Commerce Bancshares Inc. (CBSH) Sets New 12-Month High at $50.88
Commerce Bancshares Inc. (NASDAQ:CBSH)’s share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $50.88 and last traded at $50.31, with a volume of 182,741 shares trading hands. The stock had previously closed at $50.67.
Several brokerages recently issued reports on CBSH. Jefferies Group reiterated a “hold” rating on shares of Commerce Bancshares in a research report on Saturday, May 14th. Bank of America Corp. reiterated a “hold” rating and issued a $50.00 price objective on shares of Commerce Bancshares in a research report on Friday, May 13th. Morgan Stanley reiterated a “hold” rating on shares of Commerce Bancshares in a research report on Tuesday, May 24th. Zacks Investment Research lowered Commerce Bancshares from a “hold” rating to a “sell” rating in a research report on Tuesday, June 14th. Finally, Piper Jaffray Cos. began coverage on Commerce Bancshares in a research report on Monday, July 11th. They issued a “neutral” rating and a $43.50 price objective for the company. Six equities research analysts have rated the stock with a hold rating, The stock has an average rating of “Hold” and a consensus target price of $45.08.
The stock has a market capitalization of $4.87 billion and a PE ratio of 19.31. The firm has a 50-day moving average price of $48.37 and a 200-day moving average price of $46.67.
Commerce Bancshares (NASDAQ:CBSH) last posted its earnings results on Wednesday, July 13th. The financial services provider reported $0.70 EPS for the quarter, beating the consensus estimate of $0.68 by $0.02. The firm earned $288.40 million during the quarter, compared to the consensus estimate of $295.65 million. Commerce Bancshares’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.71 earnings per share. On average, analysts expect that Commerce Bancshares Inc. will post $2.77 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 26th. Stockholders of record on Friday, September 9th will be given a dividend of $0.225 per share. The ex-dividend date of this dividend is Wednesday, September 7th. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.78%.
In other news, insider V Raymond Stranghoener sold 4,964 shares of the firm’s stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $48.49, for a total transaction of $240,704.36. Following the completion of the transaction, the insider now directly owns 80,869 shares in the company, valued at $3,921,337.81. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO David W. Kemper sold 40,000 shares of the firm’s stock in a transaction dated Friday, July 15th. The stock was sold at an average price of $48.86, for a total value of $1,954,400.00. Following the transaction, the chief executive officer now owns 1,316,068 shares of the company’s stock, valued at $64,303,082.48. 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 position in Commerce Bancshares Inc. (NASDAQ:CBSH) by 6.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. 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 0.28% of Commerce Bancshares worth $11,419,000 at the end of the most recent reporting period.
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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