Advisor Consultant Network Inc. Purchases New Position in Commerce Bancshares Inc. (CBSH)
Advisor Consultant Network Inc. purchased a new position in shares of Commerce Bancshares Inc. (NASDAQ:CBSH) during the third quarter, Holdings Channel reports. The firm purchased 54,481 shares of the financial services provider’s stock, valued at approximately $2,684,000. Advisor Consultant Network Inc. owned about 0.06% of Commerce Bancshares at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in CBSH. Country Club Trust Company n.a. raised its stake in shares of Commerce Bancshares by 1.3% in the second quarter. Country Club Trust Company n.a. now owns 77,235 shares of the financial services provider’s stock worth $3,699,000 after buying an additional 966 shares in the last quarter. LS Investment Advisors LLC increased its position in shares of Commerce Bancshares by 72.0% in the second quarter. LS Investment Advisors LLC now owns 4,978 shares of the financial services provider’s stock worth $238,000 after buying an additional 2,084 shares in the last quarter. State of Alaska Department of Revenue increased its position in shares of Commerce Bancshares by 5.9% in the second quarter. State of Alaska Department of Revenue now owns 5,022 shares of the financial services provider’s stock worth $240,000 after buying an additional 278 shares in the last quarter. Dearborn Partners LLC increased its position in shares of Commerce Bancshares by 3.5% in the second quarter. Dearborn Partners LLC now owns 288,224 shares of the financial services provider’s stock worth $13,806,000 after buying an additional 9,650 shares in the last quarter. Finally, GWM Advisors LLC bought a new position in shares of Commerce Bancshares during the second quarter worth about $574,000. 61.41% of the stock is owned by institutional investors.
Shares of Commerce Bancshares Inc. (NASDAQ:CBSH) traded up 0.48% on Wednesday, reaching $54.81. The company had a trading volume of 480,190 shares. The firm’s 50 day moving average is $52.15 and its 200 day moving average is $49.33. The firm has a market capitalization of $5.29 billion, a PE ratio of 20.62 and a beta of 0.66. Commerce Bancshares Inc. has a 12 month low of $37.44 and a 12 month high of $58.21.
Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings results on Friday, October 14th. The financial services provider reported $0.68 EPS for the quarter, missing analysts’ consensus estimates of $0.70 by $0.02. Commerce Bancshares had a return on equity of 11.52% and a net margin of 23.01%. The firm had revenue of $290.60 million for the quarter. During the same quarter last year, the business earned $0.63 EPS. The firm’s quarterly revenue was up 6.3% compared to the same quarter last year. On average, equities research analysts expect that Commerce Bancshares Inc. will post $2.74 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 19th. Shareholders of record on Friday, December 2nd will be paid a dividend of $0.225 per share. This represents a $0.90 dividend on an annualized basis and a yield of 1.64%. The ex-dividend date of this dividend is Wednesday, November 30th. Commerce Bancshares’s dividend payout ratio (DPR) is 33.83%.
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A number of research analysts have recently issued reports on CBSH shares. Barclays PLC lifted their price target on Commerce Bancshares from $45.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday, October 11th. Zacks Investment Research downgraded Commerce Bancshares from a “hold” rating to a “sell” rating in a report on Monday, September 19th. Morgan Stanley downgraded Commerce Bancshares from an “equal weight” rating to an “underweight” rating and set a $45.00 price target on the stock. in a report on Tuesday, September 20th. Finally, Jefferies Group reiterated a “hold” rating on shares of Commerce Bancshares in a report on Thursday, August 18th. One analyst has rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $45.75.
In other news, insider Charles G. Kim sold 7,804 shares of the stock in a transaction on Tuesday, November 22nd. The stock was sold at an average price of $57.76, for a total value of $450,759.04. Following the sale, the insider now directly owns 111,431 shares in the company, valued at $6,436,254.56. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Sara E. Foster sold 4,783 shares of the stock in a transaction on Friday, November 25th. The shares were sold at an average price of $57.98, for a total value of $277,318.34. Following the completion of the sale, the insider now owns 59,728 shares in the company, valued at $3,463,029.44. The disclosure for this sale can be found here. Company insiders own 4.60% of the company’s stock.
Commerce Bancshares Company Profile
Commerce Bancshares, Inc is a bank holding company of Commerce Bank (the Bank). The Bank is engaged in general banking business, providing a range of retail, corporate, investment, trust and asset management products and services to individuals and businesses. The Company operates through three segments: Consumer, Commercial and Wealth.
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