Bank of New York Mellon Corp grew its holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH – Get Rating) by 0.7% during the first quarter, Holdings Channel reports. The firm owned 1,262,108 shares of the financial services provider's stock after acquiring an additional 8,374 shares during the quarter. Bank of New York Mellon Corp's holdings in Commerce Bancshares were worth $90,354,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Advisor Partners LLC lifted its stake in shares of Commerce Bancshares by 4.1% in the 1st quarter. Advisor Partners LLC now owns 3,628 shares of the financial services provider's stock valued at $260,000 after purchasing an additional 144 shares during the period. First National Bank of Hutchinson increased its position in Commerce Bancshares by 5.0% in the 4th quarter. First National Bank of Hutchinson now owns 3,418 shares of the financial services provider's stock valued at $235,000 after buying an additional 162 shares in the last quarter. Paradigm Financial Advisors LLC increased its position in Commerce Bancshares by 4.9% in the 4th quarter. Paradigm Financial Advisors LLC now owns 3,439 shares of the financial services provider's stock valued at $236,000 after buying an additional 162 shares in the last quarter. Treasurer of the State of North Carolina increased its position in Commerce Bancshares by 0.4% in the 1st quarter. Treasurer of the State of North Carolina now owns 40,666 shares of the financial services provider's stock valued at $2,911,000 after buying an additional 170 shares in the last quarter. Finally, Signaturefd LLC increased its position in Commerce Bancshares by 36.0% in the 1st quarter. Signaturefd LLC now owns 672 shares of the financial services provider's stock valued at $48,000 after buying an additional 178 shares in the last quarter. 68.76% of the stock is owned by institutional investors and hedge funds.
Get Commerce Bancshares alerts:Analysts Set New Price Targets
CBSH has been the subject of a number of research analyst reports. StockNews.com raised Commerce Bancshares from a "sell" rating to a "hold" rating in a research report on Monday, July 18th. DA Davidson boosted their price objective on Commerce Bancshares to $71.00 in a report on Monday, July 25th. Finally, Jefferies Financial Group decreased their price objective on Commerce Bancshares from $75.00 to $71.00 in a report on Monday, July 11th.
Insider Activity
In related news, EVP Robert S. Holmes sold 2,000 shares of Commerce Bancshares stock in a transaction that occurred on Thursday, August 4th. The shares were sold at an average price of $70.45, for a total value of $140,900.00. Following the completion of the transaction, the executive vice president now directly owns 43,058 shares in the company, valued at approximately $3,033,436.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Commerce Bancshares news, EVP Robert S. Holmes sold 2,000 shares of the business's stock in a transaction on Thursday, August 4th. The shares were sold at an average price of $70.45, for a total transaction of $140,900.00. Following the sale, the executive vice president now owns 43,058 shares of the company's stock, valued at approximately $3,033,436.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Blackford F. Brauer bought 5,000 shares of the stock in a transaction on Wednesday, July 27th. The shares were acquired at an average cost of $68.87 per share, for a total transaction of $344,350.00. Following the acquisition, the director now directly owns 16,027 shares in the company, valued at $1,103,779.49. The disclosure for this purchase can be found here. Insiders have sold a total of 6,474 shares of company stock valued at $464,244 over the last quarter. Company insiders own 3.20% of the company's stock.Commerce Bancshares Stock Down 0.4 %
Shares of NASDAQ CBSH opened at $69.17 on Wednesday. Commerce Bancshares, Inc. has a twelve month low of $61.81 and a twelve month high of $74.72. The stock's 50 day moving average price is $68.93 and its 200-day moving average price is $69.32. The company has a market capitalization of $8.29 billion, a PE ratio of 17.87 and a beta of 0.80.
Commerce Bancshares (NASDAQ:CBSH – Get Rating) last announced its quarterly earnings data on Thursday, July 21st. The financial services provider reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.01. Commerce Bancshares had a return on equity of 14.98% and a net margin of 32.88%. The business had revenue of $371.80 million during the quarter, compared to analyst estimates of $362.50 million. During the same period in the prior year, the company earned $1.38 earnings per share. Commerce Bancshares's revenue was up 7.1% compared to the same quarter last year. As a group, research analysts expect that Commerce Bancshares, Inc. will post 4.04 EPS for the current fiscal year.
Commerce Bancshares Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 22nd. Stockholders of record on Wednesday, September 7th will be paid a $0.265 dividend. The ex-dividend date is Tuesday, September 6th. This represents a $1.06 annualized dividend and a dividend yield of 1.53%. Commerce Bancshares's payout ratio is 27.39%.
Commerce Bancshares Profile
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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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