Key Points
- SVP Derrick Brooks sold 1,044 shares at an average price of $54.40 on Feb. 4 for $56,793.60, reducing his ownership by 6.68% to 14,585 shares valued at about $793,424 (SEC filing).
- Commerce Bancshares beat the quarter with EPS of $1.01 vs. $0.99 and revenue of $449.36M (up 6.5% YoY), but analysts have trimmed price targets and the consensus rating is "Reduce" with an average target of $61.75.
- Shares were up 1.6% to $55.25 on light intraday volume (19,292 vs. ~1.25M average), the stock has a $7.32B market cap and 13.15 P/E, and institutional investors own about 70.3% of the company (Vanguard notably increased its stake).
Commerce Bancshares, Inc. (NASDAQ:CBSH - Get Free Report) SVP Derrick Brooks sold 1,044 shares of the firm's stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $54.40, for a total transaction of $56,793.60. Following the transaction, the senior vice president directly owned 14,585 shares of the company's stock, valued at $793,424. This represents a 6.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.
Commerce Bancshares Stock Up 1.6%
Shares of NASDAQ:CBSH traded up $0.86 during midday trading on Friday, reaching $55.25. The company had a trading volume of 19,292 shares, compared to its average volume of 1,246,571. The business's 50 day moving average price is $53.15 and its 200 day moving average price is $54.61. The stock has a market cap of $7.32 billion, a PE ratio of 13.15, a P/E/G ratio of 2.71 and a beta of 0.62. Commerce Bancshares, Inc. has a 1-year low of $48.69 and a 1-year high of $65.36.
Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last issued its earnings results on Thursday, January 22nd. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.02. Commerce Bancshares had a net margin of 26.51% and a return on equity of 15.51%. The business had revenue of $449.36 million during the quarter, compared to the consensus estimate of $442.47 million. During the same period last year, the business posted $1.01 EPS. Commerce Bancshares's revenue was up 6.5% on a year-over-year basis. On average, research analysts expect that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current fiscal year.
Analyst Ratings Changes
A number of research firms have recently commented on CBSH. Keefe, Bruyette & Woods dropped their target price on shares of Commerce Bancshares from $61.90 to $57.14 and set a "market perform" rating for the company in a report on Friday, October 17th. Zacks Research downgraded Commerce Bancshares from a "hold" rating to a "strong sell" rating in a report on Thursday, January 8th. Wall Street Zen lowered shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a research note on Saturday, October 18th. TD Cowen dropped their price target on shares of Commerce Bancshares from $61.00 to $55.00 and set a "hold" rating on the stock in a research note on Wednesday, January 7th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Commerce Bancshares in a report on Monday, December 29th. One research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Reduce" and an average target price of $61.75.
View Our Latest Stock Report on CBSH
Institutional Investors Weigh In On Commerce Bancshares
A number of institutional investors and hedge funds have recently modified their holdings of CBSH. Vanguard Group Inc. increased its stake in Commerce Bancshares by 8.1% in the fourth quarter. Vanguard Group Inc. now owns 14,690,039 shares of the financial services provider's stock worth $768,877,000 after purchasing an additional 1,098,142 shares during the period. State Street Corp grew its holdings in shares of Commerce Bancshares by 5.0% in the third quarter. State Street Corp now owns 6,752,045 shares of the financial services provider's stock worth $403,502,000 after purchasing an additional 319,137 shares during the last quarter. American Century Companies Inc. increased its stake in Commerce Bancshares by 5.4% in the 3rd quarter. American Century Companies Inc. now owns 3,972,884 shares of the financial services provider's stock worth $237,420,000 after buying an additional 202,758 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Commerce Bancshares by 7.2% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,643,001 shares of the financial services provider's stock valued at $157,942,000 after buying an additional 177,076 shares in the last quarter. Finally, Boston Trust Walden Corp grew its stake in Commerce Bancshares by 9.5% in the 4th quarter. Boston Trust Walden Corp now owns 2,084,628 shares of the financial services provider's stock worth $109,109,000 after acquiring an additional 181,266 shares in the last quarter. 70.26% of the stock is owned by institutional investors.
Commerce Bancshares Company Profile
(
Get Free Report)
Commerce Bancshares, Inc is a bank holding company primarily engaged in providing a broad range of banking and financial services across the Midwest. Through its principal subsidiary, Commerce Bank, the company offers commercial and consumer banking, treasury management, trust and wealth advisory, and mortgage lending. Its diversified product suite includes deposit and loan products, cash management solutions, capital markets services, and private banking designed to meet the needs of individuals, small businesses, and large corporations.
The company's commercial banking group delivers tailored credit facilities, equipment and inventory financing, asset-based lending, and merchant services.
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