Commerce Bancshares (NASDAQ:CBSH) Reaches New 52-Week High – Here’s What Happened

Commerce Bancshares, Inc. (NASDAQ:CBSH)’s share price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $67.49 and last traded at $67.49, with a volume of 44678 shares trading hands. The stock had previously closed at $63.31.

Analyst Ratings Changes

CBSH has been the topic of several recent research reports. Wells Fargo & Company upped their target price on shares of Commerce Bancshares from $52.00 to $62.00 and gave the stock an “equal weight” rating in a research note on Monday, July 22nd. Morgan Stanley downgraded shares of Commerce Bancshares from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $66.00 to $64.00 in a research note on Monday, September 30th. StockNews.com raised shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Finally, Piper Sandler set a $68.50 price objective on shares of Commerce Bancshares and gave the company a “neutral” rating in a research report on Friday, October 18th. Seven equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, Commerce Bancshares currently has a consensus rating of “Hold” and an average target price of $61.79.

Commerce Bancshares Trading Up 8.3 %

The firm’s fifty day moving average price is $61.21 and its 200-day moving average price is $58.92. The firm has a market cap of $8.84 billion, a price-to-earnings ratio of 16.49, a PEG ratio of 3.09 and a beta of 0.73.

Commerce Bancshares Dividend Announcement

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

Insider Buying and Selling

In related news, Chairman David W. Kemper sold 30,000 shares of the stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $61.78, for a total transaction of $1,853,400.00. Following the completion of the sale, the chairman now owns 1,151,994 shares in the company, valued at $71,170,189.32. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Chairman David W. Kemper sold 30,000 shares of the stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $61.78, for a total transaction of $1,853,400.00. Following the completion of the sale, the chairman now owns 1,151,994 shares in the company, valued at $71,170,189.32. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Patricia R. Kellerhals sold 1,500 shares of the company’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $60.82, for a total transaction of $91,230.00. Following the transaction, the senior vice president now owns 25,381 shares of the company’s stock, valued at approximately $1,543,672.42. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,831 shares of company stock worth $2,154,008 in the last 90 days. Company insiders own 3.10% of the company’s stock.

Hedge Funds Weigh In On Commerce Bancshares

A number of large investors have recently made changes to their positions in the stock. Los Angeles Capital Management LLC boosted its stake in shares of Commerce Bancshares by 7,407.2% during the 3rd quarter. Los Angeles Capital Management LLC now owns 362,900 shares of the financial services provider’s stock worth $21,556,000 after purchasing an additional 358,066 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Commerce Bancshares by 19.8% during the second quarter. Dimensional Fund Advisors LP now owns 2,069,924 shares of the financial services provider’s stock valued at $115,453,000 after buying an additional 342,793 shares in the last quarter. Vanguard Group Inc. lifted its position in Commerce Bancshares by 2.1% during the first quarter. Vanguard Group Inc. now owns 12,631,645 shares of the financial services provider’s stock valued at $672,004,000 after buying an additional 259,127 shares in the last quarter. American Century Companies Inc. lifted its position in Commerce Bancshares by 7.4% during the second quarter. American Century Companies Inc. now owns 3,509,796 shares of the financial services provider’s stock valued at $195,776,000 after buying an additional 240,938 shares in the last quarter. Finally, Millennium Management LLC lifted its position in Commerce Bancshares by 168.3% during the second quarter. Millennium Management LLC now owns 342,084 shares of the financial services provider’s stock valued at $19,081,000 after buying an additional 214,582 shares in the last quarter. 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.