Insider Selling: Commerce Bancshares, Inc. (NASDAQ:CBSH) Chairman Sells 4,500 Shares of Stock

Commerce Bancshares, Inc. (NASDAQ:CBSH) Chairman David W. Kemper sold 4,500 shares of the business’s stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $69.22, for a total value of $311,490.00. Following the sale, the chairman now owns 23,725 shares of the company’s stock, valued at $1,642,244.50. The trade was a 15.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Commerce Bancshares Stock Up 0.5 %

NASDAQ:CBSH opened at $68.33 on Wednesday. Commerce Bancshares, Inc. has a 52-week low of $47.09 and a 52-week high of $72.75. The stock’s 50 day moving average price is $65.98 and its 200 day moving average price is $61.61. The company has a market capitalization of $8.76 billion, a PE ratio of 17.79, a P/E/G ratio of 3.74 and a beta of 0.77.

Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings results on Thursday, October 17th. The financial services provider reported $1.07 EPS for the quarter, beating the consensus estimate of $1.00 by $0.07. The business had revenue of $421.38 million during the quarter, compared to analysts’ expectations of $412.85 million. Commerce Bancshares had a return on equity of 15.93% and a net margin of 24.15%. As a group, sell-side analysts anticipate that Commerce Bancshares, Inc. will post 3.98 EPS for the current fiscal year.

Commerce Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 17th. Shareholders of record on Tuesday, December 3rd will be given a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 1.58%. The ex-dividend date of this dividend is Tuesday, December 3rd. Commerce Bancshares’s payout ratio is 28.13%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on CBSH shares. Keefe, Bruyette & Woods boosted their price objective on Commerce Bancshares from $66.00 to $78.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. Piper Sandler set a $68.50 price objective on Commerce Bancshares and gave the stock a “neutral” rating in a research note on Friday, October 18th. StockNews.com raised Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Wells Fargo & Company boosted their price objective on Commerce Bancshares from $62.00 to $67.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 3rd. Finally, Morgan Stanley lowered Commerce Bancshares from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $66.00 to $64.00 in a research note on Monday, September 30th. Seven 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, the stock presently has an average rating of “Hold” and a consensus target price of $65.07.

Hedge Funds Weigh In On Commerce Bancshares

Several hedge funds have recently bought and sold shares of CBSH. Cetera Investment Advisers lifted its stake in shares of Commerce Bancshares by 138.3% during the first quarter. Cetera Investment Advisers now owns 31,872 shares of the financial services provider’s stock worth $1,696,000 after purchasing an additional 18,496 shares in the last quarter. Cetera Advisors LLC increased its holdings in Commerce Bancshares by 22.1% in the first quarter. Cetera Advisors LLC now owns 6,373 shares of the financial services provider’s stock valued at $339,000 after buying an additional 1,155 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Commerce Bancshares by 156.5% during the second quarter. GAMMA Investing LLC now owns 854 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 521 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of Commerce Bancshares during the second quarter valued at approximately $1,226,000. Finally, Wealth Enhancement Advisory Services LLC bought a new position in shares of Commerce Bancshares during the second quarter valued at approximately $436,000. Hedge funds and other institutional investors 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.