Holocene Advisors LP lifted its holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 56.1% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 75,536 shares of the financial services provider's stock after purchasing an additional 27,143 shares during the quarter. Holocene Advisors LP owned about 0.06% of Commerce Bancshares worth $4,487,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. American Century Companies Inc. raised its stake in Commerce Bancshares by 7.4% in the 2nd quarter. American Century Companies Inc. now owns 3,509,796 shares of the financial services provider's stock worth $195,776,000 after acquiring an additional 240,938 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Commerce Bancshares by 19.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,069,924 shares of the financial services provider's stock worth $115,453,000 after acquiring an additional 342,793 shares during the last quarter. Boston Trust Walden Corp raised its stake in Commerce Bancshares by 15.4% in the 2nd quarter. Boston Trust Walden Corp now owns 1,260,999 shares of the financial services provider's stock worth $70,339,000 after acquiring an additional 168,550 shares during the last quarter. Sei Investments Co. raised its stake in Commerce Bancshares by 0.5% in the 2nd quarter. Sei Investments Co. now owns 624,715 shares of the financial services provider's stock worth $34,846,000 after acquiring an additional 3,391 shares during the last quarter. Finally, ProShare Advisors LLC raised its stake in Commerce Bancshares by 2.5% in the 2nd quarter. ProShare Advisors LLC now owns 567,469 shares of the financial services provider's stock worth $31,653,000 after acquiring an additional 13,772 shares during the last quarter. Hedge funds and other institutional investors own 70.26% of the company's stock.
CBSH has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods raised their target price on Commerce Bancshares from $66.00 to $78.00 and gave the stock a "market perform" rating in a research note on Wednesday. Piper Sandler set a $68.50 price objective on Commerce Bancshares and gave the company a "neutral" rating in a research note on Friday, October 18th. Morgan Stanley lowered Commerce Bancshares from an "overweight" rating to an "equal weight" rating and reduced their price objective for the company from $66.00 to $64.00 in a research note on Monday, September 30th. Wells Fargo & Company lifted their price objective on Commerce Bancshares from $62.00 to $67.00 and gave the company an "equal weight" rating in a research note on Tuesday. Finally, StockNews.com upgraded Commerce Bancshares from a "sell" rating to a "hold" rating in a research note on Friday, October 18th. Seven investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat.com, Commerce Bancshares presently has a consensus rating of "Hold" and an average price target of $65.07.
Check Out Our Latest Report on CBSH
In related news, SVP Patricia R. Kellerhals sold 2,000 shares of Commerce Bancshares stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $62.23, for a total value of $124,460.00. Following the sale, the senior vice president now directly owns 23,381 shares in the company, valued at approximately $1,454,999.63. The trade was a 7.88 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Chairman David W. Kemper sold 30,000 shares of the business's stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $61.78, for a total value of $1,853,400.00. Following the transaction, the chairman now owns 1,151,994 shares in the company, valued at approximately $71,170,189.32. This represents a 2.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,778 shares of company stock worth $2,106,205. Insiders own 3.10% of the company's stock.
Shares of Commerce Bancshares stock opened at $69.11 on Thursday. Commerce Bancshares, Inc. has a twelve month low of $47.09 and a twelve month high of $72.75. The business has a 50-day moving average price of $65.05 and a 200 day moving average price of $61.17. The firm has a market cap of $8.86 billion, a PE ratio of 18.00, a P/E/G ratio of 3.95 and a beta of 0.77.
Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last posted its quarterly earnings data on Thursday, October 17th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.07. Commerce Bancshares had a return on equity of 15.93% and a net margin of 24.15%. The company had revenue of $421.38 million for the quarter, compared to analysts' expectations of $412.85 million. On average, sell-side analysts expect that Commerce Bancshares, Inc. will post 4.02 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 17th. Investors of record on Tuesday, December 3rd will be issued a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 1.56%. The ex-dividend date of this dividend is Tuesday, December 3rd. Commerce Bancshares's payout ratio is 28.13%.
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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