Commerce Bancshares (NASDAQ:CBSH) Sets New 52-Week High – Here’s Why

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

Wall Street Analyst Weigh In

CBSH has been the topic of several research analyst reports. StockNews.com upgraded shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Piper Sandler set a $68.50 price objective on shares of Commerce Bancshares and gave the stock a “neutral” rating in a report on Friday, October 18th. Finally, Morgan Stanley lowered shares of Commerce Bancshares from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $66.00 to $64.00 in a research note on Monday, September 30th. Seven research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $61.79.

Commerce Bancshares Trading Up 2.6 %

The firm’s 50 day simple moving average is $63.52 and its 200-day simple moving average is $60.33. The stock has a market capitalization of $9.45 billion, a price-to-earnings ratio of 19.19, a price-to-earnings-growth ratio of 3.88 and a beta of 0.73.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings data on Thursday, October 17th. The financial services provider reported $1.07 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.07. Commerce Bancshares had a return on equity of 15.93% and a net margin of 24.15%. The company had revenue of $421.38 million during the quarter, compared to analysts’ expectations of $412.85 million. As a group, equities research analysts predict that Commerce Bancshares, Inc. will post 4.02 earnings per share for the current year.

Commerce Bancshares Dividend Announcement

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

Insider Activity

In other news, Chairman David W. Kemper sold 30,000 shares of the company’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $61.78, for a total value of $1,853,400.00. Following the sale, the chairman now directly owns 1,151,994 shares of the company’s stock, valued at approximately $71,170,189.32. This represents a 2.54 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP John K. Handy sold 1,331 shares of Commerce Bancshares stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $63.80, for a total value of $84,917.80. Following the transaction, the executive vice president now owns 41,548 shares of the company’s stock, valued at $2,650,762.40. The trade was a 3.10 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 35,109 shares of company stock valued at $2,191,123. 3.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Commerce Bancshares

Large investors have recently added to or reduced their stakes in the business. V Square Quantitative Management LLC bought a new position in shares of Commerce Bancshares in the third quarter valued at about $26,000. Allworth Financial LP grew its stake in Commerce Bancshares by 51.1% in the 3rd quarter. Allworth Financial LP now owns 568 shares of the financial services provider’s stock valued at $34,000 after buying an additional 192 shares during the last quarter. Capital Performance Advisors LLP bought a new position in Commerce Bancshares in the 3rd quarter valued at about $39,000. True Wealth Design LLC acquired a new stake in Commerce Bancshares during the third quarter worth approximately $47,000. Finally, Bessemer Group Inc. boosted its holdings in shares of Commerce Bancshares by 86.3% during 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 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.