Trustcore Financial Services LLC purchased a new position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) in the second quarter, HoldingsChannel reports. The institutional investor purchased 1,251 shares of the financial services provider’s stock, valued at approximately $75,000.
A number of other institutional investors have also made changes to their positions in the stock. BlackRock Inc. boosted its position in Commerce Bancshares by 1.2% during the 1st quarter. BlackRock Inc. now owns 9,449,871 shares of the financial services provider’s stock worth $548,659,000 after purchasing an additional 109,409 shares during the period. Commerce Bank boosted its position in Commerce Bancshares by 2.5% during the 1st quarter. Commerce Bank now owns 7,240,002 shares of the financial services provider’s stock worth $420,355,000 after purchasing an additional 176,566 shares during the period. Lazard Asset Management LLC boosted its position in Commerce Bancshares by 4.9% during the 1st quarter. Lazard Asset Management LLC now owns 3,903,818 shares of the financial services provider’s stock worth $226,653,000 after purchasing an additional 183,177 shares during the period. JPMorgan Chase & Co. boosted its position in Commerce Bancshares by 4.8% in the 1st quarter. JPMorgan Chase & Co. now owns 1,514,624 shares of the financial services provider’s stock valued at $87,939,000 after buying an additional 68,708 shares during the last quarter. Finally, Champlain Investment Partners LLC boosted its position in Commerce Bancshares by 3.4% in the 1st quarter. Champlain Investment Partners LLC now owns 1,242,242 shares of the financial services provider’s stock valued at $72,125,000 after buying an additional 40,762 shares during the last quarter. 63.03% of the stock is owned by hedge funds and other institutional investors.
CBSH has been the subject of a number of analyst reports. Stephens reissued a “hold” rating and issued a $62.00 price objective on shares of Commerce Bancshares in a research report on Thursday, April 11th. Raymond James cut shares of Commerce Bancshares from a “market perform” rating to an “underperform” rating in a research report on Monday, July 8th. DA Davidson upped their price objective on shares of Commerce Bancshares to $62.00 and gave the company a “neutral” rating in a research report on Wednesday, July 17th. BidaskClub raised shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Wednesday, July 31st. Finally, Zacks Investment Research raised shares of Commerce Bancshares from a “sell” rating to a “hold” rating and set a $50.00 price objective for the company in a research report on Wednesday, June 12th. Two analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. Commerce Bancshares currently has an average rating of “Hold” and an average target price of $59.24.
Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.96 earnings per share for the quarter, beating analysts’ consensus estimates of $0.94 by $0.02. The company had revenue of $338.90 million during the quarter, compared to analysts’ expectations of $339.94 million. Commerce Bancshares had a net margin of 29.90% and a return on equity of 15.02%. The firm’s revenue for the quarter was up 4.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.96 EPS. Analysts predict that Commerce Bancshares, Inc. will post 3.68 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, September 23rd. Stockholders of record on Friday, September 6th will be paid a $0.26 dividend. The ex-dividend date is Thursday, September 5th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.86%. Commerce Bancshares’s dividend payout ratio (DPR) is presently 27.51%.
Commerce Bancshares Company Profile
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. It operates through three segments: Consumer, Commercial, and Wealth. The Consumer segment offers various banking products and services, including consumer deposits; consumer loans, such as automobile, motorcycle, marine, tractor/trailer, recreational vehicle, fixed rate and revolving home equity, and other consumer loans; patient health care financing; real estate loans; indirect and other consumer financing; personal mortgage banking; consumer installment lending; and consumer debit and credit bank cards, as well as provides online banking services.
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