dated Thursday, October 26th. The shares were sold at an average price of $58.40, for a total transaction of $373,701.60. Following the transaction, the insider now owns 47,112 shares of the company’s stock, valued at approximately $2,751,340.80. The disclosure for this sale can be found here. Corporate insiders own 4.30% of the company’s stock.
Several research analysts have weighed in on CBSH shares. Zacks Investment Research upgraded shares of Commerce Bancshares from a “hold” rating to a “buy” rating and set a $62.00 price objective on the stock in a report on Tuesday, September 5th. Keefe, Bruyette & Woods restated a “sell” rating and set a $51.00 price objective on shares of Commerce Bancshares in a report on Friday, September 15th. BidaskClub downgraded shares of Commerce Bancshares from a “sell” rating to a “strong sell” rating in a report on Monday, July 31st. Finally, Piper Jaffray Companies restated a “neutral” rating and set a $60.00 price objective on shares of Commerce Bancshares in a report on Friday, October 6th. Five investment analysts have rated the stock with a sell rating and six have given a hold rating to the company. Commerce Bancshares has a consensus rating of “Hold” and an average target price of $56.63.
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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