Commerce Bancshares (NASDAQ:CBSH) Reaches New 52-Week High – Here’s What Happened

Commerce Bancshares, Inc. (NASDAQ:CBSH) shares reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $67.49 and last traded at $67.49, with a volume of 44678 shares changing hands. The stock had previously closed at $63.31.

Wall Street Analysts Forecast Growth

CBSH has been the topic of a number of analyst reports. Wells Fargo & Company lifted their price objective on shares of Commerce Bancshares from $52.00 to $62.00 and gave the company an “equal weight” rating in a research note on Monday, July 22nd. Morgan Stanley lowered shares of Commerce Bancshares from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $66.00 to $64.00 in a research note on Monday, September 30th. Piper Sandler set a $68.50 price target on shares of Commerce Bancshares and gave the stock a “neutral” rating in a research note on Friday, October 18th. Finally, StockNews.com upgraded shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Seven research analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $61.79.

Commerce Bancshares Price Performance

The stock has a market cap of $8.84 billion, a price-to-earnings ratio of 16.49, a P/E/G ratio of 3.09 and a beta of 0.73. The business’s fifty day simple moving average is $61.21 and its 200 day simple moving average is $58.92.

Commerce Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 17th. Shareholders of record on Tuesday, December 3rd will be issued a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 1.58%. The ex-dividend date of this dividend is Tuesday, December 3rd. Commerce Bancshares’s dividend payout ratio is presently 28.13%.

Insiders Place Their Bets

In other news, SVP Patricia R. Kellerhals sold 1,500 shares of the business’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $60.82, for a total transaction of $91,230.00. Following the completion of the transaction, the senior vice president now owns 25,381 shares of the company’s stock, valued at approximately $1,543,672.42. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, SVP Patricia R. Kellerhals sold 1,500 shares of the business’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $60.82, for a total transaction of $91,230.00. Following the completion of the transaction, the senior vice president now owns 25,381 shares of the company’s stock, valued at approximately $1,543,672.42. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP John K. Handy sold 1,331 shares of the business’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $63.80, for a total transaction of $84,917.80. Following the transaction, the executive vice president now directly owns 41,548 shares of the company’s stock, valued at approximately $2,650,762.40. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,831 shares of company stock valued at $2,154,008 over the last 90 days. 3.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Commerce Bancshares

Institutional investors have recently bought and sold shares of the stock. V Square Quantitative Management LLC acquired a new stake in Commerce Bancshares in the third quarter worth about $26,000. Allworth Financial LP lifted its holdings in Commerce Bancshares by 51.1% in the third quarter. Allworth Financial LP now owns 568 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 192 shares during the period. Capital Performance Advisors LLP acquired a new stake in Commerce Bancshares in the third quarter worth about $39,000. Bessemer Group Inc. raised its position in Commerce Bancshares by 86.3% in the first quarter. Bessemer Group Inc. now owns 842 shares of the financial services provider’s stock worth $45,000 after acquiring an additional 390 shares in the last quarter. Finally, GAMMA Investing LLC raised its position 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 acquiring an additional 521 shares in the last quarter. Institutional investors and hedge funds own 70.26% of the company’s stock.

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.