Commerce Bancshares, Inc. $CBSH Shares Sold by Curated Wealth Partners LLC
by Danessa Lincoln · The Markets DailyCurated Wealth Partners LLC cut its holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH – Free Report) by 88.8% in the third quarter, HoldingsChannel reports. The institutional investor owned 8,491 shares of the financial services provider’s stock after selling 67,409 shares during the quarter. Curated Wealth Partners LLC’s holdings in Commerce Bancshares were worth $465,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in CBSH. BlackRock Inc. purchased a new stake in shares of Commerce Bancshares during the second quarter worth about $755,669,000. Commerce Bank acquired a new position in shares of Commerce Bancshares during the second quarter valued at about $316,010,000. Dimensional Fund Advisors LP increased its holdings in shares of Commerce Bancshares by 29.3% during the first quarter. Dimensional Fund Advisors LP now owns 3,943,247 shares of the financial services provider’s stock valued at $193,999,000 after acquiring an additional 894,183 shares in the last quarter. First Trust Advisors LP increased its holdings in shares of Commerce Bancshares by 11.0% during the first quarter. First Trust Advisors LP now owns 2,610,223 shares of the financial services provider’s stock valued at $128,423,000 after acquiring an additional 257,817 shares in the last quarter. Finally, Bank of America Corp DE purchased a new position in shares of Commerce Bancshares in the 2nd quarter valued at approximately $83,328,000. Institutional investors and hedge funds own 70.26% of the company’s stock.
Insider Activity
In other Commerce Bancshares news, SVP Derrick Brooks sold 1,041 shares of the company’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 sale, the senior vice president directly owned 13,117 shares of the company’s stock, valued at approximately $782,166.71. This represents a 7.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO John W. Kemper sold 5,830 shares of the stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $60.58, for a total value of $353,181.40. Following the sale, the chief executive officer directly owned 206,528 shares in the company, valued at $12,511,466.24. This represents a 2.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 32,950 shares of company stock valued at $1,963,777 over the last quarter. Insiders own 1.80% of the company’s stock.
Commerce Bancshares Price Performance
Shares of NASDAQ:CBSH opened at $55.69 on Friday. Commerce Bancshares, Inc. has a twelve month low of $46.99 and a twelve month high of $60.92. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.01. The company has a market cap of $7.99 billion, a PE ratio of 13.48, a price-to-earnings-growth ratio of 1.69 and a beta of 0.60. The company’s 50 day moving average is $57.15 and its 200 day moving average is $55.32.
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, beating the consensus estimate of $1.04 by $0.06. The business had revenue of $498.91 million during the quarter, compared to analysts’ expectations of $492.22 million. Commerce Bancshares had a net margin of 26.07% and a return on equity of 14.31%. During the same period in the previous year, the business posted $1.14 EPS. On average, sell-side analysts forecast that Commerce Bancshares, Inc. will post 4.23 EPS for the current year.
Commerce Bancshares Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 22nd. Stockholders of record on Friday, September 4th were paid a $0.2750 dividend. The ex-dividend date was Friday, September 4th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.0%. Commerce Bancshares’s dividend payout ratio is presently 26.63%.
Wall Street Analysts Forecast Growth
Several analysts have weighed in on the stock. Wall Street Zen raised shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Sunday, October 11th. Wells Fargo & Company set a $61.00 price objective on shares of Commerce Bancshares and gave the stock an “equal weight” rating in a research note on Tuesday, September 29th. TD Cowen reiterated a “hold” rating and set a $63.00 price objective (up from $62.00) on shares of Commerce Bancshares in a research note on Friday, July 17th. Morgan Stanley boosted their price objective on shares of Commerce Bancshares from $76.00 to $77.00 and gave the company an “overweight” rating in a report on Monday, September 28th. Finally, Keefe, Bruyette & Woods upped their target price on Commerce Bancshares from $60.00 to $62.00 and gave the company a “market perform” rating in a research report on Monday, July 20th. Three investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $64.29.
Check Out Our Latest Research Report on Commerce Bancshares
Commerce Bancshares Company Profile
Commerce Bancshares, Inc is a financial holding company headquartered in Kansas City, Missouri. Its principal subsidiary, Commerce Bank, provides banking and financial services to businesses, institutions and individuals through a network of branches and digital channels.
The company’s offerings include commercial and consumer lending, deposit accounts, treasury and payment services, credit and debit cards, investment services, brokerage, trust administration and wealth management. Commerce also provides specialized services for businesses, including cash management, merchant processing and other payment solutions.
Commerce Bank traces its history to 1865 and primarily serves customers in Missouri, Kansas, Illinois, Oklahoma and Colorado.
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