Envestnet Asset Management Inc. raised its stake in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 239.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,785 shares of the financial services provider’s stock after buying an additional 7,612 shares during the period. Envestnet Asset Management Inc.’s holdings in Commerce Bancshares were worth $608,000 as of its most recent filing with the SEC.
Several other large investors have also modified their holdings of the company. Massmutual Trust Co. FSB ADV acquired a new stake in shares of Commerce Bancshares during the fourth quarter valued at $108,000. Mosaic Family Wealth LLC raised its stake in shares of Commerce Bancshares by 2.9% in the first quarter. Mosaic Family Wealth LLC now owns 3,116 shares of the financial services provider’s stock valued at $175,000 after buying an additional 89 shares during the period. Tudor Investment Corp Et Al acquired a new stake in shares of Commerce Bancshares during the fourth quarter valued at $206,000. Parametrica Management Ltd acquired a new stake in shares of Commerce Bancshares during the first quarter valued at $233,000. Finally, Barings LLC raised its stake in shares of Commerce Bancshares by 5.0% in the fourth quarter. Barings LLC now owns 4,316 shares of the financial services provider’s stock valued at $250,000 after buying an additional 205 shares during the period. 62.11% of the stock is currently owned by institutional investors and hedge funds.
Commerce Bancshares, Inc. (NASDAQ:CBSH) opened at 56.99 on Friday. The company’s 50-day moving average price is $55.22 and its 200-day moving average price is $56.48. Commerce Bancshares, Inc. has a 1-year low of $42.44 and a 1-year high of $60.61. The stock has a market cap of $5.79 billion, a P/E ratio of 21.32 and a beta of 0.78.
Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings data on Thursday, April 13th. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.03. Commerce Bancshares had a return on equity of 11.76% and a net margin of 23.43%. The firm had revenue of $295.30 million for the quarter, compared to analysts’ expectations of $298.61 million. During the same quarter in the prior year, the firm posted $0.62 earnings per share. Commerce Bancshares’s revenue for the quarter was up 4.4% compared to the same quarter last year. Analysts predict that Commerce Bancshares, Inc. will post $2.84 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 26th. Shareholders of record on Friday, June 9th will be paid a dividend of $0.225 per share. This represents a $0.90 annualized dividend and a yield of 1.58%. The ex-dividend date is Wednesday, June 7th. Commerce Bancshares’s payout ratio is currently 33.65%.
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Several equities research analysts have recently weighed in on the company. Keefe, Bruyette & Woods reissued a “sell” rating and set a $46.00 target price on shares of Commerce Bancshares in a research report on Wednesday, April 5th. Stephens reissued a “hold” rating on shares of Commerce Bancshares in a research report on Monday, April 17th. Morgan Stanley raised their target price on Commerce Bancshares from $48.00 to $49.00 and gave the stock an “underweight” rating in a research report on Tuesday, June 6th. BidaskClub raised Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Tuesday. Finally, Jefferies Group LLC reissued a “hold” rating and set a $61.00 target price on shares of Commerce Bancshares in a research report on Sunday, June 11th. Two analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $54.50.
In other Commerce Bancshares news, insider Patricia R. Kellerhals sold 604 shares of the company’s stock in a transaction that occurred on Wednesday, April 19th. The stock was sold at an average price of $54.50, for a total transaction of $32,918.00. Following the sale, the insider now owns 5,563 shares in the company, valued at $303,183.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman David W. Kemper sold 13,973 shares of the company’s stock in a transaction that occurred on Wednesday, April 19th. The shares were sold at an average price of $54.32, for a total value of $759,013.36. Following the sale, the chairman now owns 1,227,014 shares in the company, valued at approximately $66,651,400.48. The disclosure for this sale can be found here. Insiders have sold 66,167 shares of company stock worth $3,602,308 in the last 90 days. 4.30% of the stock is currently owned by insiders.
About Commerce Bancshares
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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