SignalPoint Asset Management LLC bought a new position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 3,917 shares of the financial services provider’s stock, valued at approximately $226,000.
Other hedge funds have also recently added to or reduced their stakes in the company. Schwab Charles Investment Management Inc. increased its holdings in Commerce Bancshares by 1.8% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 468,110 shares of the financial services provider’s stock worth $26,603,000 after purchasing an additional 8,179 shares in the last quarter. WBI Investments Inc. bought a new position in shares of Commerce Bancshares in the 2nd quarter valued at about $2,496,000. Legal & General Group Plc grew its holdings in shares of Commerce Bancshares by 1.6% in the 2nd quarter. Legal & General Group Plc now owns 404,973 shares of the financial services provider’s stock valued at $23,016,000 after acquiring an additional 6,542 shares in the last quarter. Financial Counselors Inc. grew its holdings in shares of Commerce Bancshares by 54.6% in the 2nd quarter. Financial Counselors Inc. now owns 211,361 shares of the financial services provider’s stock valued at $12,012,000 after acquiring an additional 74,613 shares in the last quarter. Finally, ProShare Advisors LLC grew its holdings in shares of Commerce Bancshares by 2.1% in the 2nd quarter. ProShare Advisors LLC now owns 187,669 shares of the financial services provider’s stock valued at $10,665,000 after acquiring an additional 3,813 shares in the last quarter. Hedge funds and other institutional investors own 62.13% of the company’s stock.
Shares of Commerce Bancshares, Inc. (CBSH) traded up $0.07 during trading hours on Friday, reaching $57.85. 344,775 shares of the company traded hands, compared to its average volume of 373,010. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $5.91 billion, a price-to-earnings ratio of 20.61, a P/E/G ratio of 3.21 and a beta of 0.80.
Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings results on Thursday, October 12th. The financial services provider reported $0.71 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.03). Commerce Bancshares had a net margin of 23.93% and a return on equity of 12.08%. The company had revenue of $304.83 million during the quarter, compared to analyst estimates of $317.28 million. During the same period in the prior year, the business posted $0.68 EPS. Commerce Bancshares’s revenue was up 4.9% compared to the same quarter last year. research analysts expect that Commerce Bancshares, Inc. will post 2.91 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 18th. Investors of record on Thursday, November 30th will be paid a $0.225 dividend. The ex-dividend date is Wednesday, November 29th. This represents a $0.90 dividend on an annualized basis and a yield of 1.56%. Commerce Bancshares’s dividend payout ratio is currently 31.91%.
In other Commerce Bancshares news, Director John R. Capps sold 10,000 shares of the firm’s 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 transaction, the director now owns 12,828 shares in the company, valued at approximately $703,230.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider V Raymond Stranghoener sold 6,399 shares of the firm’s stock in a transaction on Thursday, October 26th. The shares were sold at an average price of $58.40, for a total value of $373,701.60. Following the completion of the transaction, the insider now owns 47,112 shares in the company, valued at approximately $2,751,340.80. The disclosure for this sale can be found here. 4.30% of the stock is currently owned by company insiders.
COPYRIGHT VIOLATION NOTICE: This piece was posted by Transcript Daily and is the sole property of of Transcript Daily. If you are viewing this piece on another domain, it was stolen and reposted in violation of international trademark & copyright laws. The correct version of this piece can be viewed at https://transcriptdaily.com/2017/11/04/signalpoint-asset-management-llc-acquires-shares-of-3917-commerce-bancshares-inc-cbsh.html.
Several equities analysts have recently weighed in on the company. Barclays PLC restated an “equal weight” rating and issued a $54.00 price objective (down previously from $55.00) on shares of Commerce Bancshares in a report on Wednesday, July 12th. Jefferies Group LLC restated a “hold” rating and issued a $61.00 price objective on shares of Commerce Bancshares in a report on Friday, August 11th. Zacks Investment Research upgraded Commerce Bancshares from a “hold” rating to a “buy” rating and set a $65.00 price objective for the company in a report on Monday, July 17th. Stephens restated an “equal weight” rating and issued a $56.00 price objective (up previously from $52.00) on shares of Commerce Bancshares in a report on Monday, July 17th. Finally, BidaskClub cut Commerce Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. Five analysts have rated the stock with a sell rating and six have given a hold rating to the stock. The company has an average rating of “Hold” and a consensus target price of $56.63.
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.
Receive News & Ratings for Commerce Bancshares Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Commerce Bancshares Inc. and related companies with MarketBeat.com's FREE daily email newsletter.