Commerce Bancshares, Inc. (NASDAQ:CBSH) Shares Sold by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. cut its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 0.5% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 96,966 shares of the financial services provider’s stock after selling 443 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Commerce Bancshares were worth $5,409,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. boosted its holdings in shares of Commerce Bancshares by 0.5% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 30,906 shares of the financial services provider’s stock valued at $1,724,000 after buying an additional 154 shares in the last quarter. MTM Investment Management LLC boosted its stake in Commerce Bancshares by 0.3% in the first quarter. MTM Investment Management LLC now owns 60,130 shares of the financial services provider’s stock valued at $3,199,000 after acquiring an additional 199 shares in the last quarter. Angeles Investment Advisors LLC grew its holdings in shares of Commerce Bancshares by 5.0% during the fourth quarter. Angeles Investment Advisors LLC now owns 4,557 shares of the financial services provider’s stock worth $243,000 after purchasing an additional 217 shares during the last quarter. Panagora Asset Management Inc. increased its position in shares of Commerce Bancshares by 5.0% during the fourth quarter. Panagora Asset Management Inc. now owns 5,417 shares of the financial services provider’s stock worth $289,000 after purchasing an additional 257 shares in the last quarter. Finally, Connectus Wealth LLC lifted its holdings in shares of Commerce Bancshares by 1.5% in the 4th quarter. Connectus Wealth LLC now owns 17,594 shares of the financial services provider’s stock valued at $940,000 after purchasing an additional 266 shares during the last quarter. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Commerce Bancshares Price Performance

Shares of NASDAQ CBSH opened at $61.98 on Friday. The company has a market cap of $7.99 billion, a PE ratio of 17.29, a P/E/G ratio of 10.06 and a beta of 0.75. The stock has a fifty day moving average price of $61.72 and a 200 day moving average price of $56.66. Commerce Bancshares, Inc. has a 1-year low of $40.91 and a 1-year high of $65.86.

Commerce Bancshares (NASDAQ:CBSH) last issued its earnings results on Thursday, July 18th. The financial services provider reported $1.07 earnings per share for the quarter, beating the consensus estimate of $0.90 by $0.17. The business had revenue of $414.90 million for the quarter, compared to the consensus estimate of $406.88 million. Commerce Bancshares had a net margin of 23.62% and a return on equity of 16.50%. The business’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.97 earnings per share. Analysts anticipate that Commerce Bancshares, Inc. will post 3.96 earnings per share for the current fiscal year.

Commerce Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 23rd. Stockholders of record on Thursday, September 5th will be paid a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date of this dividend is Thursday, September 5th. Commerce Bancshares’s dividend payout ratio (DPR) is 30.12%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on CBSH shares. Jefferies Financial Group raised their price target on Commerce Bancshares from $60.00 to $62.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. Wells Fargo & Company raised their target price on shares of Commerce Bancshares from $52.00 to $62.00 and gave the stock an “equal weight” rating in a research report on Monday, July 22nd. Finally, Morgan Stanley upped their price target on shares of Commerce Bancshares from $58.00 to $66.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Seven equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $60.00.

Insider Activity

In related news, EVP Robert S. Holmes sold 3,795 shares of the company’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $64.75, for a total transaction of $245,726.25. Following the transaction, the executive vice president now owns 50,293 shares of the company’s stock, valued at $3,256,471.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Jonathan M. Kemper sold 19,626 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $63.66, for a total transaction of $1,249,391.16. Following the sale, the director now owns 997,112 shares of the company’s stock, valued at approximately $63,476,149.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Robert S. Holmes sold 3,795 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $64.75, for a total value of $245,726.25. Following the completion of the transaction, the executive vice president now directly owns 50,293 shares of the company’s stock, valued at $3,256,471.75. The disclosure for this sale can be found here. Insiders sold 47,612 shares of company stock valued at $3,060,149 in the last three months. 3.20% of the stock is currently owned by company 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.