GWM Advisors LLC reduced its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 5.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,794 shares of the financial services provider’s stock after selling 603 shares during the period. GWM Advisors LLC’s holdings in Commerce Bancshares were worth $827,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in CBSH. Parallel Advisors LLC lifted its holdings in shares of Commerce Bancshares by 5.8% in the 1st quarter. Parallel Advisors LLC now owns 2,879 shares of the financial services provider’s stock worth $221,000 after buying an additional 157 shares during the period. BBVA USA Bancshares Inc. raised its position in shares of Commerce Bancshares by 10.0% in the 1st quarter. BBVA USA Bancshares Inc. now owns 19,225 shares of the financial services provider’s stock worth $1,473,000 after acquiring an additional 1,747 shares in the last quarter. Jag Capital Management LLC raised its position in shares of Commerce Bancshares by 47.0% in the 1st quarter. Jag Capital Management LLC now owns 11,508 shares of the financial services provider’s stock worth $882,000 after acquiring an additional 3,680 shares in the last quarter. Telemus Capital LLC raised its position in shares of Commerce Bancshares by 9.4% in the 1st quarter. Telemus Capital LLC now owns 6,482 shares of the financial services provider’s stock worth $504,000 after acquiring an additional 559 shares in the last quarter. Finally, MTM Investment Management LLC raised its position in shares of Commerce Bancshares by 6.4% in the 1st quarter. MTM Investment Management LLC now owns 44,908 shares of the financial services provider’s stock worth $3,440,000 after acquiring an additional 2,711 shares in the last quarter. 62.87% of the stock is currently owned by institutional investors and hedge funds.
Several research analysts recently issued reports on CBSH shares. Bank of America reaffirmed an “underperform” rating and set a $78.00 target price on shares of Commerce Bancshares in a research report on Thursday, April 22nd. Morgan Stanley upped their target price on Commerce Bancshares from $65.00 to $67.00 and gave the company an “underweight” rating in a research report on Monday, April 26th. Two equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. The company has an average rating of “Hold” and an average target price of $67.75.
Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings data on Wednesday, April 14th. The financial services provider reported $1.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.16. The business had revenue of $341.80 million for the quarter, compared to analyst estimates of $345.03 million. Commerce Bancshares had a return on equity of 10.49% and a net margin of 23.67%. The company’s revenue was up 5.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.40 earnings per share. On average, equities analysts predict that Commerce Bancshares, Inc. will post 2.78 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, June 21st. Stockholders of record on Friday, June 4th will be paid a $0.2625 dividend. The ex-dividend date is Thursday, June 3rd. This represents a $1.05 dividend on an annualized basis and a dividend yield of 1.34%. Commerce Bancshares’s payout ratio is 30.79%.
In other news, SVP Jeffrey M. Burik sold 2,253 shares of the company’s stock in a transaction dated Thursday, February 4th. The stock was sold at an average price of $69.00, for a total value of $155,457.00. Following the sale, the senior vice president now owns 11,821 shares in the company, valued at $815,649. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Charles G. Kim sold 9,023 shares of the company’s stock in a transaction dated Friday, March 12th. The stock was sold at an average price of $80.14, for a total value of $723,103.22. Following the completion of the sale, the chief financial officer now owns 88,837 shares in the company, valued at approximately $7,119,397.18. The disclosure for this sale can be found here. Insiders sold 79,409 shares of company stock worth $5,919,702 in the last 90 days. Company insiders own 3.40% of the company’s stock.
About Commerce Bancshares
Commerce Bancshares, Inc operates as a bank holding company for Commerce Bank. It provides general banking services, such as retail, corporate, investment, trust, and asset management products and services to individuals and businesses. The firm operates through the following business segments: Consumer, Commercial and Wealth.
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