Tower Research Capital LLC TRC reduced its position in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 74.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,156 shares of the financial services provider’s stock after selling 3,436 shares during the period. Tower Research Capital LLC TRC’s holdings in Commerce Bancshares were worth $70,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of CBSH. Nomura Asset Management Co. Ltd. acquired a new position in Commerce Bancshares in the 2nd quarter worth about $35,000. Synovus Financial Corp acquired a new position in shares of Commerce Bancshares during the 2nd quarter valued at about $49,000. Captrust Financial Advisors acquired a new position in shares of Commerce Bancshares during the 2nd quarter valued at about $50,000. Meeder Asset Management Inc. increased its holdings in shares of Commerce Bancshares by 217.0% during the 3rd quarter. Meeder Asset Management Inc. now owns 821 shares of the financial services provider’s stock valued at $50,000 after acquiring an additional 562 shares during the last quarter. Finally, Point72 Asset Management L.P. acquired a new position in shares of Commerce Bancshares during the 2nd quarter valued at about $60,000. 69.10% of the stock is currently owned by institutional investors.
In related news, CEO John W. Kemper sold 10,041 shares of the stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $64.24, for a total transaction of $645,033.84. Following the completion of the sale, the chief executive officer now owns 142,239 shares in the company, valued at approximately $9,137,433.36. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO John W. Kemper sold 2,077 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $61.45, for a total value of $127,631.65. Following the sale, the chief executive officer now owns 152,280 shares of the company’s stock, valued at approximately $9,357,606. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 44,987 shares of company stock valued at $2,888,807. 3.60% of the stock is owned by corporate insiders.
Shares of NASDAQ CBSH opened at $67.03 on Friday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.73 and a current ratio of 0.73. The firm has a market cap of $7.20 billion, a price-to-earnings ratio of 17.90, a P/E/G ratio of 6.01 and a beta of 0.76. The business’s 50-day simple moving average is $64.67 and its 200-day simple moving average is $60.27. Commerce Bancshares, Inc. has a 52 week low of $53.40 and a 52 week high of $67.84.
Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings data on Wednesday, October 16th. The financial services provider reported $0.98 EPS for the quarter, beating the Zacks’ consensus estimate of $0.92 by $0.06. The business had revenue of $336.30 million for the quarter, compared to analyst estimates of $337.31 million. Commerce Bancshares had a return on equity of 14.52% and a net margin of 29.34%. The firm’s revenue for the quarter was down .8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.03 EPS. As a group, equities research analysts forecast that Commerce Bancshares, Inc. will post 3.72 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Tuesday, December 3rd will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.55%. The ex-dividend date of this dividend is Monday, December 2nd. Commerce Bancshares’s dividend payout ratio is 27.51%.
Commerce Bancshares Company Profile
Commerce Bancshares, Inc operates as the bank holding company for Commerce Bank that provides retail, mortgage banking, corporate, investment, trust, and asset management products and services to individuals and businesses. It operates through three segments: Consumer, Commercial, and Wealth. The Consumer segment offers various banking products and services, including consumer deposits; consumer loans, such as automobile, motorcycle, marine, tractor/trailer, recreational vehicle, fixed rate and revolving home equity, and other consumer loans; patient health care financing; real estate loans; indirect and other consumer financing; personal mortgage banking; consumer installment lending; and consumer debit and credit bank cards, as well as provides online banking services.
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