State of Alaska Department of Revenue increased its holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 234.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 34,516 shares of the financial services provider’s stock after buying an additional 24,210 shares during the quarter. State of Alaska Department of Revenue’s holdings in Commerce Bancshares were worth $2,278,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also bought and sold shares of CBSH. Northwestern Mutual Investment Management Company LLC boosted its holdings in shares of Commerce Bancshares by 56.2% in the first quarter. Northwestern Mutual Investment Management Company LLC now owns 19,216 shares of the financial services provider’s stock worth $1,151,000 after buying an additional 6,917 shares during the last quarter. UBS Group AG boosted its holdings in shares of Commerce Bancshares by 24.9% in the first quarter. UBS Group AG now owns 252,186 shares of the financial services provider’s stock worth $15,108,000 after buying an additional 50,264 shares during the last quarter. Barclays PLC boosted its holdings in shares of Commerce Bancshares by 637.8% in the first quarter. Barclays PLC now owns 9,768 shares of the financial services provider’s stock worth $585,000 after buying an additional 8,444 shares during the last quarter. LPL Financial LLC boosted its holdings in shares of Commerce Bancshares by 27.2% in the first quarter. LPL Financial LLC now owns 9,377 shares of the financial services provider’s stock worth $562,000 after buying an additional 2,004 shares during the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new position in shares of Commerce Bancshares in the first quarter worth approximately $305,000. 64.80% of the stock is currently owned by institutional investors.
In other news, insider Paula S. Petersen sold 838 shares of the business’s stock in a transaction on Monday, September 10th. The shares were sold at an average price of $71.72, for a total value of $60,101.36. Following the transaction, the insider now owns 17,698 shares of the company’s stock, valued at $1,269,300.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Vice Chairman Jonathan M. Kemper sold 3,000 shares of the business’s stock in a transaction on Friday, July 20th. The stock was sold at an average price of $68.59, for a total transaction of $205,770.00. Following the completion of the transaction, the insider now directly owns 947,348 shares in the company, valued at approximately $64,978,599.32. The disclosure for this sale can be found here. Insiders sold 52,466 shares of company stock worth $3,731,731 in the last three months. Insiders own 4.00% of the company’s stock.
Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings results on Thursday, October 11th. The financial services provider reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.07. Commerce Bancshares had a net margin of 28.84% and a return on equity of 14.24%. The business had revenue of $331.47 million for the quarter, compared to the consensus estimate of $330.91 million. As a group, equities research analysts forecast that Commerce Bancshares, Inc. will post 3.88 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, September 24th. Shareholders of record on Friday, September 7th were issued a dividend of $0.235 per share. This represents a $0.94 annualized dividend and a yield of 1.48%. The ex-dividend date was Thursday, September 6th. Commerce Bancshares’s dividend payout ratio is currently 33.94%.
Several equities analysts have weighed in on the stock. Bank of America set a $68.00 price target on shares of Commerce Bancshares and gave the company a “sell” rating in a report on Friday, July 13th. ValuEngine downgraded shares of Commerce Bancshares from a “buy” rating to a “hold” rating in a report on Tuesday, October 2nd. BidaskClub downgraded shares of Commerce Bancshares from a “buy” rating to a “hold” rating in a report on Tuesday, August 28th. Zacks Investment Research downgraded shares of Commerce Bancshares from a “buy” rating to a “hold” rating in a report on Monday, September 24th. Finally, Raymond James downgraded shares of Commerce Bancshares from a “market perform” rating to an “underperform” rating in a report on Tuesday, July 10th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $64.33.
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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