Key Points
- Commerce Bancshares VP David Orf sold 642 shares at an average price of $60.35, generating $38,744.70 and reducing his holdings by 2.51% to 24,962 shares.
- The company reported quarterly EPS of $1.10, beating analysts’ $1.04 estimate, while revenue of $498.91 million also exceeded expectations.
- Commerce Bancshares announced a quarterly dividend of $0.275 per share, equivalent to an annualized $1.10 payout and a 1.8% yield; analysts maintain a consensus “Hold” rating with a $63.29 price target.
Commerce Bancshares, Inc. (NASDAQ:CBSH - Get Free Report) VP David Orf sold 642 shares of the company's stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $60.35, for a total transaction of $38,744.70. Following the completion of the sale, the vice president directly owned 24,962 shares of the company's stock, valued at $1,506,456.70. The trade was a 2.51% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Commerce Bancshares Stock Down 0.3%
Commerce Bancshares stock opened at $59.56 on Wednesday. Commerce Bancshares, Inc. has a 52 week low of $46.99 and a 52 week high of $60.92. The stock has a market cap of $8.54 billion, a price-to-earnings ratio of 14.42, a PEG ratio of 2.14 and a beta of 0.59. The company's 50-day moving average price is $58.08 and its two-hundred day moving average price is $53.72. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.01.
Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last issued 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 company had revenue of $498.91 million during the quarter, compared to analyst estimates of $492.22 million. During the same period in the prior year, the business posted $1.14 EPS. On average, analysts expect that Commerce Bancshares, Inc. will post 4.25 EPS for the current fiscal year.
Commerce Bancshares Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 22nd. Shareholders of record on Friday, September 4th will be given a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Friday, September 4th. Commerce Bancshares's dividend payout ratio is 26.63%.
Analyst Upgrades and Downgrades
A number of analysts have recently commented on CBSH shares. Morgan Stanley reissued a "positive" rating and issued a $65.00 price objective (up from $61.00) on shares of Commerce Bancshares in a research note on Monday, June 29th. Wells Fargo & Company set a $63.00 target price on Commerce Bancshares and gave the company an "equal weight" rating in a research note on Monday, August 10th. Piper Sandler reaffirmed a "neutral" rating and set a $66.00 target price (up from $59.00) on shares of Commerce Bancshares in a report on Friday, July 17th. Wall Street Zen raised shares of Commerce Bancshares from a "sell" rating to a "hold" rating in a report on Tuesday, July 28th. Finally, Stephens set a $64.00 price objective on shares of Commerce Bancshares and gave the company an "equal weight" rating in a research report on Friday, July 17th. Three equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Commerce Bancshares presently has an average rating of "Hold" and a consensus target price of $63.29.
View Our Latest Report on CBSH
Institutional Investors Weigh In On Commerce Bancshares
Large investors have recently modified their holdings of the stock. Maxele Advisors LLC acquired a new position in shares of Commerce Bancshares in the 2nd quarter worth $238,000. Jefferies Financial Group Inc. purchased a new stake in shares of Commerce Bancshares during the second quarter valued at $751,000. Public Employees Retirement System of Ohio purchased a new stake in shares of Commerce Bancshares during the second quarter valued at $2,311,000. Capstone Investment Advisors LLC acquired a new position in shares of Commerce Bancshares in the 2nd quarter valued at $1,006,000. Finally, Corient Private Wealth LP purchased a new position in Commerce Bancshares in the 2nd quarter worth about $956,000. 70.26% of the stock is owned by institutional investors.
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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