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

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

Analysts Set New Price Targets

A number of equities research analysts have commented on CBSH shares. StockNews.com upgraded Commerce Bancshares from a “sell” rating to a “hold” rating in a research report 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 note on Wednesday, February 7th. Bank of America assumed coverage on Commerce Bancshares in a research note on Thursday, January 11th. They set a “neutral” rating and a $55.00 price target for the company. Keefe, Bruyette & Woods raised their price target on Commerce Bancshares from $56.00 to $58.00 and gave the stock a “market perform” rating in a research note on Wednesday, April 17th. Finally, Piper Sandler raised their price target on Commerce Bancshares from $53.00 to $54.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 17th. Six analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $55.00.

Commerce Bancshares Stock Performance

The company has a 50-day simple moving average of $52.79 and a 200 day simple moving average of $51.47. The company has a market capitalization 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 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.06. Commerce Bancshares had a return on equity of 16.78% and a net margin of 23.33%. The company had revenue of $397.80 million for the quarter, compared to analyst estimates of $389.49 million. During the same quarter last year, the firm earned $0.90 EPS. Commerce Bancshares’s revenue for the quarter was up 2.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Commerce Bancshares, Inc. will post 3.43 earnings per share for the current year.

Commerce Bancshares Dividend Announcement

The company 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 dividend of $0.27 per share. 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 presently 30.12%.

Insider Transactions at Commerce Bancshares

In related news, SVP Douglas D. Neff sold 614 shares of the business’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $50.25, for a total value of $30,853.50. Following the sale, the senior vice president now owns 8,038 shares of the company’s stock, valued at approximately $403,909.50. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, SVP David L. Roller sold 1,392 shares of the business’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $50.62, for a total value of $70,463.04. Following the sale, the senior vice president now owns 30,949 shares of the company’s stock, valued at approximately $1,566,638.38. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Douglas D. Neff sold 614 shares of the business’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $50.25, for a total value of $30,853.50. Following the completion of the transaction, the senior vice president now directly owns 8,038 shares in the company, valued at approximately $403,909.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 9,876 shares of company stock valued at $510,441. 3.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Commerce Bancshares

A number of institutional investors and hedge funds have recently bought and sold shares of CBSH. Norges Bank acquired a new position in Commerce Bancshares in the fourth quarter worth $71,835,000. Vanguard Group Inc. raised its position in shares of Commerce Bancshares by 4.7% during the fourth quarter. Vanguard Group Inc. now owns 12,372,518 shares of the financial services provider’s stock worth $660,816,000 after acquiring an additional 558,017 shares during the last quarter. Dimensional Fund Advisors LP raised its position 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 acquiring an additional 302,630 shares during the last quarter. Cooke & Bieler LP raised its position in shares of Commerce Bancshares by 32.4% during the fourth quarter. Cooke & Bieler LP now owns 972,255 shares of the financial services provider’s stock worth $51,928,000 after acquiring an additional 237,703 shares during the last quarter. Finally, Commerce Bank raised its position in shares of Commerce Bancshares by 2.8% during the fourth quarter. Commerce Bank now owns 7,222,818 shares of the financial services provider’s stock worth $385,771,000 after acquiring an additional 196,431 shares during the last quarter. Institutional investors and hedge funds own 70.26% of the company’s stock.

Commerce Bancshares Company Profile

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.