Citadel Advisors LLC lifted its holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 3,463.9% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 996,514 shares of the financial services provider’s stock after purchasing an additional 968,553 shares during the quarter. Citadel Advisors LLC owned 0.93% of Commerce Bancshares worth $64,484,000 as of its most recent filing with the SEC.
Several other large investors have also added to or reduced their stakes in CBSH. Cullen Frost Bankers Inc. bought a new position in Commerce Bancshares during the second quarter valued at about $206,000. Martingale Asset Management L P bought a new position in Commerce Bancshares during the second quarter valued at about $212,000. Clarus Wealth Advisors bought a new position in Commerce Bancshares during the second quarter valued at about $200,000. Wetherby Asset Management Inc. bought a new position in Commerce Bancshares during the first quarter valued at about $201,000. Finally, Ausdal Financial Partners Inc. bought a new position in Commerce Bancshares during the second quarter valued at about $217,000. 65.44% of the stock is owned by institutional investors.
In related news, Vice Chairman Jonathan M. Kemper sold 46,030 shares of the stock in a transaction dated Tuesday, June 12th. The stock was sold at an average price of $65.30, for a total value of $3,005,759.00. Following the completion of the sale, the insider now directly owns 993,378 shares of the company’s stock, valued at approximately $64,867,583.40. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Sara E. Foster sold 1,257 shares of the stock in a transaction dated Tuesday, August 21st. The stock was sold at an average price of $71.65, for a total value of $90,064.05. Following the completion of the sale, the executive vice president now directly owns 48,455 shares of the company’s stock, valued at $3,471,800.75. The disclosure for this sale can be found here. Insiders sold a total of 70,123 shares of company stock valued at $4,655,377 in the last quarter. 4.00% of the stock is currently owned by corporate insiders.
NASDAQ:CBSH opened at $70.61 on Thursday. Commerce Bancshares, Inc. has a 1-year low of $51.90 and a 1-year high of $72.55. The firm has a market capitalization of $7.56 billion, a P/E ratio of 25.49, a P/E/G ratio of 1.88 and a beta of 0.67.
Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings results on Thursday, July 12th. The financial services provider reported $1.01 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.89 by $0.12. Commerce Bancshares had a return on equity of 14.24% and a net margin of 28.84%. The business had revenue of $335.81 million during the quarter, compared to analyst estimates of $319.25 million. During the same quarter last year, the company posted $0.71 EPS. research analysts expect that Commerce Bancshares, Inc. will post 3.88 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 24th. Investors of record on Friday, September 7th will be given a $0.235 dividend. The ex-dividend date of this dividend is Thursday, September 6th. This represents a $0.94 dividend on an annualized basis and a dividend yield of 1.33%. Commerce Bancshares’s dividend payout ratio (DPR) is 33.94%.
Several brokerages recently weighed in on CBSH. Stephens reaffirmed a “hold” rating and set a $65.00 target price on shares of Commerce Bancshares in a research note on Thursday, July 12th. Morgan Stanley increased their price target on Commerce Bancshares from $60.00 to $63.00 and gave the company an “underweight” rating in a research report on Tuesday, July 17th. BidaskClub lowered Commerce Bancshares from a “buy” rating to a “hold” rating in a research report on Wednesday, August 1st. ValuEngine upgraded Commerce Bancshares from a “hold” rating to a “buy” rating in a research report on Tuesday, June 5th. Finally, Zacks Investment Research upgraded Commerce Bancshares from a “hold” rating to a “strong-buy” rating and set a $78.00 price target for the company in a research report on Tuesday, July 17th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. Commerce Bancshares presently has a consensus rating of “Hold” and an average target price of $65.22.
Commerce Bancshares Company Profile
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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