Commerce Bancshares, Inc. (NASDAQ:CBSH) EVP Sara E. Foster sold 1,257 shares of the firm’s stock in a transaction on Tuesday, August 21st. The stock was sold at an average price of $71.65, for a total value of $90,064.05. Following the transaction, the executive vice president now owns 48,455 shares in the company, valued at $3,471,800.75. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.
Shares of NASDAQ CBSH opened at $71.99 on Wednesday. The firm has a market cap of $7.58 billion, a price-to-earnings ratio of 25.99, a P/E/G ratio of 1.89 and a beta of 0.67. Commerce Bancshares, Inc. has a 12-month low of $51.90 and a 12-month high of $72.55.
Commerce Bancshares (NASDAQ:CBSH) last announced its earnings results on Thursday, July 12th. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.12. The business had revenue of $335.81 million for the quarter, compared to analysts’ expectations of $319.25 million. Commerce Bancshares had a return on equity of 14.24% and a net margin of 28.84%. During the same quarter last year, the firm earned $0.71 EPS. equities research analysts forecast that Commerce Bancshares, Inc. will post 3.88 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, September 24th. Shareholders of record on Friday, September 7th will be given a dividend of $0.235 per share. The ex-dividend date of this dividend is Thursday, September 6th. This represents a $0.94 annualized dividend and a yield of 1.31%. Commerce Bancshares’s dividend payout ratio (DPR) is presently 33.94%.
Several research analysts have commented on the company. BidaskClub upgraded Commerce Bancshares from a “hold” rating to a “buy” rating in a report on Thursday, August 9th. Zacks Investment Research upgraded Commerce Bancshares from a “hold” rating to a “strong-buy” rating and set a $78.00 price objective on the stock in a report on Tuesday, July 17th. Morgan Stanley raised their price objective on Commerce Bancshares from $60.00 to $63.00 and gave the stock an “underweight” rating in a report on Tuesday, July 17th. Barclays raised their price objective on Commerce Bancshares from $63.00 to $68.00 and gave the stock an “equal weight” rating in a report on Friday, July 13th. Finally, Bank of America set a $68.00 price objective on Commerce Bancshares and gave the stock a “sell” rating in a report on Friday, July 13th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $65.22.
A number of hedge funds and other institutional investors have recently made changes to their positions in CBSH. Clarus Wealth Advisors bought a new stake in Commerce Bancshares during the 2nd quarter valued at $200,000. Wetherby Asset Management Inc. bought a new stake in Commerce Bancshares during the 1st quarter valued at $201,000. Cigna Investments Inc. New bought a new stake in Commerce Bancshares during the 1st quarter valued at $204,000. Segall Bryant & Hamill LLC bought a new stake in Commerce Bancshares during the 1st quarter valued at $204,000. Finally, Cullen Frost Bankers Inc. bought a new stake in Commerce Bancshares during the 2nd quarter valued at $206,000. 65.72% of the stock is currently owned by institutional investors and hedge funds.
Commerce Bancshares Company Profile
Commerce Bancshares, Inc operates as the holding company for Commerce Bank that provides retail, mortgage banking, corporate, investment, trust, and asset management products and services to individuals and businesses. It operates through three segments: Consumer, Commercial, and Wealth. The Consumer segment offers various banking products and services, including consumer deposits; consumer loans, such as automobile, motorcycle, marine, tractor/trailer, recreational vehicle, fixed rate and revolving home equity, and other consumer loans; patient health care financing; real estate loans; indirect and other consumer financing; personal mortgage banking; consumer installment lending; and consumer debit and credit bank cards, as well as provides online, mobile, and telephone banking services.
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