Mariner Wealth Advisors LLC cut its position in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 29.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 29,964 shares of the financial services provider’s stock after selling 12,763 shares during the quarter. Mariner Wealth Advisors LLC’s holdings in Commerce Bancshares were worth $1,703,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also recently modified their holdings of CBSH. BlackRock Inc. grew its stake in shares of Commerce Bancshares by 5,297.5% in the first quarter. BlackRock Inc. now owns 7,509,842 shares of the financial services provider’s stock valued at $421,752,000 after buying an additional 7,370,707 shares in the last quarter. Lazard Asset Management LLC acquired a new stake in shares of Commerce Bancshares in the first quarter valued at $64,025,000. Nuance Investments LLC grew its stake in shares of Commerce Bancshares by 814.4% in the second quarter. Nuance Investments LLC now owns 955,417 shares of the financial services provider’s stock valued at $54,296,000 after buying an additional 850,930 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Commerce Bancshares by 10.4% in the first quarter. Vanguard Group Inc. now owns 8,353,057 shares of the financial services provider’s stock valued at $469,107,000 after buying an additional 785,218 shares in the last quarter. Finally, AQR Capital Management LLC grew its stake in shares of Commerce Bancshares by 41.1% in the first quarter. AQR Capital Management LLC now owns 1,233,144 shares of the financial services provider’s stock valued at $69,254,000 after buying an additional 359,363 shares in the last quarter. 62.20% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts have recently weighed in on CBSH shares. BidaskClub cut Commerce Bancshares from a “hold” rating to a “sell” rating in a research note on Saturday, June 24th. Barclays PLC set a $58.00 price objective on Commerce Bancshares and gave the company a “hold” rating in a research note on Sunday, July 16th. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $52.00 price objective on shares of Commerce Bancshares in a research note on Friday, July 14th. Zacks Investment Research raised Commerce Bancshares from a “hold” rating to a “buy” rating and set a $62.00 price objective for the company in a research note on Tuesday, September 5th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $61.00 price objective on shares of Commerce Bancshares in a research note on Friday, July 14th. Five equities research analysts have rated the stock with a sell rating and six have given a hold rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $55.25.
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In related news, Director John R. Capps sold 10,000 shares of the stock in a transaction on Wednesday, August 30th. The stock was sold at an average price of $54.82, for a total value of $548,200.00. Following the completion of the sale, the director now directly owns 12,828 shares in the company, valued at approximately $703,230.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Jeffery D. Aberdeen sold 687 shares of the stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $59.09, for a total value of $40,594.83. Following the completion of the sale, the insider now owns 40,232 shares of the company’s stock, valued at $2,377,308.88. The disclosure for this sale can be found here. Insiders sold a total of 20,819 shares of company stock worth $1,174,728 over the last ninety days. Corporate insiders own 4.30% of the company’s stock.
Commerce Bancshares, Inc. (NASDAQ CBSH) traded down 0.07% on Friday, reaching $56.48. The company had a trading volume of 320,740 shares. The firm has a 50-day moving average of $55.42 and a 200-day moving average of $55.91. Commerce Bancshares, Inc. has a 12 month low of $47.64 and a 12 month high of $60.61. The stock has a market capitalization of $5.74 billion, a P/E ratio of 20.46 and a beta of 0.82.
Commerce Bancshares (NASDAQ:CBSH) last issued its earnings results on Thursday, July 13th. The financial services provider reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.05. The business had revenue of $305.89 million for the quarter, compared to analyst estimates of $309.44 million. Commerce Bancshares had a return on equity of 12.01% and a net margin of 23.79%. The business’s quarterly revenue was up 6.1% on a year-over-year basis. During the same period last year, the company posted $0.70 EPS. On average, equities research analysts expect that Commerce Bancshares, Inc. will post $2.94 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, September 25th. Investors of record on Friday, September 8th will be given a $0.225 dividend. This represents a $0.90 annualized dividend and a dividend yield of 1.59%. The ex-dividend date is Thursday, September 7th. Commerce Bancshares’s dividend payout ratio (DPR) is currently 32.64%.
Commerce Bancshares 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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