Commerce Bancshares, Inc. (NASDAQ:CBSH) Shares Bought by Huntington National Bank

Huntington National Bank increased its stake in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 752.4% during the third quarter, HoldingsChannel.com reports. The fund owned 1,756 shares of the financial services provider’s stock after buying an additional 1,550 shares during the period. Huntington National Bank’s holdings in Commerce Bancshares were worth $104,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. V Square Quantitative Management LLC purchased a new position in Commerce Bancshares in the 3rd quarter worth about $26,000. Allworth Financial LP boosted its holdings in shares of Commerce Bancshares by 51.1% in the third quarter. Allworth Financial LP now owns 568 shares of the financial services provider’s stock worth $34,000 after buying an additional 192 shares during the period. Capital Performance Advisors LLP purchased a new position in shares of Commerce Bancshares in the third quarter worth approximately $39,000. Bessemer Group Inc. raised its holdings in shares of Commerce Bancshares by 86.3% during the first quarter. Bessemer Group Inc. now owns 842 shares of the financial services provider’s stock valued at $45,000 after acquiring an additional 390 shares during the period. Finally, GAMMA Investing LLC lifted its position in shares of Commerce Bancshares by 156.5% in the 2nd quarter. GAMMA Investing LLC now owns 854 shares of the financial services provider’s stock valued at $48,000 after acquiring an additional 521 shares in the last quarter. 70.26% of the stock is owned by institutional investors and hedge funds.

Commerce Bancshares Price Performance

Shares of Commerce Bancshares stock opened at $71.57 on Monday. The stock has a 50-day simple moving average of $62.45 and a 200-day simple moving average of $59.80. Commerce Bancshares, Inc. has a 52-week low of $46.72 and a 52-week high of $73.31. The firm has a market cap of $9.18 billion, a price-to-earnings ratio of 18.64, a P/E/G ratio of 3.87 and a beta of 0.73.

Commerce Bancshares (NASDAQ:CBSH) last posted its earnings results on Thursday, October 17th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.07. Commerce Bancshares had a net margin of 24.15% and a return on equity of 15.93%. The firm had revenue of $421.38 million during the quarter, compared to analysts’ expectations of $412.85 million. As a group, equities research analysts predict that Commerce Bancshares, Inc. will post 4.02 earnings per share for the current year.

Commerce Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 17th. Shareholders of record on Tuesday, December 3rd will be given a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 1.51%. The ex-dividend date is Tuesday, December 3rd. Commerce Bancshares’s payout ratio is 28.13%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on CBSH shares. Morgan Stanley lowered Commerce Bancshares from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $66.00 to $64.00 in a report on Monday, September 30th. Piper Sandler set a $68.50 price objective on Commerce Bancshares and gave the stock a “neutral” rating in a research note on Friday, October 18th. StockNews.com raised Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Finally, Wells Fargo & Company increased their price target on shares of Commerce Bancshares from $52.00 to $62.00 and gave the stock an “equal weight” rating in a research report on Monday, July 22nd. Seven investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, Commerce Bancshares has an average rating of “Hold” and an average price target of $61.79.

Insider Buying and Selling at Commerce Bancshares

In related news, Chairman David W. Kemper sold 30,000 shares of the firm’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $61.78, for a total value of $1,853,400.00. Following the transaction, the chairman now directly owns 1,151,994 shares in the company, valued at approximately $71,170,189.32. This trade represents a 2.54 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Douglas D. Neff sold 888 shares of the business’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $72.10, for a total transaction of $64,024.80. Following the transaction, the senior vice president now directly owns 8,038 shares of the company’s stock, valued at approximately $579,539.80. This represents a 9.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,219 shares of company stock worth $2,126,803 over the last three months. Corporate insiders own 3.20% of the company’s stock.

About Commerce Bancshares

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.