Amalgamated Bank Reduces Holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH)

VaselineSeptember 23, 2024

0 4 minutes read

Amalgamated Bank trimmed its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH – Free Report) by 5.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 67,721 shares of the financial services provider’s stock after selling 3,941 shares during the period. Amalgamated Bank’s holdings in Commerce Bancshares were worth $3,777,000 at the end of the most recent quarter.

Other institutional investors have added to or reduced their stakes in the company. United Advisor Group LLC acquired a new stake in Commerce Bancshares in the 4th quarter valued at $3,827,000. Vanguard Group Inc. raised its stake in shares of Commerce Bancshares by 2.1% in the first quarter. Vanguard Group Inc. now owns 12,631,645 shares of the financial services provider’s stock worth $672,004,000 after purchasing an additional 259,127 shares during the last quarter. Speece Thorson Capital Group Inc. raised its stake in shares of Commerce Bancshares by 37.3% in the 4th quarter. Speece Thorson Capital Group Inc. now owns 232,774 shares of the financial services provider’s stock worth $12,432,000 after purchasing an additional 63,266 shares during the last quarter. Trexquant Investment LP acquired a new position in shares of Commerce Bancshares in the 4th quarter worth $1,176,000. Finally, SG Americas Securities LLC purchased a new position in shares of Commerce Bancshares in the second quarter worth $1,226,000. 70.26% of the shares are currently held by hedge funds and other institutional investors.

Analysts on Wall Street are forecasting an increase

Several research analysts recently commented on CBSH shares. Jefferies Financial Group boosted their price objective 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 boosted their price objective on Commerce Bancshares from $52.00 to $62.00 and gave the company an “equal weight” rating in a research note on Monday, July 22nd. Finally, Morgan Stanley boosted their price objective on Commerce Bancshares from $58.00 to $66.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th . Seven analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Commerce Bancshares has a consensus rating of “Hold” and a consensus price target of $60.00 based on data from MarketBeat.com.

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Commercial stocks trade down 2.9%

NASDAQ CBSH opened at $61.90 on Monday. The stock’s 50-day moving average is $62.28 and its 200-day moving average is $57.05. Commerce Bancshares, Inc. has a 12-month low of $40.91 and a 12-month high of $65.86. The stock has a market cap of $8.02 billion, a PE ratio of 17.24, a P/E/G ratio of 10.29 and a beta of 0.75.

Commerce Bancshares (NASDAQ:CBSH – Get Free Report ) last posted its quarterly earnings data on Thursday, July 18th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.90 by $0.17. The business had revenue of $414.90 million for the quarter, compared to analysts’ expectations of $406.88 million. Commerce Bancshares had a return on equity of 16.50% and a net margin of 23.62%. The company’s revenue for the quarter was up 4.5% year over year. During the same period in the previous year, the firm earned $0.97 EPS. On average, analysts estimate that Commerce Bancshares, Inc. will post 3.96 EPS for the current fiscal year.

Commerce Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 23rd. Investors of record on Thursday, September 5th will be issued a dividend of $0.27 per share. The ex-dividend date of this dividend is Thursday, September 5. This represents an annualized dividend of $1.08 and a yield of 1.74%. Commerce Bancshares’ payout ratio is currently 30.08%.

Insider activity at Commerce Bancshares

In related news, EVP Robert S. Holmes sold 3,795 shares of the stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $64.75, for a total transaction of $245,726.25. Following the sale, the executive vice president now owns 50,293 shares in the company, valued at approximately $3,256,471.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible via this link. In related news, CEO John W. Kemper sold 5,156 shares of the stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $65.22, for a total transaction of $336,274.32. Following the sale, the chief executive officer now owns 198,298 shares in the company, valued at approximately $12,932,995.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible via this link. Also, EVP Robert S. Holmes sold 3,795 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $3,256,471.75. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 49,612 shares of company stock worth $3,184,609. Company insiders own 3.20% of the company’s shares.

Commerce Bancshares profile

(Free Report)

Commerce Bancshares, Inc operates as the bank holding company for Commerce Bank, which provides retail, mortgage, 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.