Signition LP purchased a new position in Commerce Bancshares, Inc. (NASDAQ:CBSH) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 3,516 shares of the financial services provider’s stock, valued at approximately $213,000.
Other institutional investors also recently bought and sold shares of the company. Oregon Public Employees Retirement Fund boosted its holdings in Commerce Bancshares by 1.5% in the second quarter. Oregon Public Employees Retirement Fund now owns 39,423 shares of the financial services provider’s stock valued at $2,352,000 after acquiring an additional 564 shares during the last quarter. Wealth Alliance Advisory Group LLC boosted its holdings in Commerce Bancshares by 9.8% in the second quarter. Wealth Alliance Advisory Group LLC now owns 5,459 shares of the financial services provider’s stock valued at $318,000 after acquiring an additional 487 shares during the last quarter. Eqis Capital Management Inc. bought a new position in Commerce Bancshares in the second quarter valued at about $307,000. Mountain Pacific Investment Advisers Inc. ID boosted its holdings in Commerce Bancshares by 7.1% in the second quarter. Mountain Pacific Investment Advisers Inc. ID now owns 340,537 shares of the financial services provider’s stock valued at $20,316,000 after acquiring an additional 22,654 shares during the last quarter. Finally, Confluence Investment Management LLC boosted its holdings in Commerce Bancshares by 3.1% in the second quarter. Confluence Investment Management LLC now owns 360,906 shares of the financial services provider’s stock valued at $21,532,000 after acquiring an additional 10,848 shares during the last quarter. 65.81% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts recently issued reports on CBSH shares. Morgan Stanley decreased their price target on Commerce Bancshares from $56.00 to $55.00 and set an “underweight” rating on the stock in a report on Thursday, October 3rd. Stephens reissued a “hold” rating and issued a $59.00 target price on shares of Commerce Bancshares in a research note on Wednesday, October 16th. BidaskClub raised Commerce Bancshares from a “hold” rating to a “buy” rating in a research note on Wednesday, October 23rd. Finally, DA Davidson increased their target price on Commerce Bancshares to $62.00 and gave the company a “neutral” rating in a research note on Wednesday, July 17th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $58.57.
Commerce Bancshares (NASDAQ:CBSH) last released its earnings results on Wednesday, October 16th. The financial services provider reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.06. Commerce Bancshares had a return on equity of 14.52% and a net margin of 29.34%. The firm had revenue of $336.30 million for the quarter, compared to analyst estimates of $337.31 million. During the same quarter in the prior year, the firm posted $1.03 earnings per share. The company’s quarterly revenue was down .8% on a year-over-year basis. Equities analysts forecast that Commerce Bancshares, Inc. will post 3.71 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 18th. Shareholders of record on Tuesday, December 3rd will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 1.57%. The ex-dividend date of this dividend is Monday, December 2nd. Commerce Bancshares’s payout ratio is 27.51%.
In other news, CEO John W. Kemper sold 2,077 shares of the firm’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $61.45, for a total transaction of $127,631.65. Following the sale, the chief executive officer now owns 152,280 shares of the company’s stock, valued at $9,357,606. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Daniel D. Callahan sold 4,000 shares of the firm’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $65.70, for a total value of $262,800.00. Following the sale, the vice president now directly owns 16,997 shares in the company, valued at approximately $1,116,702.90. The disclosure for this sale can be found here. Insiders sold 42,347 shares of company stock worth $2,712,104 in the last three months. Insiders own 3.60% of the company’s stock.
About Commerce Bancshares
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. 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 banking services.
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