Commerce Bancshares (NASDAQ:CBSH) Reaches New 12-Month High at $57.00

Commerce Bancshares, Inc. (NASDAQ:CBSH)’s share price reached a new 52-week high during mid-day trading on Friday . The company traded as high as $57.00 and last traded at $56.25, with a volume of 32343 shares trading hands. The stock had previously closed at $56.10.

Analyst Ratings Changes

Several research firms have weighed in on CBSH. Raymond James upgraded shares of Commerce Bancshares from a “market perform” rating to an “outperform” rating and set a $61.00 price objective on the stock in a report on Wednesday, April 17th. StockNews.com upgraded shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Wednesday, April 17th. Keefe, Bruyette & Woods upped their price objective on shares of Commerce Bancshares from $56.00 to $58.00 and gave the stock a “market perform” rating in a report on Wednesday, April 17th. Piper Sandler upped their price objective on shares of Commerce Bancshares from $53.00 to $54.00 and gave the stock a “neutral” rating in a report on Wednesday, April 17th. Finally, Bank of America began coverage on shares of Commerce Bancshares in a report on Thursday, January 11th. They issued a “neutral” rating and a $55.00 target price for the company. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, Commerce Bancshares currently has an average rating of “Hold” and a consensus target price of $55.00.

Commerce Bancshares Stock Up 0.1 %

The company has a market cap of $7.29 billion, a P/E ratio of 15.66 and a beta of 0.76. The company’s 50-day moving average is $52.79 and its two-hundred day moving average is $51.47.

Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.06. The company had revenue of $397.80 million during the quarter, compared to analyst estimates of $389.49 million. Commerce Bancshares had a net margin of 23.33% and a return on equity of 16.78%. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.90 earnings per share. On average, analysts anticipate that Commerce Bancshares, Inc. will post 3.43 EPS for the current fiscal year.

Commerce Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Investors of record on Wednesday, June 5th will be given a dividend of $0.27 per share. The ex-dividend date is Wednesday, June 5th. This represents a $1.08 annualized dividend and a yield of 1.92%. Commerce Bancshares’s payout ratio is currently 30.12%.

Insider Activity at Commerce Bancshares

In other news, EVP Robert S. Holmes sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $52.66, for a total value of $263,300.00. Following the completion of the transaction, the executive vice president now directly owns 50,293 shares in the company, valued at $2,648,429.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Robert S. Holmes sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $52.66, for a total value of $263,300.00. Following the sale, the executive vice president now directly owns 50,293 shares of the company’s stock, valued at $2,648,429.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David W. Kemper sold 2,870 shares of the firm’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $50.81, for a total transaction of $145,824.70. Following the completion of the sale, the director now directly owns 1,181,994 shares in the company, valued at $60,057,115.14. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 9,876 shares of company stock worth $510,441. 3.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Commerce Bancshares

A number of institutional investors and hedge funds have recently bought and sold shares of CBSH. Mutual Advisors LLC raised its stake in shares of Commerce Bancshares by 2.8% during the first quarter. Mutual Advisors LLC now owns 458,812 shares of the financial services provider’s stock worth $24,409,000 after acquiring an additional 12,309 shares in the last quarter. Daiwa Securities Group Inc. raised its stake in shares of Commerce Bancshares by 37.4% during the first quarter. Daiwa Securities Group Inc. now owns 6,192 shares of the financial services provider’s stock worth $329,000 after acquiring an additional 1,685 shares in the last quarter. BNP Paribas Financial Markets raised its stake in shares of Commerce Bancshares by 73.0% during the first quarter. BNP Paribas Financial Markets now owns 12,251 shares of the financial services provider’s stock worth $652,000 after acquiring an additional 5,170 shares in the last quarter. Norden Group LLC purchased a new position in shares of Commerce Bancshares during the first quarter worth approximately $475,000. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of Commerce Bancshares by 93.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,670 shares of the financial services provider’s stock worth $89,000 after purchasing an additional 805 shares during the last quarter. 70.26% of the stock is owned by hedge funds and other institutional investors.

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.