Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH – Free Report) by 7.1% during the 2nd quarter, Holdings Channel reports. The firm owned 54,861 shares of the financial services provider’s stock after purchasing an additional 3,628 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Commerce Bancshares were worth $2,672,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors also recently modified their holdings of the company. BOKF NA acquired a new position in Commerce Bancshares in the 1st quarter valued at about $29,000. Quantbot Technologies LP acquired a new position in Commerce Bancshares in the 2nd quarter valued at about $42,000. Altshuler Shaham Ltd acquired a new position in Commerce Bancshares in the 4th quarter valued at about $47,000. Resources Management Corp CT ADV grew its stake in Commerce Bancshares by 39.3% in the 1st quarter. Resources Management Corp CT ADV now owns 947 shares of the financial services provider’s stock valued at $51,000 after buying an additional 267 shares during the last quarter. Finally, Arlington Partners LLC acquired a new position in Commerce Bancshares in the 2nd quarter valued at about $51,000. 69.63% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of research analysts recently commented on CBSH shares. Wells Fargo & Company decreased their price target on shares of Commerce Bancshares from $52.00 to $50.00 and set an “equal weight” rating on the stock in a research note on Friday, October 20th. StockNews.com started coverage on shares of Commerce Bancshares in a research note on Thursday, October 5th. They issued a “sell” rating on the stock. Morgan Stanley upgraded shares of Commerce Bancshares from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $48.00 to $49.00 in a research note on Wednesday, September 27th. Piper Sandler decreased their target price on shares of Commerce Bancshares from $52.00 to $51.00 and set a “neutral” rating on the stock in a research report on Friday, October 20th. Finally, Jefferies Financial Group increased their target price on shares of Commerce Bancshares from $51.00 to $52.00 in a research report on Tuesday, October 10th. One investment analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. According to data from MarketBeat.com, Commerce Bancshares presently has an average rating of “Hold” and an average price target of $52.60.
Commerce Bancshares Stock Performance
Shares of NASDAQ:CBSH opened at $49.73 on Tuesday. The company’s 50 day moving average price is $46.99 and its two-hundred day moving average price is $48.91. Commerce Bancshares, Inc. has a 12-month low of $42.96 and a 12-month high of $72.60. The firm has a market cap of $6.18 billion, a PE ratio of 12.53 and a beta of 0.76. The company has a quick ratio of 0.71, a current ratio of 0.71 and a debt-to-equity ratio of 0.19.
Commerce Bancshares (NASDAQ:CBSH – Get Free Report) last issued its quarterly earnings results on Wednesday, October 18th. The financial services provider reported $0.96 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.03. Commerce Bancshares had a net margin of 26.71% and a return on equity of 19.12%. The company had revenue of $391.50 million during the quarter, compared to the consensus estimate of $391.77 million. During the same quarter in the prior year, the firm posted $0.97 EPS. The firm’s quarterly revenue was up 1.7% on a year-over-year basis. Equities research analysts predict that Commerce Bancshares, Inc. will post 3.79 earnings per share for the current year.
Commerce Bancshares Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, December 18th. Stockholders of record on Monday, December 4th will be issued a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date of this dividend is Friday, December 1st. Commerce Bancshares’s dividend payout ratio (DPR) is presently 27.20%.
Insider Transactions at Commerce Bancshares
In other news, Director Blackford F. Brauer purchased 5,000 shares of the business’s stock in a transaction dated Wednesday, August 23rd. The stock was bought at an average price of $49.14 per share, with a total value of $245,700.00. Following the acquisition, the director now owns 28,426 shares in the company, valued at approximately $1,396,853.64. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, SVP Patricia R. Kellerhals sold 3,459 shares of the stock in a transaction that occurred on Friday, September 8th. The shares were sold at an average price of $47.01, for a total value of $162,607.59. Following the completion of the transaction, the senior vice president now owns 25,349 shares of the company’s stock, valued at approximately $1,191,656.49. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Blackford F. Brauer acquired 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was bought at an average cost of $49.14 per share, with a total value of $245,700.00. Following the purchase, the director now owns 28,426 shares in the company, valued at $1,396,853.64. The disclosure for this purchase can be found here. 3.20% of the stock is currently owned by insiders.
Commerce Bancshares 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 in the United States. It operates through three segments: Consumer, Commercial, and Wealth.
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