Key Points
- Commerce Bancshares SVP Derrick Brooks sold 1,041 shares at an average price of $59.63, generating $62,074.83. His remaining holdings totaled 13,117 shares, a 7.35% reduction in ownership.
- Shares opened at $60.33, near the company’s 52-week high of $60.92. Commerce Bancshares recently reported quarterly EPS of $1.10, beating analyst estimates of $1.04, while revenue also exceeded expectations.
- Analysts maintain a generally cautious outlook, with three Buy ratings and six Hold ratings and an average price target of $62.43. Institutional investors and hedge funds own approximately 70.26% of the company.
Commerce Bancshares, Inc. (NASDAQ:CBSH - Get Free Report) SVP Derrick Brooks sold 1,041 shares of the company's stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $59.63, for a total transaction of $62,074.83. Following the transaction, the senior vice president owned 13,117 shares in the company, valued at approximately $782,166.71. The trade was a 7.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.
Commerce Bancshares Stock Up 0.5%
Shares of NASDAQ:CBSH opened at $60.33 on Thursday. Commerce Bancshares, Inc. has a one year low of $46.99 and a one year high of $60.92. The company has a 50 day moving average of $56.08 and a 200-day moving average of $53.14. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.82 and a quick ratio of 0.82. The stock has a market cap of $8.79 billion, a price-to-earnings ratio of 14.61, a P/E/G ratio of 2.15 and a beta of 0.58.
Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last posted its quarterly earnings results on Thursday, July 16th. The financial services provider reported $1.10 earnings per share for the quarter, topping analysts' consensus estimates of $1.04 by $0.06. Commerce Bancshares had a net margin of 26.07% and a return on equity of 14.31%. The business had revenue of $498.91 million during the quarter, compared to the consensus estimate of $492.22 million. During the same period in the previous year, the firm posted $1.14 earnings per share. On average, sell-side analysts forecast that Commerce Bancshares, Inc. will post 4.22 earnings per share for the current year.
Institutional Trading of Commerce Bancshares
Hedge funds have recently added to or reduced their stakes in the business. Danske Bank A S bought a new position in Commerce Bancshares during the third quarter worth about $25,000. Geneos Wealth Management Inc. increased its holdings in shares of Commerce Bancshares by 85.4% in the first quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider's stock worth $29,000 after acquiring an additional 216 shares in the last quarter. Daytona Street Capital LLC bought a new stake in shares of Commerce Bancshares in the fourth quarter worth about $25,000. Root Financial Partners LLC raised its position in shares of Commerce Bancshares by 104.9% during the first quarter. Root Financial Partners LLC now owns 623 shares of the financial services provider's stock worth $31,000 after purchasing an additional 319 shares during the period. Finally, Laurel Wealth Advisors LLC acquired a new stake in shares of Commerce Bancshares during the fourth quarter worth about $34,000. Institutional investors and hedge funds own 70.26% of the company's stock.
Analyst Upgrades and Downgrades
Several brokerages have commented on CBSH. Hovde Group dropped their target price on shares of Commerce Bancshares from $63.00 to $60.00 and set an "outperform" rating for the company in a research report on Wednesday, April 22nd. Piper Sandler restated a "neutral" rating and issued a $66.00 price target (up from $59.00) on shares of Commerce Bancshares in a research report on Friday, July 17th. Keefe, Bruyette & Woods lifted their price objective on Commerce Bancshares from $60.00 to $62.00 and gave the stock a "market perform" rating in a research note on Monday, July 20th. Wells Fargo & Company upped their price objective on Commerce Bancshares from $53.00 to $57.00 and gave the company an "equal weight" rating in a report on Monday, July 6th. Finally, TD Cowen reissued a "hold" rating and issued a $63.00 target price (up from $62.00) on shares of Commerce Bancshares in a research note on Friday, July 17th. Three investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, Commerce Bancshares presently has an average rating of "Hold" and an average target price of $62.43.
Read Our Latest Analysis on CBSH
About Commerce Bancshares
(
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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