Commerce Bancshares, Inc. (NASDAQ:CBSH) Holdings Raised by Citigroup Inc.

Citigroup Inc. boosted its stake in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 11.7% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 130,134 shares of the financial services provider’s stock after buying an additional 13,681 shares during the period. Citigroup Inc. owned 0.10% of Commerce Bancshares worth $7,730,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of CBSH. SG Americas Securities LLC acquired a new stake in shares of Commerce Bancshares in the second quarter valued at $1,226,000. Marshall Financial Group LLC acquired a new stake in Commerce Bancshares in the 2nd quarter valued at about $1,006,000. Tidal Investments LLC boosted its position in shares of Commerce Bancshares by 181.3% during the 1st quarter. Tidal Investments LLC now owns 17,905 shares of the financial services provider’s stock valued at $953,000 after purchasing an additional 11,540 shares in the last quarter. Cetera Investment Advisers grew its stake in shares of Commerce Bancshares by 138.3% in the 1st quarter. Cetera Investment Advisers now owns 31,872 shares of the financial services provider’s stock worth $1,696,000 after purchasing an additional 18,496 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC acquired a new position in shares of Commerce Bancshares in the 2nd quarter worth approximately $436,000. Institutional investors and hedge funds own 70.26% of the company’s stock.

Insiders Place Their Bets

In other news, Chairman David W. Kemper sold 30,000 shares of the stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $61.78, for a total transaction of $1,853,400.00. Following the transaction, the chairman now owns 1,151,994 shares of the company’s stock, valued at approximately $71,170,189.32. This represents a 2.54 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP David L. Roller sold 890 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $72.27, for a total value of $64,320.30. Following the completion of the transaction, the senior vice president now directly owns 30,949 shares in the company, valued at $2,236,684.23. The trade was a 2.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 35,109 shares of company stock valued at $2,191,123 over the last ninety days. Corporate insiders own 3.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Piper Sandler set a $68.50 target price on shares of Commerce Bancshares and gave the stock a “neutral” rating in a report 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 stock from $66.00 to $64.00 in a research note on Monday, September 30th. Finally, StockNews.com raised Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Seven investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $61.79.

Commerce Bancshares Stock Down 0.2 %

Shares of NASDAQ:CBSH opened at $73.75 on Friday. The company’s fifty day moving average is $64.43 and its two-hundred day moving average is $60.79. The company has a market cap of $9.46 billion, a P/E ratio of 19.21, a price-to-earnings-growth ratio of 3.99 and a beta of 0.73. Commerce Bancshares, Inc. has a 12-month low of $47.28 and a 12-month high of $76.39.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings data on Thursday, October 17th. The financial services provider reported $1.07 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 for the quarter, compared to the consensus estimate of $412.85 million. Equities research analysts anticipate that Commerce Bancshares, Inc. will post 4.02 earnings per share for the current year.

Commerce Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 17th. Investors of record on Tuesday, December 3rd will be paid a $0.27 dividend. The ex-dividend date is Tuesday, December 3rd. This represents a $1.08 annualized dividend and a dividend yield of 1.46%. Commerce Bancshares’s payout ratio is 28.13%.

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.