Commerce Bancshares, Inc. (CBSH) Shares Sold by Oppenheimer Asset Management Inc.

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Oppenheimer Asset Management Inc. trimmed its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 12.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,064 shares of the financial services provider’s stock after selling 1,338 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Commerce Bancshares were worth $598,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in the stock. Meadow Creek Investment Management LLC lifted its position in Commerce Bancshares by 5.6% during the 2nd quarter. Meadow Creek Investment Management LLC now owns 14,280 shares of the financial services provider’s stock worth $924,000 after acquiring an additional 756 shares during the period. American International Group Inc. lifted its position in Commerce Bancshares by 0.5% during the 2nd quarter. American International Group Inc. now owns 188,817 shares of the financial services provider’s stock worth $12,218,000 after acquiring an additional 950 shares during the period. North Star Investment Management Corp. lifted its position in Commerce Bancshares by 7.1% during the 3rd quarter. North Star Investment Management Corp. now owns 14,948 shares of the financial services provider’s stock worth $987,000 after acquiring an additional 989 shares during the period. Creative Planning lifted its position in Commerce Bancshares by 0.9% during the 3rd quarter. Creative Planning now owns 115,235 shares of the financial services provider’s stock worth $7,608,000 after acquiring an additional 1,010 shares during the period. Finally, Oregon Public Employees Retirement Fund lifted its position in Commerce Bancshares by 3.0% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 36,546 shares of the financial services provider’s stock worth $2,365,000 after acquiring an additional 1,056 shares during the period. Hedge funds and other institutional investors own 64.82% of the company’s stock.

Shares of CBSH stock opened at $65.73 on Wednesday. The stock has a market capitalization of $6.93 billion, a PE ratio of 23.73, a P/E/G ratio of 1.93 and a beta of 0.65. Commerce Bancshares, Inc. has a 52-week low of $54.24 and a 52-week high of $72.55.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings data on Thursday, October 11th. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.96 by $0.07. The business had revenue of $331.47 million during the quarter, compared to analysts’ expectations of $330.91 million. Commerce Bancshares had a return on equity of 15.56% and a net margin of 30.97%. Sell-side analysts expect that Commerce Bancshares, Inc. will post 3.95 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 17th. Stockholders of record on Friday, November 30th will be issued a $0.235 dividend. The ex-dividend date is Thursday, November 29th. This represents a $0.94 annualized dividend and a dividend yield of 1.43%. Commerce Bancshares’s dividend payout ratio (DPR) is presently 33.94%.

In related news, Director Jonathan M. Kemper sold 45,000 shares of Commerce Bancshares stock in a transaction dated Tuesday, September 11th. The stock was sold at an average price of $71.35, for a total value of $3,210,750.00. Following the completion of the transaction, the director now owns 902,348 shares in the company, valued at approximately $64,382,529.80. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Jeffrey M. Burik sold 7,737 shares of Commerce Bancshares stock in a transaction dated Wednesday, October 31st. The shares were sold at an average price of $64.23, for a total value of $496,947.51. Following the completion of the transaction, the insider now owns 28,398 shares of the company’s stock, valued at approximately $1,824,003.54. The disclosure for this sale can be found here. In the last three months, insiders sold 57,135 shares of company stock valued at $4,007,604. Insiders own 4.00% of the company’s stock.

A number of analysts have commented on CBSH shares. Raymond James cut Commerce Bancshares from a “market perform” rating to an “underperform” rating in a research report on Tuesday, July 10th. Stephens reaffirmed a “hold” rating and set a $65.00 price target on shares of Commerce Bancshares in a research report on Thursday, July 12th. Bank of America set a $68.00 price target on Commerce Bancshares and gave the stock a “sell” rating in a research report on Friday, July 13th. Barclays lifted their price target on Commerce Bancshares from $63.00 to $68.00 and gave the stock an “equal weight” rating in a research report on Friday, July 13th. Finally, Morgan Stanley boosted their price objective on Commerce Bancshares from $60.00 to $63.00 and gave the company an “underweight” rating in a report on Tuesday, July 17th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $64.33.

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Commerce Bancshares Company Profile

Commerce Bancshares, Inc operates as the holding company for Commerce Bank that provides retail, mortgage banking, corporate, investment, trust, and asset management products and services to individuals and businesses. It operates through three segments: Consumer, Commercial, and Wealth. The Consumer segment offers various banking products and services, including consumer deposits; consumer loans, such as automobile, motorcycle, marine, tractor/trailer, recreational vehicle, fixed rate and revolving home equity, and other consumer loans; patient health care financing; real estate loans; indirect and other consumer financing; personal mortgage banking; consumer installment lending; and consumer debit and credit bank cards, as well as provides online, mobile, and telephone banking services.

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Institutional Ownership by Quarter for Commerce Bancshares (NASDAQ:CBSH)

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