Commerce Bancshares (NASDAQ:CBSH) Sets New 1-Year High at $57.18

Commerce Bancshares, Inc. (NASDAQ:CBSH) shares hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $57.18 and last traded at $56.74, with a volume of 85901 shares changing hands. The stock had previously closed at $56.41.

Wall Street Analyst Weigh In

CBSH has been the subject of several research reports. Raymond James raised Commerce Bancshares from a “market perform” rating to an “outperform” rating and set a $61.00 target price for the company in a report on Wednesday, April 17th. Piper Sandler upped their price objective on Commerce Bancshares from $53.00 to $54.00 and gave the stock a “neutral” rating in a report on Wednesday, April 17th. Keefe, Bruyette & Woods upped their price objective on Commerce Bancshares from $56.00 to $58.00 and gave the stock a “market perform” rating in a report on Wednesday, April 17th. Morgan Stanley raised their target price on Commerce Bancshares from $46.00 to $55.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 7th. Finally, Bank of America started coverage on shares of Commerce Bancshares in a research report on Thursday, January 11th. They set a “neutral” rating and a $55.00 price target on the stock. Six investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, Commerce Bancshares presently has an average rating of “Hold” and a consensus price target of $55.00.

Commerce Bancshares Stock Up 0.7 %

The stock’s 50-day simple moving average is $53.12 and its 200 day simple moving average is $51.73. The stock has a market capitalization of $7.38 billion, a price-to-earnings ratio of 15.73 and a beta of 0.76.

Commerce Bancshares (NASDAQ:CBSH) last posted its earnings results on Tuesday, April 16th. The financial services provider reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.06. Commerce Bancshares had a net margin of 23.33% and a return on equity of 16.78%. The company had revenue of $397.80 million for the quarter, compared to analyst estimates of $389.49 million. During the same period last year, the business posted $0.90 earnings per share. The business’s revenue for the quarter was up 2.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Commerce Bancshares, Inc. will post 3.48 earnings per share for the current year.

Commerce Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Wednesday, June 5th will be given a dividend of $0.27 per share. The ex-dividend date of this dividend is Wednesday, June 5th. This represents a $1.08 dividend on an annualized basis and a yield of 1.90%. Commerce Bancshares’s dividend payout ratio (DPR) is 30.12%.

Insider Transactions at Commerce Bancshares

In other news, SVP Douglas D. Neff sold 614 shares of the business’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $50.25, for a total value of $30,853.50. Following the completion of the transaction, the senior vice president now directly owns 8,038 shares in the company, valued at approximately $403,909.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, EVP Robert S. Holmes sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $52.66, for a total transaction of $263,300.00. Following the completion of the sale, the executive vice president now owns 50,293 shares in the company, valued at $2,648,429.38. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Douglas D. Neff sold 614 shares of the company’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $50.25, for a total transaction of $30,853.50. Following the completion of the sale, the senior vice president now owns 8,038 shares in the company, valued at approximately $403,909.50. The disclosure for this sale can be found here. 3.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Commerce Bancshares

Hedge funds and other institutional investors have recently modified their holdings of the stock. BKM Wealth Management LLC bought a new stake in shares of Commerce Bancshares in the 4th quarter worth approximately $29,000. Creative Financial Designs Inc. ADV bought a new stake in Commerce Bancshares during the fourth quarter valued at approximately $35,000. Clarity Asset Management Inc. bought a new stake in Commerce Bancshares during the fourth quarter valued at about $43,000. Adirondack Trust Co. purchased a new position in shares of Commerce Bancshares during the 3rd quarter valued at $44,000. Finally, Exchange Traded Concepts LLC bought a new stake in Commerce Bancshares during the 4th quarter valued at approximately $55,000. 70.26% of the stock is currently owned by 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.