American Century Companies Inc. trimmed its holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 8.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,797,395 shares of the financial services provider’s stock after selling 252,971 shares during the period. American Century Companies Inc.’s holdings in Commerce Bancshares were worth $184,684,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also added to or reduced their stakes in CBSH. LPL Financial LLC grew its stake in Commerce Bancshares by 27.2% in the 1st quarter. LPL Financial LLC now owns 9,377 shares of the financial services provider’s stock valued at $562,000 after buying an additional 2,004 shares in the last quarter. Principal Financial Group Inc. grew its stake in Commerce Bancshares by 3.4% in the 1st quarter. Principal Financial Group Inc. now owns 409,032 shares of the financial services provider’s stock valued at $24,546,000 after buying an additional 13,366 shares in the last quarter. State of Alaska Department of Revenue grew its stake in Commerce Bancshares by 39.9% in the 2nd quarter. State of Alaska Department of Revenue now owns 10,306 shares of the financial services provider’s stock valued at $666,000 after buying an additional 2,940 shares in the last quarter. Xact Kapitalforvaltning AB grew its stake in Commerce Bancshares by 38.0% in the 2nd quarter. Xact Kapitalforvaltning AB now owns 11,982 shares of the financial services provider’s stock valued at $775,000 after buying an additional 3,300 shares in the last quarter. Finally, Confluence Investment Management LLC grew its stake in Commerce Bancshares by 1.5% in the 2nd quarter. Confluence Investment Management LLC now owns 308,534 shares of the financial services provider’s stock valued at $19,965,000 after buying an additional 4,526 shares in the last quarter. Institutional investors and hedge funds own 64.82% of the company’s stock.
In other news, insider Jeffrey M. Burik sold 7,737 shares of the business’s stock in a transaction on Wednesday, October 31st. The shares were sold at an average price of $64.23, for a total transaction of $496,947.51. Following the completion of the transaction, the insider now directly owns 28,398 shares in the company, valued at approximately $1,824,003.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jeffrey M. Burik sold 2,303 shares of Commerce Bancshares stock in a transaction on Friday, November 2nd. The stock was sold at an average price of $65.02, for a total transaction of $149,741.06. Following the sale, the insider now directly owns 18,358 shares of the company’s stock, valued at $1,193,637.16. The disclosure for this sale can be found here. Insiders have sold a total of 57,135 shares of company stock valued at $4,007,604 over the last 90 days. Company insiders own 4.00% of the company’s stock.
Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings results on Thursday, October 11th. The financial services provider reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.07. The firm had revenue of $331.47 million during the quarter, compared to analyst estimates of $330.91 million. Commerce Bancshares had a net margin of 30.97% and a return on equity of 15.56%. As a group, sell-side analysts anticipate that Commerce Bancshares, Inc. will post 3.95 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 17th. Stockholders of record on Friday, November 30th will be given a dividend of $0.235 per share. The ex-dividend date is Thursday, November 29th. This represents a $0.94 dividend on an annualized basis and a dividend yield of 1.40%. Commerce Bancshares’s dividend payout ratio (DPR) is currently 33.94%.
A number of research analysts recently weighed in on the stock. Barclays lifted their price objective on shares of Commerce Bancshares from $63.00 to $68.00 and gave the company an “equal weight” rating in a research note on Friday, July 13th. BidaskClub upgraded shares of Commerce Bancshares from a “strong sell” rating to a “sell” rating in a research note on Tuesday, October 30th. Zacks Investment Research upgraded shares of Commerce Bancshares from a “hold” rating to a “strong-buy” rating and set a $78.00 price objective for the company in a research note on Tuesday, July 17th. Morgan Stanley lifted their price objective on shares of Commerce Bancshares from $60.00 to $63.00 and gave the company an “underweight” rating in a research note on Tuesday, July 17th. Finally, Bank of America set a $68.00 price target on shares of Commerce Bancshares and gave the company a “sell” rating in a research report on Friday, July 13th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $64.33.
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Commerce Bancshares Profile
Commerce Bancshares, Inc operates as the 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, mobile, and telephone banking services.
Further Reading: Growth Stocks
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