Shell Asset Management Co. cut its stake in Commerce Bancshares, Inc. (NASDAQ:CBSH – Get Rating) by 12.7% in the first quarter, Holdings Channel reports. The institutional investor owned 9,478 shares of the financial services provider's stock after selling 1,383 shares during the period. Shell Asset Management Co.'s holdings in Commerce Bancshares were worth $679,000 at the end of the most recent quarter.
A number of other institutional investors also recently bought and sold shares of CBSH. Vicus Capital bought a new stake in Commerce Bancshares in the fourth quarter worth $25,870,000. Commerce Bank lifted its position in Commerce Bancshares by 5.2% in the fourth quarter. Commerce Bank now owns 6,929,659 shares of the financial services provider's stock worth $476,345,000 after buying an additional 344,336 shares during the last quarter. UMB Bank N A MO lifted its position in Commerce Bancshares by 298.1% in the fourth quarter. UMB Bank N A MO now owns 375,359 shares of the financial services provider's stock worth $25,802,000 after buying an additional 281,073 shares during the last quarter. Lazard Asset Management LLC lifted its position in Commerce Bancshares by 4.9% in the fourth quarter. Lazard Asset Management LLC now owns 5,192,785 shares of the financial services provider's stock worth $356,951,000 after buying an additional 242,344 shares during the last quarter. Finally, New York State Teachers Retirement System bought a new stake in Commerce Bancshares in the first quarter worth $11,256,000. 67.85% of the stock is currently owned by institutional investors.
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Insider Activity
In other news, Director Blackford F. Brauer purchased 5,000 shares of the business's stock in a transaction dated Thursday, May 26th. The shares were purchased at an average price of $68.31 per share, for a total transaction of $341,550.00. Following the completion of the purchase, the director now owns 6,027 shares in the company, valued at approximately $411,704.37. The purchase was disclosed in a document filed with the SEC, which is available at this link. Over the last 90 days, insiders have bought 15,000 shares of company stock worth $1,015,150. Company insiders own 3.20% of the company's stock.
Commerce Bancshares Trading Up 1.2 %
NASDAQ:CBSH opened at $70.29 on Tuesday. Commerce Bancshares, Inc. has a twelve month low of $61.81 and a twelve month high of $74.72. The company has a market cap of $8.49 billion, a price-to-earnings ratio of 18.19 and a beta of 0.80. The stock has a fifty day simple moving average of $66.87 and a 200-day simple moving average of $69.13.
Commerce Bancshares (NASDAQ:CBSH – Get Rating) last announced its quarterly earnings results on Thursday, July 21st. The financial services provider reported $0.96 EPS for the quarter, beating the consensus estimate of $0.95 by $0.01. The firm had revenue of $371.80 million for the quarter, compared to analyst estimates of $362.50 million. Commerce Bancshares had a return on equity of 14.27% and a net margin of 32.88%. The business's revenue for the quarter was up 7.1% on a year-over-year basis. During the same quarter last year, the firm posted $1.38 earnings per share. As a group, equities research analysts predict that Commerce Bancshares, Inc. will post 4.05 EPS for the current fiscal year.
Analysts Set New Price Targets
A number of analysts recently issued reports on the company. DA Davidson raised their price target on Commerce Bancshares to $71.00 in a research report on Monday, July 25th. Jefferies Financial Group decreased their target price on Commerce Bancshares from $75.00 to $71.00 in a research report on Monday, July 11th. Finally, StockNews.com upgraded Commerce Bancshares from a "sell" rating to a "hold" rating in a research report on Monday, July 18th.
About Commerce Bancshares
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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.
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