Commerce Bancshares (NASDAQ:CBSH) Hits New 1-Year High at $57.81

Commerce Bancshares, Inc. (NASDAQ:CBSH)’s share price reached a new 52-week high during trading on Thursday . The stock traded as high as $57.81 and last traded at $57.50, with a volume of 17517 shares changing hands. The stock had previously closed at $57.00.

Analysts Set New Price Targets

CBSH has been the subject of several recent research reports. Piper Sandler upped their price target on Commerce Bancshares from $53.00 to $54.00 and gave the company a “neutral” rating in a report on Wednesday, April 17th. Jefferies Financial Group increased their price target on Commerce Bancshares from $60.00 to $62.00 and gave the stock a “hold” rating in a research report on Wednesday, July 3rd. StockNews.com upgraded Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Wednesday, April 17th. Keefe, Bruyette & Woods raised their price target on Commerce Bancshares from $58.00 to $60.00 and gave the stock a “market perform” rating in a research report on Friday, May 10th. Finally, Raymond James raised Commerce Bancshares from a “market perform” rating to an “outperform” rating and set a $61.00 price objective for the company in a research note on Wednesday, April 17th. Seven equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, Commerce Bancshares currently has a consensus rating of “Hold” and a consensus target price of $56.71.

Commerce Bancshares Stock Up 1.8 %

The firm has a market capitalization of $7.51 billion, a P/E ratio of 15.90, a PEG ratio of 1.79 and a beta of 0.76. The firm has a 50 day moving average of $55.17 and a 200-day moving average of $53.58.

Commerce Bancshares (NASDAQ:CBSH) last released 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 return on equity of 16.78% and a net margin of 23.33%. The firm had revenue of $397.80 million during the quarter, compared to analysts’ expectations of $389.49 million. During the same period in the prior year, the company earned $0.90 earnings per share. The company’s quarterly revenue was up 2.2% on a year-over-year basis. As a group, research analysts expect that Commerce Bancshares, Inc. will post 3.59 EPS for the current year.

Commerce Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 18th. Investors of record on Wednesday, June 5th were issued a $0.27 dividend. The ex-dividend date of this dividend was Wednesday, June 5th. This represents a $1.08 dividend on an annualized basis and a yield of 1.86%. Commerce Bancshares’s payout ratio is 30.12%.

Insider Activity at Commerce Bancshares

In related news, CEO John W. Kemper sold 26,581 shares of the stock in a transaction on Friday, May 10th. The stock was sold at an average price of $56.77, for a total value of $1,509,003.37. Following the completion of the sale, the chief executive officer now directly owns 198,387 shares in the company, valued at $11,262,429.99. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 3.10% of the stock is currently owned by company insiders.

Institutional Trading of Commerce Bancshares

A number of large investors have recently bought and sold shares of the business. Norges Bank acquired a new stake in shares of Commerce Bancshares in the 4th quarter valued at about $71,835,000. Vanguard Group Inc. increased its stake in shares of Commerce Bancshares by 4.7% during the 4th quarter. Vanguard Group Inc. now owns 12,372,518 shares of the financial services provider’s stock worth $660,816,000 after purchasing an additional 558,017 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Commerce Bancshares by 22.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,676,350 shares of the financial services provider’s stock worth $89,541,000 after purchasing an additional 302,630 shares during the last quarter. Cooke & Bieler LP increased its stake in shares of Commerce Bancshares by 32.4% during the 4th quarter. Cooke & Bieler LP now owns 972,255 shares of the financial services provider’s stock worth $51,928,000 after purchasing an additional 237,703 shares during the last quarter. Finally, Commerce Bank increased its stake in shares of Commerce Bancshares by 2.8% during the 4th quarter. Commerce Bank now owns 7,222,818 shares of the financial services provider’s stock worth $385,771,000 after purchasing an additional 196,431 shares during the last quarter. 70.26% of the stock is currently owned by institutional investors and hedge funds.

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.