Sign up for MarketBeat All Access to gain access to MarketBeat’s full suite of research tools:
Raymond James & Associates boosted its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH – Get Rating) by 62.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 99,609 shares of the financial services provider’s stock after acquiring an additional 38,460 shares during the period. Raymond James & Associates owned 0.08% of Commerce Bancshares worth $6,590,000 at the end of the most recent quarter.
Several other institutional investors also recently bought and sold shares of the stock. State Street Corp lifted its position in Commerce Bancshares by 8.9% during the first quarter. State Street Corp now owns 6,656,709 shares of the financial services provider’s stock valued at $476,554,000 after purchasing an additional 544,292 shares during the last quarter. Lazard Asset Management LLC lifted its position in Commerce Bancshares by 2.1% during the first quarter. Lazard Asset Management LLC now owns 5,304,379 shares of the financial services provider’s stock valued at $379,739,000 after purchasing an additional 111,594 shares during the last quarter. Eaton Vance Management lifted its position in Commerce Bancshares by 15.0% during the first quarter. Eaton Vance Management now owns 1,385,610 shares of the financial services provider’s stock valued at $99,195,000 after purchasing an additional 181,148 shares during the last quarter. JPMorgan Chase & Co. lifted its position in Commerce Bancshares by 0.4% during the second quarter. JPMorgan Chase & Co. now owns 1,300,308 shares of the financial services provider’s stock valued at $85,366,000 after purchasing an additional 5,448 shares during the last quarter. Finally, Bank of America Corp DE lifted its position in Commerce Bancshares by 4.1% during the first quarter. Bank of America Corp DE now owns 1,115,895 shares of the financial services provider’s stock valued at $79,887,000 after purchasing an additional 43,735 shares during the last quarter. 64.12% of the stock is owned by hedge funds and other institutional investors.
Insider Transactions at Commerce Bancshares
In related news, Director David W. Kemper sold 3,000 shares of the company’s stock in a transaction dated Thursday, December 1st. The shares were sold at an average price of $71.26, for a total value of $213,780.00. Following the completion of the sale, the director now directly owns 1,204,220 shares of the company’s stock, valued at $85,812,717.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, Director David W. Kemper sold 3,000 shares of the company’s stock in a transaction dated Thursday, December 1st. The shares were sold at an average price of $71.26, for a total value of $213,780.00. Following the completion of the sale, the director now directly owns 1,204,220 shares of the company’s stock, valued at $85,812,717.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director David W. Kemper sold 2,104 shares of the company’s stock in a transaction dated Monday, November 28th. The stock was sold at an average price of $74.22, for a total transaction of $156,158.88. Following the completion of the sale, the director now directly owns 1,149,734 shares of the company’s stock, valued at $85,333,257.48. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 15,819 shares of company stock worth $1,115,639. Insiders own 3.20% of the company’s stock.
Analyst Upgrades and Downgrades
Several brokerages have recently weighed in on CBSH. Piper Sandler increased their target price on shares of Commerce Bancshares from $69.00 to $74.00 and gave the company a “neutral” rating in a research note on Wednesday, November 16th. Morgan Stanley reduced their target price on shares of Commerce Bancshares from $70.48 to $70.00 and set an “equal weight” rating on the stock in a research note on Friday, January 6th. Finally, StockNews.com began coverage on shares of Commerce Bancshares in a research note on Wednesday, October 12th. They issued a “hold” rating on the stock.
Commerce Bancshares Trading Up 0.8 %
NASDAQ CBSH opened at $70.06 on Friday. The company’s 50-day moving average price is $69.48 and its 200-day moving average price is $69.39. The stock has a market cap of $8.78 billion, a PE ratio of 18.91 and a beta of 0.77. Commerce Bancshares, Inc. has a 12 month low of $59.81 and a 12 month high of $72.60.
Commerce Bancshares (NASDAQ:CBSH – Get Rating) last posted its quarterly earnings results on Tuesday, October 18th. The financial services provider reported $0.97 EPS for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.02). The company had revenue of $384.90 million during the quarter, compared to the consensus estimate of $383.58 million. Commerce Bancshares had a return on equity of 16.45% and a net margin of 31.86%. The company’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.00 earnings per share. As a group, sell-side analysts forecast that Commerce Bancshares, Inc. will post 3.88 earnings per share for the current year.
Commerce Bancshares Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, December 16th. Stockholders of record on Friday, December 2nd were issued a $0.265 dividend. This represents a $1.06 dividend on an annualized basis and a dividend yield of 1.51%. The ex-dividend date of this dividend was Thursday, December 1st. Commerce Bancshares’s payout ratio is presently 28.61%.
About Commerce Bancshares
(Get Rating)
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 in the United States. It operates through three segments: Consumer, Commercial, and Wealth.
Recommended Stories
- Get a free copy of the StockNews.com research report on Commerce Bancshares (CBSH)
- MarketBeat: Week in Review 01/09-01/13
- JPMorgan Chase Falls As Banks Brace For Recession
- Why is the Bed Bath & Beyond Stock Price up 261%?
- Roku Stock Price is Trending, Here’s Why
- Carvana Stock Rally, Here’s What You Need to Know
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Commerce Bancshares, you’ll want to hear this.
MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and Commerce Bancshares wasn’t on the list.
While Commerce Bancshares currently has a “Hold” rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
MarketBeat’s analysts have just released their top five short plays for January 2023. Learn which stocks have the most short interest and how to trade them. Click the link below to see which companies made the list.
Just getting into the stock market? These 10 simple stocks can help beginning investors build long-term wealth without knowing options, technicals, or other advanced strategies.
Sign up for MarketBeat All Access to gain access to MarketBeat’s full suite of research tools:
View the latest news, buy/sell ratings, SEC filings and insider transactions for your stocks. Compare your portfolio performance to leading indices and get personalized stock ideas based on your portfolio.
Get daily stock ideas from top-performing Wall Street analysts. Get short term trading ideas from the MarketBeat Idea Engine. View which stocks are hot on social media with MarketBeat’s trending stocks report.
Identify stocks that meet your criteria using seven unique stock screeners. See what’s happening in the market right now with MarketBeat’s real-time news feed. Export data to Excel for your own analysis.
As Featured By:
326 E 8th St #105, Sioux Falls, SD 57103
contact@marketbeat.com
(844) 978-6257
© American Consumer News, LLC dba MarketBeat® 2010-2023. All rights reserved.
© 2023 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions. Information is provided ‘as-is’ and solely for informational purposes, not for trading purposes or advice, and is delayed. To see all exchange delays and terms of use please see Barchart’s disclaimer.
