Commerce Bancshares, Inc. (NASDAQ:CBSH) hit a new 52-week high on Tuesday . The stock traded as high as $75.17 and last traded at $75.12, with a volume of 21572 shares. The stock had previously closed at $74.25.
Several equities research analysts have weighed in on CBSH shares. Zacks Investment Research downgraded Commerce Bancshares from a “strong-buy” rating to a “hold” rating and set a $67.00 price target on the stock. in a report on Tuesday, December 8th. Morgan Stanley increased their price objective on Commerce Bancshares from $60.00 to $61.00 and gave the company an “underweight” rating in a report on Wednesday, January 27th. Two analysts have rated the stock with a sell rating and four have given a hold rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $58.80.
The business has a 50-day simple moving average of $70.63 and a two-hundred day simple moving average of $63.94. The company has a market capitalization of $8.81 billion, a price-to-earnings ratio of 27.65 and a beta of 0.96.
Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings data on Tuesday, January 19th. The financial services provider reported $1.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.94 by $0.17. Commerce Bancshares had a return on equity of 10.49% and a net margin of 23.67%. The company had revenue of $344.90 million during the quarter, compared to analysts’ expectations of $347.85 million. During the same period last year, the firm earned $0.81 EPS. The firm’s revenue for the quarter was down .3% on a year-over-year basis. As a group, research analysts expect that Commerce Bancshares, Inc. will post 2.78 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 24th. Stockholders of record on Tuesday, March 9th will be issued a $0.2625 dividend. The ex-dividend date is Monday, March 8th. This represents a $1.05 annualized dividend and a dividend yield of 1.40%. Commerce Bancshares’s dividend payout ratio is currently 31.67%.
In other news, EVP Robert S. Holmes sold 6,234 shares of the firm’s stock in a transaction that occurred on Thursday, February 11th. The stock was sold at an average price of $72.35, for a total value of $451,029.90. Following the completion of the sale, the executive vice president now directly owns 45,504 shares of the company’s stock, valued at approximately $3,292,214.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jonathan M. Kemper sold 6,877 shares of the firm’s stock in a transaction that occurred on Tuesday, January 26th. The shares were sold at an average price of $69.08, for a total value of $475,063.16. Following the completion of the sale, the director now directly owns 899,987 shares of the company’s stock, valued at $62,171,101.96. The disclosure for this sale can be found here. Insiders sold a total of 68,934 shares of company stock valued at $4,832,344 over the last three months. Insiders own 3.40% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. lifted its holdings in shares of Commerce Bancshares by 8.4% in the 4th quarter. BlackRock Inc. now owns 9,400,822 shares of the financial services provider’s stock valued at $617,633,000 after buying an additional 727,325 shares during the period. Aristotle Capital Management LLC increased its stake in Commerce Bancshares by 7.5% in the 4th quarter. Aristotle Capital Management LLC now owns 7,964,067 shares of the financial services provider’s stock valued at $523,239,000 after purchasing an additional 553,101 shares in the last quarter. Lazard Asset Management LLC increased its stake in Commerce Bancshares by 12.1% in the 4th quarter. Lazard Asset Management LLC now owns 4,801,873 shares of the financial services provider’s stock valued at $315,482,000 after purchasing an additional 518,996 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Commerce Bancshares by 0.9% in the 4th quarter. JPMorgan Chase & Co. now owns 1,965,194 shares of the financial services provider’s stock valued at $129,114,000 after purchasing an additional 16,701 shares in the last quarter. Finally, Wells Fargo & Company MN increased its stake in Commerce Bancshares by 2.5% in the 4th quarter. Wells Fargo & Company MN now owns 1,827,276 shares of the financial services provider’s stock valued at $120,053,000 after purchasing an additional 44,321 shares in the last quarter. 62.87% of the stock is owned by institutional investors and hedge funds.
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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