Commerce Bancshares, Inc. (NASDAQ:CBSH) Shares Sold by US Bancorp DE

Key Points

• US Bancorp DE reduced its stake in Commerce Bancshares by 13.7%, selling 16,685 shares during the first quarter, leaving them with approximately 105,247 shares valued at $6.55 million.
• Commerce Bancshares reported a quarterly earnings per share (EPS) of $1.14, exceeding estimates of $1.02, with revenues of $445.76 million up 7.6% year-over-year.
• The company has declared a quarterly dividend of $0.275 per share, which will be paid on September 23rd, resulting in an annualized dividend yield of 1.8%.

US Bancorp DE decreased its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 13.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 105,247 shares of the financial services provider's stock after selling 16,685 shares during the period. US Bancorp DE owned 0.08% of Commerce Bancshares worth $6,550,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CBSH. LPL Financial LLC grew its stake in Commerce Bancshares by 15.5% during the fourth quarter. LPL Financial LLC now owns 76,597 shares of the financial services provider's stock worth $4,773,000 after buying an additional 10,305 shares during the last quarter. O Shaughnessy Asset Management LLC grew its stake in shares of Commerce Bancshares by 28.5% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 15,088 shares of the financial services provider's stock valued at $940,000 after purchasing an additional 3,344 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in Commerce Bancshares by 2.9% in the fourth quarter. Alliancebernstein L.P. now owns 161,740 shares of the financial services provider's stock valued at $10,078,000 after buying an additional 4,622 shares during the period. Franklin Resources Inc. lifted its holdings in Commerce Bancshares by 35.8% in the fourth quarter. Franklin Resources Inc. now owns 64,462 shares of the financial services provider's stock valued at $4,017,000 after buying an additional 17,003 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in Commerce Bancshares by 3.7% in the fourth quarter. Geode Capital Management LLC now owns 2,484,463 shares of the financial services provider's stock valued at $155,756,000 after buying an additional 87,723 shares during the period. Institutional investors and hedge funds own 70.26% of the company's stock.

Commerce Bancshares Price Performance

NASDAQ:CBSH traded up $0.61 during trading hours on Friday, reaching $60.47. The company had a trading volume of 116,737 shares, compared to its average volume of 647,448. The firm has a market cap of $8.07 billion, a PE ratio of 14.42, a price-to-earnings-growth ratio of 2.78 and a beta of 0.61. The business's 50 day moving average price is $62.62 and its 200-day moving average price is $62.74. Commerce Bancshares, Inc. has a 1-year low of $52.69 and a 1-year high of $72.75.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.12. Commerce Bancshares had a return on equity of 16.01% and a net margin of 26.37%. The firm had revenue of $445.76 million for the quarter, compared to analyst estimates of $434.11 million. During the same quarter in the prior year, the company earned $1.02 EPS. Commerce Bancshares's revenue was up 7.6% on a year-over-year basis. On average, analysts expect that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current fiscal year.

Commerce Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 23rd. Stockholders of record on Friday, September 5th will be issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, September 5th. Commerce Bancshares's payout ratio is 26.19%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Morgan Stanley boosted their price target on shares of Commerce Bancshares from $58.00 to $61.00 and gave the stock an "equal weight" rating in a research report on Tuesday, June 17th. Keefe, Bruyette & Woods dropped their price target on shares of Commerce Bancshares from $74.00 to $70.00 and set a "market perform" rating on the stock in a research report on Thursday, April 17th. Wall Street Zen lowered shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Wells Fargo & Company increased their target price on shares of Commerce Bancshares from $62.00 to $69.00 and gave the stock an "equal weight" rating in a research note on Monday, July 21st. Finally, Bank of America increased their target price on shares of Commerce Bancshares from $69.00 to $71.00 and gave the stock a "neutral" rating in a research note on Tuesday, June 24th. One equities research analyst has rated the stock with a sell rating and six have issued a hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $68.20.

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 in the United States. It operates through three segments: Consumer, Commercial, and Wealth.