Commerce Bancshares (NASDAQ:CBSH) Hits New 12-Month High at $72.24


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Commerce Bancshares, Inc. (NASDAQ:CBSH)’s stock price reached a new 52-week high on Tuesday . The company traded as high as $72.24 and last traded at $71.91, with a volume of 409 shares changing hands. The stock had previously closed at $71.28.

Several analysts recently weighed in on CBSH shares. Bank of America upgraded Commerce Bancshares from an “underperform” rating to a “neutral” rating and set a $72.00 price objective for the company in a research report on Wednesday, October 21st. Piper Sandler dropped their price objective on Commerce Bancshares from $62.00 to $59.00 and set a “neutral” rating for the company in a research report on Tuesday, September 29th. Morgan Stanley upped their price objective on Commerce Bancshares from $57.00 to $60.00 and gave the stock an “underweight” rating in a research report on Thursday, January 7th. BidaskClub upgraded Commerce Bancshares from a “hold” rating to a “buy” rating in a research report on Friday, December 18th. Finally, Raymond James upgraded Commerce Bancshares from an “underperform” rating to a “market perform” rating in a research report on Wednesday, October 21st. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $58.60.

The stock has a market capitalization of $8.33 billion, a P/E ratio of 26.48 and a beta of 0.96. The firm has a 50-day simple moving average of $65.92 and a 200 day simple moving average of $61.20.

Commerce Bancshares (NASDAQ:CBSH) last posted its earnings results on Tuesday, October 20th. The financial services provider reported $1.11 EPS for the quarter, beating the consensus estimate of $0.70 by $0.41. The firm had revenue of $345.50 million during the quarter, compared to the consensus estimate of $336.20 million. Commerce Bancshares had a return on equity of 10.49% and a net margin of 23.67%. The business’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period last year, the company earned $0.93 earnings per share. On average, equities research analysts expect that Commerce Bancshares, Inc. will post 2.78 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, December 18th. Shareholders of record on Wednesday, December 2nd were given a $0.27 dividend. The ex-dividend date of this dividend was Tuesday, December 1st. This represents a $1.08 annualized dividend and a yield of 1.52%. Commerce Bancshares’s dividend payout ratio is presently 31.67%.

In other news, Director Jonathan M. Kemper sold 32,000 shares of the stock in a transaction dated Friday, October 30th. The stock was sold at an average price of $61.90, for a total value of $1,980,800.00. Following the completion of the sale, the director now owns 860,161 shares of the company’s stock, valued at $53,243,965.90. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Sara E. Foster sold 5,044 shares of the stock in a transaction dated Monday, November 9th. The shares were sold at an average price of $68.51, for a total value of $345,564.44. Following the completion of the sale, the executive vice president now directly owns 42,197 shares of the company’s stock, valued at approximately $2,890,916.47. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by company insiders.

Several hedge funds have recently modified their holdings of CBSH. CI Investments Inc. acquired a new stake in shares of Commerce Bancshares in the third quarter valued at about $32,000. RMR Wealth Builders acquired a new stake in shares of Commerce Bancshares in the second quarter valued at about $46,000. Captrust Financial Advisors acquired a new stake in shares of Commerce Bancshares in the second quarter valued at about $51,000. Group One Trading L.P. acquired a new stake in shares of Commerce Bancshares in the third quarter valued at about $84,000. Finally, Parallel Advisors LLC grew its stake in Commerce Bancshares by 27.1% during the third quarter. Parallel Advisors LLC now owns 2,565 shares of the financial services provider’s stock worth $144,000 after purchasing an additional 547 shares during the period. 62.87% of the stock is owned by institutional investors.

About Commerce Bancshares (NASDAQ:CBSH)

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. It operates through three segments: Consumer, Commercial, and Wealth. The Consumer segment offers various banking products and services, including consumer deposits; consumer loans, such as automobile, motorcycle, marine, tractor/trailer, recreational vehicle, fixed rate and revolving home equity, and other consumer loans; patient health care financing; real estate loans; indirect and other consumer financing; personal mortgage banking; consumer installment lending; and consumer debit and credit bank cards, as well as provides online banking services.

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