Baird Financial Group Inc. raised its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 1.7% in the 3rd quarter, Holdings Channel reports. The firm owned 74,694 shares of the financial services provider’s stock after purchasing an additional 1,236 shares during the period. Baird Financial Group Inc.’s holdings in Commerce Bancshares were worth $4,898,000 at the end of the most recent reporting period.
Other institutional investors also recently made changes to their positions in the company. Acadian Asset Management LLC lifted its position in Commerce Bancshares by 224.3% during the third quarter. Acadian Asset Management LLC now owns 1,842 shares of the financial services provider’s stock valued at $121,000 after purchasing an additional 1,274 shares during the last quarter. Chesley Taft & Associates LLC bought a new stake in Commerce Bancshares during the third quarter valued at approximately $203,000. Natixis bought a new stake in Commerce Bancshares during the second quarter valued at approximately $207,000. Martingale Asset Management L P bought a new stake in Commerce Bancshares during the second quarter valued at approximately $212,000. Finally, Ausdal Financial Partners Inc. bought a new stake in Commerce Bancshares during the second quarter valued at approximately $217,000. Institutional investors and hedge funds own 63.41% of the company’s stock.
CBSH stock opened at $60.61 on Thursday. The company has a market cap of $7.03 billion, a price-to-earnings ratio of 22.96, a price-to-earnings-growth ratio of 1.99 and a beta of 0.65. Commerce Bancshares, Inc. has a one year low of $54.24 and a one year high of $72.55.
Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings results on Thursday, October 11th. The financial services provider reported $1.03 EPS for the quarter, topping the consensus estimate of $0.96 by $0.07. The firm had revenue of $331.47 million for 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%. As a group, sell-side analysts predict that Commerce Bancshares, Inc. will post 3.71 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 17th. Shareholders of record on Friday, November 30th will be paid a dividend of $0.235 per share. This represents a $0.94 annualized dividend and a dividend yield of 1.55%. The ex-dividend date of this dividend is Thursday, November 29th. Commerce Bancshares’s dividend payout ratio (DPR) is presently 35.61%.
In other Commerce Bancshares news, insider Paula S. Petersen sold 838 shares of Commerce Bancshares stock in a transaction that occurred on Monday, September 10th. The shares were sold at an average price of $71.72, for a total transaction of $60,101.36. Following the transaction, the insider now directly 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 at this hyperlink. Also, insider Daniel D. Callahan sold 1,500 shares of Commerce Bancshares stock in a transaction that occurred on Wednesday, November 21st. The stock was sold at an average price of $65.91, for a total transaction of $98,865.00. Following the transaction, the insider now directly owns 26,036 shares in the company, valued at $1,716,032.76. The disclosure for this sale can be found here. Insiders have sold 57,378 shares of company stock worth $4,016,405 over the last three months. Insiders own 4.00% of the company’s stock.
CBSH has been the subject of several research analyst reports. BidaskClub upgraded shares of Commerce Bancshares from a “hold” rating to a “buy” rating in a research report on Friday, September 7th. Zacks Investment Research downgraded shares of Commerce Bancshares from a “buy” rating to a “hold” rating in a research note on Tuesday, November 20th. Four research analysts have rated the stock with a sell rating and nine have assigned a hold rating to the stock. Commerce Bancshares has an average rating of “Hold” and a consensus target price of $64.33.
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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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