First Trust Advisors LP cut its holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 8.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 211,880 shares of the financial services provider’s stock after selling 19,594 shares during the period. First Trust Advisors LP’s holdings in Commerce Bancshares were worth $13,988,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of the stock. Citadel Advisors LLC boosted its holdings in Commerce Bancshares by 3,463.9% during the second quarter. Citadel Advisors LLC now owns 996,514 shares of the financial services provider’s stock valued at $64,484,000 after acquiring an additional 968,553 shares during the period. Cornerstone Wealth Management LLC boosted its holdings in Commerce Bancshares by 6,424.8% during the second quarter. Cornerstone Wealth Management LLC now owns 649,283 shares of the financial services provider’s stock valued at $9,951,000 after acquiring an additional 639,332 shares during the period. Schroder Investment Management Group boosted its holdings in Commerce Bancshares by 34.1% during the second quarter. Schroder Investment Management Group now owns 1,621,188 shares of the financial services provider’s stock valued at $72,468,000 after acquiring an additional 412,145 shares during the period. Findlay Park Partners LLP boosted its holdings in Commerce Bancshares by 15.9% during the second quarter. Findlay Park Partners LLP now owns 1,500,000 shares of the financial services provider’s stock valued at $97,065,000 after acquiring an additional 206,083 shares during the period. Finally, WINTON GROUP Ltd boosted its holdings in Commerce Bancshares by 2,341.9% during the second quarter. WINTON GROUP Ltd now owns 166,439 shares of the financial services provider’s stock valued at $10,770,000 after acquiring an additional 159,623 shares during the period. Hedge funds and other institutional investors own 64.82% of the company’s stock.
A number of equities research analysts have issued reports on CBSH shares. Zacks Investment Research upgraded shares of Commerce Bancshares from a “hold” rating to a “buy” rating and set a $70.00 price target for the company in a report on Wednesday, October 17th. BidaskClub upgraded shares of Commerce Bancshares from a “hold” rating to a “buy” rating in a report on Thursday, August 9th. Finally, ValuEngine cut shares of Commerce Bancshares from a “buy” rating to a “hold” rating in a report on Tuesday, October 2nd. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $64.33.
Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings results on Thursday, October 11th. The financial services provider reported $1.03 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.96 by $0.07. The company had revenue of $331.47 million during the quarter, compared to analysts’ expectations of $330.91 million. Commerce Bancshares had a net margin of 30.97% and a return on equity of 15.56%. On average, equities research analysts predict that Commerce Bancshares, Inc. will post 3.95 EPS for the current fiscal year.
The business also recently disclosed 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. This represents a $0.94 dividend on an annualized basis and a dividend yield of 1.41%. The ex-dividend date of this dividend is Thursday, November 29th. Commerce Bancshares’s dividend payout ratio is currently 33.94%.
In other news, insider Jeffrey M. Burik sold 2,303 shares of the company’s stock in a transaction dated Friday, November 2nd. The shares were sold at an average price of $65.02, for a total transaction of $149,741.06. Following the completion of the transaction, the insider now owns 18,358 shares of the company’s stock, valued at $1,193,637.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jonathan M. Kemper sold 45,000 shares of the company’s stock in a transaction dated Tuesday, September 11th. The shares were sold at an average price of $71.35, for a total transaction of $3,210,750.00. Following the transaction, the director now directly owns 902,348 shares of the company’s stock, valued at approximately $64,382,529.80. The disclosure for this sale can be found here. Insiders have sold 57,135 shares of company stock valued at $4,007,604 in the last ninety days. 4.00% of the stock is owned by company insiders.
About Commerce Bancshares
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.
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