Eaton Vance Management Acquires 149,843 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

Eaton Vance Management grew its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 34.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 587,114 shares of the financial services provider’s stock after buying an additional 149,843 shares during the quarter. Eaton Vance Management’s holdings in Commerce Bancshares were worth $38,573,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently modified their holdings of the company. IMA Wealth Inc. bought a new stake in Commerce Bancshares during the fourth quarter worth about $25,000. International Assets Investment Management LLC bought a new stake in Commerce Bancshares during the fourth quarter worth about $42,000. RMR Wealth Builders bought a new stake in Commerce Bancshares during the fourth quarter worth about $53,000. Benjamin F. Edwards & Company Inc. grew its stake in Commerce Bancshares by 26.2% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 930 shares of the financial services provider’s stock worth $61,000 after buying an additional 193 shares during the last quarter. Finally, Toronto Dominion Bank acquired a new position in shares of Commerce Bancshares during the fourth quarter worth approximately $128,000. 62.87% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NASDAQ CBSH opened at $77.56 on Thursday. The company’s 50 day simple moving average is $76.96 and its 200 day simple moving average is $68.03. Commerce Bancshares, Inc. has a fifty-two week low of $48.60 and a fifty-two week high of $83.06. The firm has a market capitalization of $9.08 billion, a P/E ratio of 28.88 and a beta of 0.96.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings data on Tuesday, January 19th. The financial services provider reported $1.11 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.94 by $0.17. The business had revenue of $344.90 million for the quarter, compared to analyst estimates of $347.85 million. Commerce Bancshares had a net margin of 23.67% and a return on equity of 10.49%. Commerce Bancshares’s revenue was down .3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.81 earnings per share. Equities research analysts anticipate that Commerce Bancshares, Inc. will post 2.78 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 24th. Shareholders of record on Tuesday, March 9th were issued a $0.2625 dividend. The ex-dividend date of this dividend was Monday, March 8th. This represents a $1.05 annualized dividend and a yield of 1.35%. Commerce Bancshares’s dividend payout ratio (DPR) is presently 30.79%.

In other Commerce Bancshares news, CEO John W. Kemper sold 10,026 shares of the stock in a transaction on Monday, February 8th. The shares were sold at an average price of $71.78, for a total value of $719,666.28. Following the sale, the chief executive officer now directly owns 167,881 shares in the company, valued at $12,050,498.18. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Charles G. Kim sold 9,023 shares of the stock in a transaction on Friday, March 12th. The stock was sold at an average price of $80.14, for a total transaction of $723,103.22. Following the completion of the sale, the chief financial officer now owns 88,837 shares in the company, valued at $7,119,397.18. The disclosure for this sale can be found here. Over the last quarter, insiders sold 112,282 shares of company stock worth $8,172,628. Company insiders own 3.40% of the company’s stock.

Separately, Morgan Stanley increased their price objective on shares of Commerce Bancshares from $64.00 to $65.00 and gave the company an “underweight” rating in a report on Wednesday, March 24th. One research analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. Commerce Bancshares currently has a consensus rating of “Hold” and a consensus price target of $65.75.

Commerce Bancshares Profile

Commerce Bancshares, Inc operates as a bank holding company for Commerce Bank. It provides general banking services, such as retail, corporate, investment, trust, and asset management products and services to individuals and businesses. The firm operates through the following business segments: Consumer, Commercial and Wealth.

Further Reading: Understanding Average Daily Trade Volume

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

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