JPMorgan Chase & Co. trimmed its position in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 17.1% during the 1st quarter, HoldingsChannel reports. The firm owned 1,629,292 shares of the financial services provider’s stock after selling 335,902 shares during the quarter. JPMorgan Chase & Co.’s holdings in Commerce Bancshares were worth $124,820,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Washington Trust Bank increased its holdings in shares of Commerce Bancshares by 5.0% in the fourth quarter. Washington Trust Bank now owns 3,929 shares of the financial services provider’s stock worth $258,000 after purchasing an additional 187 shares during the last quarter. Principal Financial Group Inc. increased its stake in Commerce Bancshares by 4.7% during the fourth quarter. Principal Financial Group Inc. now owns 312,142 shares of the financial services provider’s stock worth $20,507,000 after acquiring an additional 14,151 shares during the last quarter. Seven Eight Capital LP increased its stake in Commerce Bancshares by 117.0% during the fourth quarter. Seven Eight Capital LP now owns 21,050 shares of the financial services provider’s stock worth $1,383,000 after acquiring an additional 11,350 shares during the last quarter. Illinois Municipal Retirement Fund increased its stake in Commerce Bancshares by 232.8% during the fourth quarter. Illinois Municipal Retirement Fund now owns 5,747 shares of the financial services provider’s stock worth $378,000 after acquiring an additional 4,020 shares during the last quarter. Finally, IFP Advisors Inc increased its stake in Commerce Bancshares by 120.2% during the first quarter. IFP Advisors Inc now owns 4,131 shares of the financial services provider’s stock worth $315,000 after acquiring an additional 2,255 shares during the last quarter. 66.09% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NASDAQ CBSH opened at $75.55 on Wednesday. The stock has a market capitalization of $8.84 billion, a price-to-earnings ratio of 20.98, a price-to-earnings-growth ratio of 1.63 and a beta of 0.97. The company has a 50 day moving average price of $77.55. Commerce Bancshares, Inc. has a 52-week low of $50.50 and a 52-week high of $83.06.
Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings results on Wednesday, April 14th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.16. The firm had revenue of $341.80 million during the quarter, compared to analyst estimates of $345.03 million. Commerce Bancshares had a return on equity of 13.09% and a net margin of 31.41%. Commerce Bancshares’s quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.40 earnings per share. As a group, equities research analysts predict that Commerce Bancshares, Inc. will post 3.98 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, June 21st. Investors of record on Friday, June 4th will be issued a $0.2625 dividend. The ex-dividend date is Thursday, June 3rd. This represents a $1.05 dividend on an annualized basis and a dividend yield of 1.39%. Commerce Bancshares’s payout ratio is 36.08%.
Several brokerages have weighed in on CBSH. Zacks Investment Research cut Commerce Bancshares from a “buy” rating to a “hold” rating and set a $82.00 price objective on the stock. in a research note on Monday, June 7th. Bank of America reissued an “underperform” rating and set a $78.00 price objective on shares of Commerce Bancshares in a research note on Thursday, April 22nd. Finally, Morgan Stanley boosted their price objective on Commerce Bancshares from $65.00 to $67.00 and gave the stock an “underweight” rating in a research note on Tuesday, April 20th. Two analysts have rated the stock with a sell rating and three have given a hold rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $71.50.
In related news, Director Jonathan M. Kemper sold 5,300 shares of the business’s stock in a transaction that occurred on Monday, May 3rd. The stock was sold at an average price of $77.58, for a total value of $411,174.00. Following the completion of the sale, the director now owns 861,000 shares in the company, valued at $66,796,380. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.30% of the stock is currently owned by insiders.
About Commerce Bancshares
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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