Commerce Bancshares, Inc. $CBSH Shares Sold by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

Key Points

• UBS Asset Management reduced its Commerce Bancshares stake by 15.6% in the second quarter, selling 64,794 shares and retaining 349,795 shares valued at approximately $20.2 million. Institutional investors collectively own 70.26% of the company.
• Commerce Bancshares reported quarterly EPS of $1.10, beating the $1.04 consensus estimate, while revenue reached $498.91 million versus expectations of $492.22 million.
• The company declared a quarterly dividend of $0.275 per share, equivalent to an annualized $1.10 dividend and a 1.9% yield. Analysts maintain a consensus “Hold” rating with an average price target of $63.29, compared with the stock’s reported $58.37 price.

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC reduced its stake in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 15.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 349,795 shares of the financial services provider's stock after selling 64,794 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 0.24% of Commerce Bancshares worth $20,201,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of CBSH. Geneos Wealth Management Inc. increased its position in shares of Commerce Bancshares by 85.4% during the first quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 216 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Commerce Bancshares by 2.0% in the 2nd quarter. Invesco Ltd. now owns 865,052 shares of the financial services provider's stock worth $53,780,000 after acquiring an additional 16,610 shares during the last quarter. Cresset Asset Management LLC boosted its position in shares of Commerce Bancshares by 3.0% during the 2nd quarter. Cresset Asset Management LLC now owns 10,151 shares of the financial services provider's stock worth $631,000 after purchasing an additional 300 shares during the period. Jump Financial LLC acquired a new stake in Commerce Bancshares in the 2nd quarter valued at approximately $376,000. Finally, California Public Employees Retirement System raised its position in Commerce Bancshares by 4.8% in the second quarter. California Public Employees Retirement System now owns 208,148 shares of the financial services provider's stock valued at $12,941,000 after purchasing an additional 9,483 shares during the period. Institutional investors and hedge funds own 70.26% of the company's stock.

Commerce Bancshares Price Performance

CBSH stock opened at $58.37 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.82 and a quick ratio of 0.82. The firm has a market capitalization of $8.37 billion, a P/E ratio of 14.13, a P/E/G ratio of 2.09 and a beta of 0.58. The business's 50-day moving average is $58.77 and its two-hundred day moving average is $54.10. Commerce Bancshares, Inc. has a 1 year low of $46.99 and a 1 year high of $60.92.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last announced its quarterly earnings data on Thursday, July 16th. The financial services provider reported $1.10 EPS for the quarter, topping analysts' consensus estimates of $1.04 by $0.06. The business had revenue of $498.91 million during the quarter, compared to the consensus estimate of $492.22 million. Commerce Bancshares had a return on equity of 14.31% and a net margin of 26.07%.During the same period in the previous year, the company posted $1.14 earnings per share. Analysts anticipate that Commerce Bancshares, Inc. will post 4.23 earnings per share for the current fiscal year.

Commerce Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 22nd. Shareholders of record on Friday, September 4th will be given a $0.275 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.9%. Commerce Bancshares's dividend payout ratio is currently 26.63%.

Analyst Ratings Changes

A number of research analysts have commented on the company. Wall Street Zen upgraded Commerce Bancshares from a "sell" rating to a "hold" rating in a research note on Tuesday, July 28th. Morgan Stanley reissued a "positive" rating and set a $65.00 target price (up from $61.00) on shares of Commerce Bancshares in a research note on Monday, June 29th. TD Cowen reaffirmed a "hold" rating and issued a $63.00 target price (up from $62.00) on shares of Commerce Bancshares in a research report on Friday, July 17th. Keefe, Bruyette & Woods increased their price target on shares of Commerce Bancshares from $60.00 to $62.00 and gave the stock a "market perform" rating in a research report on Monday, July 20th. Finally, Wells Fargo & Company set a $63.00 price objective on shares of Commerce Bancshares and gave the company an "equal weight" rating in a report on Monday, August 10th. Three investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $63.29.

Insider Buying and Selling

In related news, SVP Douglas D. Neff sold 666 shares of the stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $58.15, for a total value of $38,727.90. Following the transaction, the senior vice president owned 11,746 shares of the company's stock, valued at $683,029.90. This represents a 5.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Derrick Brooks sold 1,041 shares of the firm's stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $59.63, for a total value of $62,074.83. Following the completion of the sale, the senior vice president owned 13,117 shares in the company, valued at approximately $782,166.71. This represents a 7.35% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 33,150 shares of company stock worth $1,974,783. Corporate insiders own 1.80% of the company's stock.

Commerce Bancshares Profile

Commerce Bancshares, Inc is a bank holding company primarily engaged in providing a broad range of banking and financial services across the Midwest. Through its principal subsidiary, Commerce Bank, the company offers commercial and consumer banking, treasury management, trust and wealth advisory, and mortgage lending. Its diversified product suite includes deposit and loan products, cash management solutions, capital markets services, and private banking designed to meet the needs of individuals, small businesses, and large corporations.

The company's commercial banking group delivers tailored credit facilities, equipment and inventory financing, asset-based lending, and merchant services.

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