Wellington Management Group LLP increased its position in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 12.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 70,960 shares of the financial services provider’s stock after buying an additional 7,770 shares during the period. Wellington Management Group LLP owned about 0.07% of Commerce Bancshares worth $3,986,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Mosaic Family Wealth LLC boosted its stake in 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 worth $175,000 after buying an additional 89 shares in the last quarter. Envestnet Asset Management Inc. boosted its stake in Commerce Bancshares by 67.0% in the fourth quarter. Envestnet Asset Management Inc. now owns 3,173 shares of the financial services provider’s stock worth $185,000 after buying an additional 1,273 shares in the last quarter. Tudor Investment Corp Et Al bought a new stake in Commerce Bancshares during the fourth quarter worth approximately $206,000. WFG Advisors LP boosted its stake in Commerce Bancshares by 2.8% in the first quarter. WFG Advisors LP now owns 3,939 shares of the financial services provider’s stock worth $221,000 after buying an additional 109 shares in the last quarter. Finally, Parametrica Management Ltd bought a new stake in Commerce Bancshares during the first quarter worth approximately $233,000. 62.11% of the stock is owned by institutional investors and hedge funds.
Commerce Bancshares, Inc. (NASDAQ:CBSH) opened at 56.41 on Wednesday. The firm has a market capitalization of $5.73 billion, a price-to-earnings ratio of 21.10 and a beta of 0.81. Commerce Bancshares, Inc. has a one year low of $44.27 and a one year high of $60.61. The stock has a 50 day moving average of $55.41 and a 200 day moving average of $56.46.
Commerce Bancshares (NASDAQ:CBSH) last released its earnings results on Thursday, April 13th. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.03. Commerce Bancshares had a net margin of 23.43% and a return on equity of 11.76%. The firm had revenue of $295.30 million during the quarter, compared to the consensus estimate of $298.61 million. During the same period in the previous year, the firm earned $0.62 earnings per share. Commerce Bancshares’s revenue was up 4.4% compared to the same quarter last year. Analysts forecast that Commerce Bancshares, Inc. will post $2.84 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, June 26th. Investors of record on Friday, June 9th were issued a $0.225 dividend. The ex-dividend date was Wednesday, June 7th. This represents a $0.90 dividend on an annualized basis and a yield of 1.60%. Commerce Bancshares’s payout ratio is 33.65%.
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A number of analysts have recently commented on the stock. Zacks Investment Research raised shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Monday. BidaskClub raised shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Wednesday, July 5th. Jefferies Group LLC reissued a “hold” rating and set a $61.00 target price on shares of Commerce Bancshares in a research note on Sunday, June 11th. Keefe, Bruyette & Woods reissued a “sell” rating and set a $46.00 target price on shares of Commerce Bancshares in a research note on Monday, June 12th. Finally, Morgan Stanley upped their price objective on shares of Commerce Bancshares from $48.00 to $49.00 and gave the company an “underweight” rating in a research note on Tuesday, June 6th. Two investment analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $54.50.
In related news, Vice Chairman Jonathan M. Kemper sold 36,979 shares of the business’s stock in a transaction that occurred on Wednesday, June 7th. The shares were sold at an average price of $54.10, for a total value of $2,000,563.90. Following the completion of the sale, the insider now directly owns 1,045,605 shares in the company, valued at $56,567,230.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Charles G. Kim sold 3,712 shares of the business’s stock in a transaction that occurred on Friday, April 28th. The shares were sold at an average price of $55.31, for a total transaction of $205,310.72. Following the completion of the sale, the insider now owns 80,475 shares of the company’s stock, valued at $4,451,072.25. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 66,167 shares of company stock valued at $3,602,308. 4.30% of the stock is 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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