Commerce Bancshares (NASDAQ:CBSH) Hits New 1-Year High – Here’s Why

Commerce Bancshares, Inc. (NASDAQ:CBSH) reached a new 52-week high on Friday . The company traded as high as $73.34 and last traded at $73.06, with a volume of 41957 shares traded. The stock had previously closed at $71.81.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CBSH. Piper Sandler set a $68.50 target price on Commerce Bancshares and gave the company a “neutral” rating in a report on Friday, October 18th. StockNews.com upgraded shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Finally, Morgan Stanley lowered shares of Commerce Bancshares from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $66.00 to $64.00 in a report on Monday, September 30th. Seven investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $61.79.

Commerce Bancshares Stock Performance

The stock’s 50-day moving average is $63.28 and its two-hundred day moving average is $60.18. The stock has a market cap of $9.40 billion, a PE ratio of 18.70, a PEG ratio of 3.87 and a beta of 0.73.

Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings results on Thursday, October 17th. The financial services provider reported $1.07 EPS for the quarter, topping the consensus estimate of $1.00 by $0.07. Commerce Bancshares had a net margin of 24.15% and a return on equity of 15.93%. The business had revenue of $421.38 million during the quarter, compared to the consensus estimate of $412.85 million. Analysts forecast that Commerce Bancshares, Inc. will post 4.02 EPS for the current year.

Commerce Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 17th. Shareholders of record on Tuesday, December 3rd will be paid a $0.27 dividend. The ex-dividend date is Tuesday, December 3rd. This represents a $1.08 annualized dividend and a yield of 1.47%. Commerce Bancshares’s dividend payout ratio is presently 28.13%.

Insider Buying and Selling

In related news, SVP Douglas D. Neff sold 888 shares of the firm’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $72.10, for a total value of $64,024.80. Following the completion of the sale, the senior vice president now owns 8,038 shares in the company, valued at $579,539.80. This trade represents a 9.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP David L. Roller sold 890 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $72.27, for a total value of $64,320.30. Following the transaction, the senior vice president now owns 30,949 shares in the company, valued at $2,236,684.23. The trade was a 2.80 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 35,109 shares of company stock worth $2,191,123 in the last quarter. 3.20% of the stock is owned by insiders.

Institutional Trading of Commerce Bancshares

A number of institutional investors have recently modified their holdings of CBSH. Virtu Financial LLC acquired a new position in shares of Commerce Bancshares during the 3rd quarter worth $566,000. Coldstream Capital Management Inc. increased its holdings in Commerce Bancshares by 3.7% in the third quarter. Coldstream Capital Management Inc. now owns 37,654 shares of the financial services provider’s stock valued at $2,237,000 after buying an additional 1,333 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Commerce Bancshares by 7.3% during the 3rd quarter. Geode Capital Management LLC now owns 2,396,740 shares of the financial services provider’s stock valued at $142,951,000 after acquiring an additional 163,782 shares during the period. M&T Bank Corp boosted its stake in shares of Commerce Bancshares by 0.6% during the 3rd quarter. M&T Bank Corp now owns 63,756 shares of the financial services provider’s stock worth $3,787,000 after acquiring an additional 372 shares in the last quarter. Finally, Barclays PLC grew its holdings in shares of Commerce Bancshares by 19.4% in the 3rd quarter. Barclays PLC now owns 106,934 shares of the financial services provider’s stock worth $6,353,000 after acquiring an additional 17,400 shares during the period. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

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.