Wells Fargo & Company MN lifted its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 8.6% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 1,080,789 shares of the financial services provider’s stock after purchasing an additional 85,315 shares during the period. Wells Fargo & Company MN owned 1.01% of Commerce Bancshares worth $71,353,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in CBSH. Principal Financial Group Inc. increased its position in shares of Commerce Bancshares by 3.4% during the first quarter. Principal Financial Group Inc. now owns 409,032 shares of the financial services provider’s stock worth $24,546,000 after acquiring an additional 13,366 shares during the period. State of Alaska Department of Revenue boosted its stake in shares of Commerce Bancshares by 39.9% during the second quarter. State of Alaska Department of Revenue now owns 10,306 shares of the financial services provider’s stock valued at $666,000 after purchasing an additional 2,940 shares in the last quarter. Xact Kapitalforvaltning AB boosted its stake in shares of Commerce Bancshares by 38.0% during the second quarter. Xact Kapitalforvaltning AB now owns 11,982 shares of the financial services provider’s stock valued at $775,000 after purchasing an additional 3,300 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in shares of Commerce Bancshares during the second quarter valued at approximately $1,856,000. Finally, Cornerstone Wealth Management LLC boosted its stake in shares of 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 purchasing an additional 639,332 shares in the last quarter. Institutional investors own 64.60% of the company’s stock.
A number of equities analysts have recently issued reports on CBSH shares. BidaskClub downgraded shares of Commerce Bancshares from a “hold” rating to a “sell” rating in a research note on Thursday, September 27th. Zacks Investment Research downgraded shares of Commerce Bancshares from a “buy” rating to a “hold” rating in a research note on Monday, September 24th. Finally, ValuEngine downgraded shares of Commerce Bancshares from a “buy” rating to a “hold” rating in a research note on Tuesday, October 2nd. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $64.33.
Shares of CBSH opened at $66.35 on Friday. The company has a market capitalization of $6.92 billion, a price-to-earnings ratio of 23.95, a PEG ratio of 1.93 and a beta of 0.65. Commerce Bancshares, Inc. has a twelve month low of $54.24 and a twelve month high of $72.55.
Commerce Bancshares (NASDAQ:CBSH) last announced its earnings results on Thursday, October 11th. The financial services provider reported $1.03 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.96 by $0.07. The company had revenue of $331.47 million during the quarter, compared to the consensus estimate of $330.91 million. Commerce Bancshares had a net margin of 30.97% and a return on equity of 15.56%. Equities research analysts anticipate that Commerce Bancshares, Inc. will post 3.95 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 17th. Shareholders of record on Friday, November 30th will be paid a $0.235 dividend. The ex-dividend date of this dividend is Thursday, November 29th. This represents a $0.94 annualized dividend and a yield of 1.42%. Commerce Bancshares’s dividend payout ratio (DPR) is 33.94%.
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Commerce Bancshares Company 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.
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