Timothy Dunn Purchases 2,500 Shares of Commerce Bancshares (NASDAQ:CBSH) Stock

Commerce Bancshares, Inc. (NASDAQ:CBSH) Director Timothy Dunn purchased 2,500 shares of the stock in a transaction that occurred on Friday, March 13th. The shares were purchased at an average cost of $47.71 per share, for a total transaction of $119,275.00. Following the completion of the acquisition, the director directly owned 5,403 shares of the company’s stock, valued at $257,777.13. This represents a 86.12% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Commerce Bancshares Stock Performance

CBSH opened at $47.50 on Thursday. The company has a fifty day moving average of $52.54 and a two-hundred day moving average of $53.15. The stock has a market capitalization of $6.98 billion, a price-to-earnings ratio of 11.34, a PEG ratio of 2.40 and a beta of 0.61. Commerce Bancshares, Inc. has a fifty-two week low of $47.28 and a fifty-two week high of $63.19.

Commerce Bancshares (NASDAQ:CBSH) last posted its earnings results on Thursday, January 22nd. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.99 by $0.02. Commerce Bancshares had a net margin of 26.51% and a return on equity of 15.34%. The business had revenue of $449.36 million for the quarter, compared to analyst estimates of $442.47 million. During the same period in the prior year, the company posted $1.01 EPS. The company’s revenue for the quarter was up 6.5% on a year-over-year basis. On average, equities research analysts forecast that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current year.

Commerce Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 24th. Shareholders of record on Friday, March 6th will be given a dividend of $0.275 per share. The ex-dividend date is Friday, March 6th. This represents a $1.10 dividend on an annualized basis and a yield of 2.3%. Commerce Bancshares’s dividend payout ratio is currently 26.25%.

Hedge Funds Weigh In On Commerce Bancshares

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Commerce Bancshares by 8.1% during the fourth quarter. Vanguard Group Inc. now owns 14,690,039 shares of the financial services provider’s stock worth $768,877,000 after purchasing an additional 1,098,142 shares in the last quarter. State Street Corp lifted its holdings in Commerce Bancshares by 8.4% in the 4th quarter. State Street Corp now owns 7,318,898 shares of the financial services provider’s stock valued at $383,071,000 after purchasing an additional 566,853 shares in the last quarter. Commerce Bank lifted its holdings in Commerce Bancshares by 7.0% in the 4th quarter. Commerce Bank now owns 5,660,823 shares of the financial services provider’s stock valued at $296,287,000 after purchasing an additional 369,636 shares in the last quarter. American Century Companies Inc. boosted its stake in Commerce Bancshares by 5.4% during the 3rd quarter. American Century Companies Inc. now owns 3,972,884 shares of the financial services provider’s stock worth $237,420,000 after purchasing an additional 202,758 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Commerce Bancshares by 15.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,049,064 shares of the financial services provider’s stock worth $159,597,000 after purchasing an additional 406,063 shares during the last quarter. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on CBSH shares. Piper Sandler set a $62.00 price objective on Commerce Bancshares and gave the company a “neutral” rating in a research report on Monday, January 26th. Zacks Research upgraded Commerce Bancshares from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 4th. Morgan Stanley dropped their price target on shares of Commerce Bancshares from $67.00 to $65.00 and set an “equal weight” rating on the stock in a research note on Monday, March 2nd. Weiss Ratings reissued a “hold (c)” rating on shares of Commerce Bancshares in a report on Monday, December 29th. Finally, TD Cowen reduced their price objective on shares of Commerce Bancshares from $61.00 to $55.00 and set a “hold” rating for the company in a research report on Wednesday, January 7th. One analyst has rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat, Commerce Bancshares presently has an average rating of “Hold” and an average price target of $61.51.

About Commerce Bancshares

Commerce Bancshares, Inc is a bank holding company primarily engaged in providing a broad range of banking and financial services across the Midwest. Through its principal subsidiary, Commerce Bank, the company offers commercial and consumer banking, treasury management, trust and wealth advisory, and mortgage lending. Its diversified product suite includes deposit and loan products, cash management solutions, capital markets services, and private banking designed to meet the needs of individuals, small businesses, and large corporations.

The company’s commercial banking group delivers tailored credit facilities, equipment and inventory financing, asset-based lending, and merchant services.