Citigroup Inc. Acquires 13,681 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

Citigroup Inc. increased its holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 11.7% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 130,134 shares of the financial services provider's stock after acquiring an additional 13,681 shares during the quarter. Citigroup Inc. owned about 0.10% of Commerce Bancshares worth $7,730,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. V Square Quantitative Management LLC bought a new stake in Commerce Bancshares during the 3rd quarter valued at approximately $26,000. Allworth Financial LP boosted its position in shares of Commerce Bancshares by 51.1% during the third 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 stake in shares of Commerce Bancshares during the third quarter valued at approximately $39,000. GAMMA Investing LLC grew its stake in Commerce Bancshares by 156.5% in the second quarter. GAMMA Investing LLC now owns 854 shares of the financial services provider's stock worth $48,000 after purchasing an additional 521 shares during the period. Finally, Farther Finance Advisors LLC raised its holdings in Commerce Bancshares by 48.2% in the third quarter. Farther Finance Advisors LLC now owns 882 shares of the financial services provider's stock worth $52,000 after purchasing an additional 287 shares in the last quarter. Hedge funds and other institutional investors own 70.26% of the company's stock.

Commerce Bancshares Price Performance

Shares of Commerce Bancshares stock traded down $0.13 during trading on Friday, hitting $73.75. 256,836 shares of the company's stock traded hands, compared to its average volume of 535,950. Commerce Bancshares, Inc. has a 1 year low of $47.28 and a 1 year high of $76.39. The business has a 50-day simple moving average of $64.66 and a 200-day simple moving average of $60.91. The stock has a market capitalization of $9.46 billion, a P/E ratio of 19.21, a PEG ratio of 3.99 and a beta of 0.73.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last released its quarterly earnings data on Thursday, October 17th. The financial services provider reported $1.07 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts' expectations of $412.85 million. On average, equities analysts predict that Commerce Bancshares, Inc. will post 4.02 earnings per share for the current fiscal year.

Commerce Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 17th. Stockholders of record on Tuesday, December 3rd will be paid a $0.27 dividend. The ex-dividend date of this dividend is Tuesday, December 3rd. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.46%. Commerce Bancshares's dividend payout ratio (DPR) is currently 28.13%.

Insider Transactions at Commerce Bancshares

In other news, SVP David L. Roller sold 890 shares of the company's stock in a transaction on Monday, November 18th. The stock was sold at an average price of $72.27, for a total value of $64,320.30. Following the completion of the sale, the senior vice president now directly owns 30,949 shares in the company, valued at $2,236,684.23. This represents a 2.80 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Patricia R. Kellerhals sold 2,000 shares of the company's stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $62.23, for a total value of $124,460.00. Following the completion of the sale, the senior vice president now owns 23,381 shares of the company's stock, valued at approximately $1,454,999.63. The trade was a 7.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 35,109 shares of company stock worth $2,191,123 in the last ninety days. Insiders own 3.20% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CBSH. StockNews.com upgraded shares of Commerce Bancshares from a "sell" rating to a "hold" rating in a report on Friday, October 18th. Morgan Stanley cut shares of Commerce Bancshares from an "overweight" rating to an "equal weight" rating and cut their price objective for the stock from $66.00 to $64.00 in a report on Monday, September 30th. Finally, Piper Sandler set a $68.50 target price on shares of Commerce Bancshares and gave the company a "neutral" rating in a research note on Friday, October 18th. Seven research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $61.79.

Commerce Bancshares Company Profile

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.