Huntington National Bank Boosts Stock Position in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Huntington National Bank raised its holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 752.4% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,756 shares of the financial services provider’s stock after purchasing an additional 1,550 shares during the period. Huntington National Bank’s holdings in Commerce Bancshares were worth $104,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. V Square Quantitative Management LLC acquired a new stake in Commerce Bancshares in the third quarter valued at $26,000. Allworth Financial LP raised its stake in shares of Commerce Bancshares by 51.1% in the 3rd quarter. Allworth Financial LP now owns 568 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 192 shares in the last quarter. Capital Performance Advisors LLP bought a new position in shares of Commerce Bancshares during the third quarter worth about $39,000. Bessemer Group Inc. grew its stake in Commerce Bancshares by 86.3% in the first quarter. Bessemer Group Inc. now owns 842 shares of the financial services provider’s stock worth $45,000 after purchasing an additional 390 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in Commerce Bancshares by 156.5% in the second quarter. GAMMA Investing LLC now owns 854 shares of the financial services provider’s stock valued at $48,000 after buying an additional 521 shares during the last quarter. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on CBSH shares. StockNews.com upgraded Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Morgan Stanley downgraded shares of Commerce Bancshares from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $66.00 to $64.00 in a report on Monday, September 30th. 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. Finally, Wells Fargo & Company lifted their price target on shares of Commerce Bancshares from $52.00 to $62.00 and gave the company an “equal weight” rating in a report on Monday, July 22nd. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $61.79.

Commerce Bancshares Stock Performance

Commerce Bancshares stock opened at $71.57 on Monday. The firm has a market capitalization of $9.18 billion, a P/E ratio of 18.64, a P/E/G ratio of 3.87 and a beta of 0.73. The company 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 one year low of $46.72 and a one year high of $73.31.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings results on Thursday, October 17th. The financial services provider reported $1.07 EPS for the quarter, beating the consensus estimate of $1.00 by $0.07. The company had revenue of $421.38 million for the quarter, compared to analyst estimates of $412.85 million. Commerce Bancshares had a net margin of 24.15% and a return on equity of 15.93%. As a group, sell-side analysts forecast that Commerce Bancshares, Inc. will post 4.02 earnings per share for the current year.

Commerce Bancshares Announces Dividend

The firm also recently declared 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. The ex-dividend date is Tuesday, December 3rd. This represents a $1.08 dividend on an annualized basis and a yield of 1.51%. Commerce Bancshares’s dividend payout ratio (DPR) is presently 28.13%.

Insider Transactions at Commerce Bancshares

In related news, SVP Douglas D. Neff sold 888 shares of the company’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $72.10, for a total value of $64,024.80. Following the completion of the sale, the senior vice president now owns 8,038 shares of the company’s stock, valued at $579,539.80. This represents a 9.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Chairman David W. Kemper sold 30,000 shares of the firm’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $61.78, for a total transaction 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. The trade was a 2.54 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 34,219 shares of company stock valued at $2,126,803. 3.20% of the stock is currently owned by corporate insiders.

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.