Commerce Bancshares, Inc. (NASDAQ:CBSH) EVP Sells $417,624.24 in Stock

Commerce Bancshares, Inc. (NASDAQ:CBSH) EVP John K. Handy sold 6,424 shares of the business’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $65.01, for a total value of $417,624.24. Following the sale, the executive vice president now directly owns 42,728 shares of the company’s stock, valued at approximately $2,777,747.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Commerce Bancshares Stock Down 2.9 %

Shares of CBSH stock opened at $61.00 on Friday. The company’s fifty day simple moving average is $57.30 and its two-hundred day simple moving average is $54.64. Commerce Bancshares, Inc. has a 52 week low of $40.91 and a 52 week high of $65.86. The stock has a market cap of $7.90 billion, a P/E ratio of 17.01, a PEG ratio of 10.84 and a beta of 0.76.

Commerce Bancshares (NASDAQ:CBSH) last posted its earnings results on Thursday, July 18th. The financial services provider reported $1.07 EPS for the quarter, topping analysts’ consensus estimates of $0.90 by $0.17. Commerce Bancshares had a return on equity of 16.50% and a net margin of 23.62%. The company had revenue of $414.90 million for the quarter, compared to the consensus estimate of $406.88 million. During the same period in the previous year, the business earned $0.97 earnings per share. The firm’s revenue for the quarter was up 4.5% on a year-over-year basis. On average, analysts anticipate that Commerce Bancshares, Inc. will post 3.9 EPS for the current fiscal year.

Commerce Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 23rd. Stockholders of record on Thursday, September 5th will be given a dividend of $0.27 per share. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.77%. Commerce Bancshares’s dividend payout ratio is currently 30.12%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on CBSH shares. Wells Fargo & Company boosted their price objective on Commerce Bancshares from $52.00 to $62.00 and gave the company an “equal weight” rating in a research note on Monday, July 22nd. Keefe, Bruyette & Woods increased their price objective on shares of Commerce Bancshares from $58.00 to $60.00 and gave the stock a “market perform” rating in a research note on Friday, May 10th. Morgan Stanley upped their target price on shares of Commerce Bancshares from $55.00 to $58.00 and gave the stock an “equal weight” rating in a report on Monday, July 22nd. Jefferies Financial Group raised their price target on Commerce Bancshares from $60.00 to $62.00 and gave the company a “hold” rating in a report on Wednesday, July 3rd. 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 analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $58.86.

Institutional Investors Weigh In On Commerce Bancshares

Large investors have recently bought and sold shares of the business. Clarity Asset Management Inc. purchased a new position in shares of Commerce Bancshares in the 4th quarter worth $43,000. Bessemer Group Inc. lifted its holdings in shares of Commerce Bancshares by 86.3% in the 1st quarter. Bessemer Group Inc. now owns 842 shares of the financial services provider’s stock valued at $45,000 after acquiring an additional 390 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Commerce Bancshares by 156.5% in the 2nd quarter. GAMMA Investing LLC now owns 854 shares of the financial services provider’s stock valued at $48,000 after acquiring an additional 521 shares during the last quarter. Eagle Bay Advisors LLC increased its stake in Commerce Bancshares by 2,864.7% during the second quarter. Eagle Bay Advisors LLC now owns 1,008 shares of the financial services provider’s stock worth $56,000 after acquiring an additional 974 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in Commerce Bancshares by 93.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,670 shares of the financial services provider’s stock valued at $89,000 after purchasing an additional 805 shares during the period. Institutional investors own 70.26% of the company’s stock.

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.