Commerce Bancshares Inc. (CBSH) Reaches New 1-Year High at $49.54
Commerce Bancshares Inc. (NASDAQ:CBSH)’s share price hit a new 52-week high on Thursday . The stock traded as high as $49.54 and last traded at $49.47, with a volume of 75,384 shares changing hands. The stock had previously closed at $49.30.
CBSH has been the subject of several analyst reports. Bank of America Corp. restated a “hold” rating and set a $50.00 price target on shares of Commerce Bancshares in a report on Friday, May 13th. Morgan Stanley reaffirmed a “hold” rating on shares of Commerce Bancshares in a research report on Tuesday, May 24th. Zacks Investment Research raised Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Monday, June 20th. Jefferies Group reaffirmed a “hold” rating and set a $48.00 price objective on shares of Commerce Bancshares in a research report on Thursday, July 7th. Finally, Piper Jaffray Cos. initiated coverage on Commerce Bancshares in a research report on Monday, July 11th. They set a “neutral” rating and a $43.50 price objective on the stock. Six research analysts have rated the stock with a hold rating, The company currently has an average rating of “Hold” and a consensus target price of $45.08.
The stock has a 50-day moving average of $48.21 and a 200 day moving average of $46.44. The stock has a market cap of $4.80 billion and a price-to-earnings ratio of 19.04.
Commerce Bancshares (NASDAQ:CBSH) last issued its earnings results on Wednesday, July 13th. The financial services provider reported $0.70 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.68 by $0.02. During the same quarter in the prior year, the company posted $0.71 earnings per share. The firm earned $288.40 million during the quarter, compared to analysts’ expectations of $295.65 million. Commerce Bancshares’s quarterly revenue was up 3.9% compared to the same quarter last year. Equities analysts anticipate that Commerce Bancshares Inc. will post $2.77 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, September 26th. Shareholders of record on Friday, September 9th will be issued a $0.225 dividend. This represents a $0.90 annualized dividend and a dividend yield of 1.81%. The ex-dividend date is Wednesday, September 7th.
In other news, insider V Raymond Stranghoener sold 4,964 shares of the business’s stock in a transaction on Monday, August 8th. The stock was sold at an average price of $48.49, for a total value of $240,704.36. Following the completion of the transaction, the insider now directly owns 80,869 shares of the company’s stock, valued at approximately $3,921,337.81. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Daniel D. Callahan sold 1,372 shares of the business’s stock in a transaction on Wednesday, June 1st. The stock was sold at an average price of $48.87, for a total value of $67,049.64. Following the completion of the transaction, the vice president now directly owns 39,161 shares of the company’s stock, valued at $1,913,798.07. The disclosure for this sale can be found here.
An institutional investor recently raised its position in Commerce Bancshares stock. Principal Financial Group Inc. increased its stake in Commerce Bancshares Inc. (NASDAQ:CBSH) by 6.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 268,184 shares of the financial services provider’s stock after buying an additional 16,159 shares during the period. Principal Financial Group Inc. owned about 0.28% of Commerce Bancshares worth $11,419,000 at the end of the most recent quarter.
Commerce Bancshares, Inc is a bank holding company of Commerce Bank (the Bank). The Bank is engaged in general banking business, providing a range of retail, corporate, investment, trust and asset management products and services to individuals and businesses. The Company operates through three segments: Consumer, Commercial and Wealth.
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