Commerce Bancshares, Inc. (NASDAQ:CBSH) Director Jonathan M. Kemper sold 45,000 shares of the stock in a transaction dated Tuesday, September 11th. The stock was sold at an average price of $71.35, for a total transaction of $3,210,750.00. Following the transaction, the director now owns 902,348 shares in the company, valued at $64,382,529.80. The sale was disclosed in a filing with the SEC, which is available through this link.
Shares of Commerce Bancshares stock traded down $0.58 during midday trading on Friday, hitting $65.51. The company had a trading volume of 476,444 shares, compared to its average volume of 466,520. The firm has a market capitalization of $7.04 billion, a P/E ratio of 23.65, a PEG ratio of 1.96 and a beta of 0.67. Commerce Bancshares, Inc. has a 12-month low of $54.24 and a 12-month high of $72.55.
Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings data on Thursday, July 12th. The financial services provider reported $1.01 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.89 by $0.12. The firm had revenue of $335.81 million during the quarter, compared to analyst estimates of $319.25 million. Commerce Bancshares had a net margin of 28.84% and a return on equity of 14.24%. During the same period last year, the firm posted $0.71 EPS. As a group, analysts anticipate that Commerce Bancshares, Inc. will post 3.88 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, September 24th. Investors of record on Friday, September 7th were given a $0.235 dividend. This represents a $0.94 annualized dividend and a dividend yield of 1.43%. The ex-dividend date was Thursday, September 6th. Commerce Bancshares’s payout ratio is currently 33.94%.
Several institutional investors have recently made changes to their positions in the stock. BlackRock Inc. raised its position in shares of Commerce Bancshares by 3.7% in the 1st quarter. BlackRock Inc. now owns 8,525,735 shares of the financial services provider’s stock valued at $510,777,000 after purchasing an additional 307,754 shares during the last quarter. Schroder Investment Management Group raised its position in Commerce Bancshares by 34.1% during the 2nd quarter. Schroder Investment Management Group now owns 1,621,188 shares of the financial services provider’s stock worth $72,468,000 after buying an additional 412,145 shares during the last quarter. Findlay Park Partners LLP raised its position in Commerce Bancshares by 15.9% during the 2nd quarter. Findlay Park Partners LLP now owns 1,500,000 shares of the financial services provider’s stock worth $97,065,000 after buying an additional 206,083 shares during the last quarter. JPMorgan Chase & Co. raised its position in Commerce Bancshares by 12.6% during the 1st quarter. JPMorgan Chase & Co. now owns 1,440,852 shares of the financial services provider’s stock worth $86,323,000 after buying an additional 160,942 shares during the last quarter. Finally, Citadel Advisors LLC raised its position in Commerce Bancshares by 3,463.9% during the 2nd quarter. Citadel Advisors LLC now owns 996,514 shares of the financial services provider’s stock worth $64,484,000 after buying an additional 968,553 shares during the last quarter. 64.80% of the stock is owned by hedge funds and other institutional investors.
A number of research firms have recently weighed in on CBSH. BidaskClub upgraded shares of Commerce Bancshares from a “hold” rating to a “buy” rating in a report on Friday, September 7th. Zacks Investment Research upgraded shares of Commerce Bancshares from a “hold” rating to a “strong-buy” rating and set a $78.00 price target on the stock in a report on Tuesday, July 17th. Morgan Stanley raised their price target on shares of Commerce Bancshares from $60.00 to $63.00 and gave the company an “underweight” rating in a report on Tuesday, July 17th. Stephens restated a “hold” rating and issued a $65.00 price target on shares of Commerce Bancshares in a report on Thursday, July 12th. Finally, Bank of America set a $68.00 price target on shares of Commerce Bancshares and gave the company a “sell” rating in a report on Friday, July 13th. Four research analysts have rated the stock with a sell rating and nine have issued a hold rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $65.22.
About Commerce Bancshares
Commerce Bancshares, Inc operates as the 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, mobile, and telephone banking services.
Read More: Initial Public Offering (IPO)
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