Principal Financial Group Inc. reduced its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 3.4% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 297,991 shares of the financial services provider’s stock after selling 10,575 shares during the period. Principal Financial Group Inc. owned approximately 0.27% of Commerce Bancshares worth $16,774,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Smithfield Trust Co. boosted its position in shares of Commerce Bancshares by 542.4% during the 2nd quarter. Smithfield Trust Co. now owns 424 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 358 shares in the last quarter. Providence Capital Advisors LLC purchased a new stake in shares of Commerce Bancshares during the 2nd quarter worth $39,000. RMR Wealth Builders purchased a new stake in shares of Commerce Bancshares during the 2nd quarter worth $46,000. Captrust Financial Advisors purchased a new stake in shares of Commerce Bancshares during the 2nd quarter worth $51,000. Finally, Rockefeller Capital Management L.P. purchased a new stake in shares of Commerce Bancshares during the 2nd quarter worth $71,000. Institutional investors own 60.89% of the company’s stock.
In related news, Director Jonathan M. Kemper sold 32,000 shares of the business’s stock in a transaction dated Friday, October 30th. The shares were sold at an average price of $61.90, for a total value of $1,980,800.00. Following the completion of the transaction, the director now owns 860,161 shares of the company’s stock, valued at approximately $53,243,965.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Sara E. Foster sold 5,044 shares of the company’s stock in a transaction dated Monday, November 9th. The shares were sold at an average price of $68.51, for a total transaction of $345,564.44. Following the transaction, the executive vice president now directly owns 42,197 shares of the company’s stock, valued at approximately $2,890,916.47. The disclosure for this sale can be found here. Insiders own 3.40% of the company’s stock.
Commerce Bancshares (NASDAQ:CBSH) last announced its earnings results on Tuesday, October 20th. The financial services provider reported $1.11 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.41. Commerce Bancshares had a net margin of 23.67% and a return on equity of 10.49%. The firm had revenue of $345.50 million during the quarter, compared to the consensus estimate of $336.20 million. During the same quarter in the previous year, the company posted $0.93 EPS. The firm’s revenue for the quarter was up 2.7% on a year-over-year basis. On average, sell-side analysts predict that Commerce Bancshares, Inc. will post 2.86 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 18th. Investors of record on Wednesday, December 2nd will be paid a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 1.57%. The ex-dividend date is Tuesday, December 1st. Commerce Bancshares’s payout ratio is 30.17%.
CBSH has been the topic of several research analyst reports. Piper Sandler decreased their target price on shares of Commerce Bancshares from $62.00 to $59.00 and set a “neutral” rating on the stock in a research report on Tuesday, September 29th. Raymond James upgraded shares of Commerce Bancshares from an “underperform” rating to a “market perform” rating in a research report on Wednesday, October 21st. Bank of America upgraded shares of Commerce Bancshares from an “underperform” rating to a “neutral” rating and set a $72.00 price objective on the stock in a research report on Wednesday, October 21st. Finally, BidaskClub upgraded shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Thursday, October 22nd. Two analysts have rated the stock with a sell rating and five have issued a hold rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $57.60.
Commerce Bancshares Company Profile
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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