People s United Financial Inc. grew its position in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 6.4% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 18,946 shares of the financial services provider’s stock after purchasing an additional 1,143 shares during the quarter. People s United Financial Inc.’s holdings in Commerce Bancshares were worth $1,251,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Acadian Asset Management LLC raised its holdings in shares of 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 worth $121,000 after acquiring an additional 1,274 shares during the period. Chesley Taft & Associates LLC acquired a new stake in shares of Commerce Bancshares during the third quarter worth $203,000. Natixis acquired a new stake in shares of Commerce Bancshares during the second quarter worth $207,000. Martingale Asset Management L P acquired a new stake in shares of Commerce Bancshares during the second quarter worth $212,000. Finally, Ausdal Financial Partners Inc. acquired a new stake in shares of Commerce Bancshares during the second quarter worth $217,000. Institutional investors own 63.41% of the company’s stock.
Shares of NASDAQ:CBSH opened at $60.10 on Friday. Commerce Bancshares, Inc. has a 12 month low of $54.24 and a 12 month high of $72.55. The firm has a market cap of $6.75 billion, a P/E ratio of 22.77, a P/E/G ratio of 1.91 and a beta of 0.65.
Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings data on Thursday, October 11th. The financial services provider reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.07. Commerce Bancshares had a net margin of 30.97% and a return on equity of 15.56%. The business had revenue of $331.47 million for the quarter, compared to analyst estimates of $330.91 million. Analysts predict that Commerce Bancshares, Inc. will post 3.71 EPS for the current 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 $0.235 dividend. The ex-dividend date is Thursday, November 29th. This represents a $0.94 annualized dividend and a yield of 1.56%. Commerce Bancshares’s payout ratio is currently 35.61%.
In other Commerce Bancshares news, insider Daniel D. Callahan sold 1,500 shares of Commerce Bancshares stock in a transaction on Wednesday, November 21st. The shares were sold at an average price of $65.91, for a total value of $98,865.00. Following the sale, the insider now directly owns 26,036 shares in the company, valued at approximately $1,716,032.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Paula S. Petersen sold 838 shares of Commerce Bancshares stock in a transaction 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 completion of the sale, the insider now owns 17,698 shares in the company, valued at $1,269,300.56. The disclosure for this sale can be found here. Insiders sold a total of 57,378 shares of company stock worth $4,016,405 over the last quarter. Company insiders own 4.00% of the company’s stock.
A number of brokerages recently commented on CBSH. ValuEngine lowered shares of Commerce Bancshares from a “buy” rating to a “hold” rating in a report on Tuesday, October 2nd. BidaskClub lowered shares of Commerce Bancshares from a “buy” rating to a “hold” rating in a report on Tuesday, August 28th. Finally, Zacks Investment Research lowered shares of Commerce Bancshares from a “buy” rating to a “hold” rating in a report on Monday, September 24th. Four analysts have rated the stock with a sell rating and nine have issued a hold rating to the company. Commerce Bancshares has a consensus rating of “Hold” and a consensus price target of $64.33.
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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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