Commerce Bancshares, Inc. (NASDAQ:CBSH - Get Free Report) EVP Robert Holmes sold 5,000 shares of the company's stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $60.20, for a total value of $301,000.00. Following the transaction, the executive vice president directly owned 55,962 shares in the company, valued at approximately $3,368,912.40. This trade represents a 8.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.
Commerce Bancshares Trading Down 0.3%
Shares of Commerce Bancshares stock opened at $59.27 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.82 and a current ratio of 0.82. Commerce Bancshares, Inc. has a 52 week low of $46.99 and a 52 week high of $60.92. The stock has a 50 day moving average price of $56.37 and a two-hundred day moving average price of $53.23. The stock has a market capitalization of $8.64 billion, a PE ratio of 14.35, a price-to-earnings-growth ratio of 2.13 and a beta of 0.58.
Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last released its quarterly earnings data on Thursday, July 16th. The financial services provider reported $1.10 EPS for the quarter, beating the consensus estimate of $1.04 by $0.06. Commerce Bancshares had a return on equity of 14.31% and a net margin of 26.07%.The firm had revenue of $498.91 million during the quarter, compared to the consensus estimate of $492.22 million. During the same quarter in the previous year, the company posted $1.14 earnings per share. As a group, equities analysts anticipate that Commerce Bancshares, Inc. will post 4.22 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Commerce Bancshares
Institutional investors have recently modified their holdings of the business. Geneos Wealth Management Inc. increased its position in shares of Commerce Bancshares by 85.4% during the first quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 216 shares during the last quarter. Invesco Ltd. boosted its position in Commerce Bancshares by 2.0% in the second quarter. Invesco Ltd. now owns 865,052 shares of the financial services provider's stock worth $53,780,000 after purchasing an additional 16,610 shares during the last quarter. Cresset Asset Management LLC boosted its position in Commerce Bancshares by 3.0% in the second quarter. Cresset Asset Management LLC now owns 10,151 shares of the financial services provider's stock worth $631,000 after purchasing an additional 300 shares during the last quarter. Jump Financial LLC bought a new position in Commerce Bancshares in the 2nd quarter valued at $376,000. Finally, California Public Employees Retirement System grew its stake in Commerce Bancshares by 4.8% in the 2nd quarter. California Public Employees Retirement System now owns 208,148 shares of the financial services provider's stock valued at $12,941,000 after purchasing an additional 9,483 shares during the period. 70.26% of the stock is owned by institutional investors.
Analysts Set New Price Targets
CBSH has been the subject of a number of recent research reports. Wells Fargo & Company boosted their price target on shares of Commerce Bancshares from $53.00 to $57.00 and gave the company an "equal weight" rating in a research note on Monday, July 6th. Weiss Ratings raised shares of Commerce Bancshares from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, July 21st. Morgan Stanley reiterated a "positive" rating and set a $65.00 price objective (up from $61.00) on shares of Commerce Bancshares in a report on Monday, June 29th. Wall Street Zen raised shares of Commerce Bancshares from a "sell" rating to a "hold" rating in a research report on Tuesday. Finally, Piper Sandler restated a "neutral" rating and issued a $66.00 target price (up from $59.00) on shares of Commerce Bancshares in a report on Friday, July 17th. Three research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, Commerce Bancshares presently has an average rating of "Hold" and an average price target of $62.43.
Check Out Our Latest Stock Report on CBSH
Commerce Bancshares Company Profile
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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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