Commerce Bank decreased its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 0.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,960,645 shares of the financial services provider's stock after selling 28,514 shares during the quarter. Commerce Bancshares comprises approximately 2.5% of Commerce Bank's portfolio, making the stock its 6th biggest holding. Commerce Bank owned approximately 5.40% of Commerce Bancshares worth $413,462,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in Commerce Bancshares by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 12,631,645 shares of the financial services provider's stock worth $672,004,000 after acquiring an additional 259,127 shares during the period. American Century Companies Inc. increased its position in shares of Commerce Bancshares by 7.4% in the second quarter. American Century Companies Inc. now owns 3,509,796 shares of the financial services provider's stock worth $195,776,000 after purchasing an additional 240,938 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Commerce Bancshares by 19.8% in the second quarter. Dimensional Fund Advisors LP now owns 2,069,924 shares of the financial services provider's stock worth $115,453,000 after purchasing an additional 342,793 shares during the last quarter. Boston Trust Walden Corp raised its stake in Commerce Bancshares by 15.4% in the second quarter. Boston Trust Walden Corp now owns 1,260,999 shares of the financial services provider's stock valued at $70,339,000 after purchasing an additional 168,550 shares in the last quarter. Finally, Sei Investments Co. grew its stake in Commerce Bancshares by 0.5% in the 2nd quarter. Sei Investments Co. now owns 624,715 shares of the financial services provider's stock worth $34,846,000 after buying an additional 3,391 shares in the last quarter. Hedge funds and other institutional investors own 70.26% of the company's stock.
Shares of Commerce Bancshares stock opened at $71.60 on Wednesday. The company's 50 day moving average price is $62.86 and its 200-day moving average price is $60.02. Commerce Bancshares, Inc. has a 52-week low of $46.72 and a 52-week high of $73.31. The stock has a market capitalization of $9.18 billion, a price-to-earnings ratio of 18.65, a P/E/G ratio of 3.89 and a beta of 0.73.
Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last released its quarterly earnings results on Thursday, October 17th. The financial services provider reported $1.07 EPS for the quarter, beating analysts' consensus estimates of $1.00 by $0.07. Commerce Bancshares had a return on equity of 15.93% and a net margin of 24.15%. The business had revenue of $421.38 million during the quarter, compared to analyst estimates of $412.85 million. As a group, equities research analysts forecast that Commerce Bancshares, Inc. will post 4.02 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 17th. Stockholders of record on Tuesday, December 3rd will be paid a $0.27 dividend. The ex-dividend date of this dividend is Tuesday, December 3rd. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.51%. Commerce Bancshares's dividend payout ratio is currently 28.13%.
CBSH has been the subject of a number of research reports. Morgan Stanley cut Commerce Bancshares from an "overweight" rating to an "equal weight" rating and cut their price objective for the stock from $66.00 to $64.00 in a report on Monday, September 30th. Piper Sandler set a $68.50 price objective on shares of Commerce Bancshares and gave the stock a "neutral" rating in a report on Friday, October 18th. Finally, StockNews.com raised shares of Commerce Bancshares from a "sell" rating to a "hold" rating in a report on Friday, October 18th. Seven research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat, Commerce Bancshares presently has a consensus rating of "Hold" and an average target price of $61.79.
Get Our Latest Report on CBSH
In related news, EVP John K. Handy sold 1,331 shares of the firm's stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $63.80, for a total transaction of $84,917.80. Following the completion of the sale, the executive vice president now owns 41,548 shares of the company's stock, valued at $2,650,762.40. This trade represents a 3.10 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Douglas D. Neff sold 888 shares of the company's stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $72.10, for a total value of $64,024.80. Following the completion of the transaction, the senior vice president now directly owns 8,038 shares in the company, valued at $579,539.80. This trade represents a 9.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,219 shares of company stock worth $2,126,803 in the last quarter. Corporate insiders own 3.10% of the company's stock.
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.
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