Commerce Bancshares Inc. (CBSH) Hits New 12-Month High at $49.54
Shares of Commerce Bancshares Inc. (NASDAQ:CBSH) hit a new 52-week high during mid-day trading on Thursday . The company 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.
A number of analysts recently issued reports on the company. Jefferies Group reissued a “hold” rating on shares of Commerce Bancshares in a research report on Saturday, May 14th. Bank of America Corp. reissued a “hold” rating and issued a $50.00 target price on shares of Commerce Bancshares in a research report on Friday, May 13th. Morgan Stanley reissued a “hold” rating on shares of Commerce Bancshares in a research report on Tuesday, May 24th. Zacks Investment Research cut Commerce Bancshares from a “hold” rating to a “sell” rating in a research report on Tuesday, June 14th. Finally, Piper Jaffray Cos. assumed coverage on Commerce Bancshares in a research report on Monday, July 11th. They issued a “neutral” rating and a $43.50 target price for the company. Six analysts have rated the stock with a hold rating, Commerce Bancshares has an average rating of “Hold” and an average price target of $45.08.
The firm has a 50 day moving average price of $48.05 and a 200-day moving average price of $46.36. The company has a market capitalization of $4.77 billion and a P/E ratio of 18.92.
Commerce Bancshares (NASDAQ:CBSH) last announced its earnings results on Wednesday, July 13th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.68 by $0.02. During the same period in the previous year, the firm posted $0.71 earnings per share. The business had revenue of $288.40 million for the quarter, compared to analysts’ expectations of $295.65 million. The firm’s revenue was up 3.9% compared to the same quarter last year. Equities analysts predict that Commerce Bancshares Inc. will post $2.77 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 26th. Investors of record on Friday, September 9th will be issued a $0.225 dividend. This represents a $0.90 annualized dividend and a yield of 1.83%. The ex-dividend date is Wednesday, September 7th.
In related news, VP Daniel D. Callahan sold 1,372 shares of the business’s stock in a transaction dated 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 sale, the vice president now directly owns 39,161 shares of the company’s stock, valued at $1,913,798.07. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO David W. Kemper sold 40,000 shares of the business’s stock in a transaction dated Friday, July 15th. The shares were sold at an average price of $48.86, for a total value of $1,954,400.00. Following the completion of the sale, the chief executive officer now directly 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.
A hedge fund recently raised its stake in Commerce Bancshares stock. Principal Financial Group Inc. boosted its stake in shares of 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 institutional investor 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 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.