Commerce Bancshares (NASDAQ:CBSH) Reaches New 12-Month High at $57.00

Commerce Bancshares, Inc. (NASDAQ:CBSH)’s stock price hit a new 52-week high during trading on Friday . The stock traded as high as $57.00 and last traded at $56.25, with a volume of 32343 shares changing hands. The stock had previously closed at $56.10.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on CBSH. Keefe, Bruyette & Woods lifted their price target on shares of Commerce Bancshares from $56.00 to $58.00 and gave the stock a “market perform” rating in a research report on Wednesday, April 17th. StockNews.com raised Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Wednesday, April 17th. Morgan Stanley raised their price target on Commerce Bancshares from $46.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 7th. Piper Sandler boosted their price objective on Commerce Bancshares from $53.00 to $54.00 and gave the company a “neutral” rating in a research report on Wednesday, April 17th. Finally, Bank of America initiated coverage on Commerce Bancshares in a research note on Thursday, January 11th. They set a “neutral” rating and a $55.00 target price for the company. Six equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, Commerce Bancshares has an average rating of “Hold” and an average target price of $55.00.

Commerce Bancshares Trading Up 0.1 %

The company has a 50 day simple moving average of $52.87 and a 200 day simple moving average of $51.52. The stock has a market cap of $7.29 billion, a P/E ratio of 15.66 and a beta of 0.76.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.06. Commerce Bancshares had a net margin of 23.33% and a return on equity of 16.78%. The business had revenue of $397.80 million for the quarter, compared to analyst estimates of $389.49 million. During the same quarter in the previous year, the firm posted $0.90 earnings per share. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. As a group, sell-side analysts expect that Commerce Bancshares, Inc. will post 3.43 earnings per share for the current year.

Commerce Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Stockholders of record on Wednesday, June 5th will be issued a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 1.92%. The ex-dividend date is Wednesday, June 5th. Commerce Bancshares’s payout ratio is 30.12%.

Insider Buying and Selling

In related news, EVP Robert S. Holmes sold 5,000 shares of the stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $52.66, for a total transaction of $263,300.00. Following the completion of the transaction, the executive vice president now directly owns 50,293 shares of the company’s stock, valued at $2,648,429.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Robert S. Holmes sold 5,000 shares of Commerce Bancshares stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $52.66, for a total transaction of $263,300.00. Following the completion of the transaction, the executive vice president now owns 50,293 shares in the company, valued at $2,648,429.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David W. Kemper sold 2,870 shares of the firm’s stock in a transaction that occurred on Tuesday, February 6th. The shares were sold at an average price of $50.81, for a total value of $145,824.70. Following the completion of the sale, the director now directly owns 1,181,994 shares of the company’s stock, valued at $60,057,115.14. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 9,876 shares of company stock worth $510,441. Corporate insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Commerce Bancshares

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in Commerce Bancshares by 4.7% in the 4th quarter. Vanguard Group Inc. now owns 12,372,518 shares of the financial services provider’s stock valued at $660,816,000 after buying an additional 558,017 shares during the last quarter. Commerce Bank grew its position in shares of Commerce Bancshares by 2.8% in the fourth quarter. Commerce Bank now owns 7,222,818 shares of the financial services provider’s stock valued at $385,771,000 after purchasing an additional 196,431 shares during the last quarter. Wells Fargo & Company MN grew its position in shares of Commerce Bancshares by 7.1% in the fourth quarter. Wells Fargo & Company MN now owns 2,345,252 shares of the financial services provider’s stock valued at $125,260,000 after purchasing an additional 155,526 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Commerce Bancshares by 22.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,676,350 shares of the financial services provider’s stock worth $89,541,000 after purchasing an additional 302,630 shares during the period. Finally, Norges Bank acquired a new stake in Commerce Bancshares during the 4th quarter worth approximately $71,835,000. 70.26% of the stock is owned by institutional investors.

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.