Commerce Bancshares Inc. (CBSH) Reaches New 52-Week High at $50.88
Commerce Bancshares Inc. (NASDAQ:CBSH) shares reached a new 52-week high on Wednesday . The stock traded as high as $50.88 and last traded at $50.31, with a volume of 182,741 shares. The stock had previously closed at $50.67.
Several research analysts have recently weighed in on CBSH shares. Morgan Stanley restated a “hold” rating on shares of Commerce Bancshares in a research note on Tuesday, May 24th. Zacks Investment Research upgraded Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Friday, July 15th. Bank of America Corp. restated a “hold” rating and issued a $50.00 price target on shares of Commerce Bancshares in a research note on Friday, May 13th. Jefferies Group restated a “hold” rating on shares of Commerce Bancshares in a research note on Saturday, May 14th. Finally, Piper Jaffray Cos. started coverage on Commerce Bancshares in a research note on Monday, July 11th. They issued a “neutral” rating and a $43.50 price target for the company. Six equities research analysts have rated the stock with a hold rating, Commerce Bancshares has a consensus rating of “Hold” and an average target price of $45.08.
The company’s 50 day moving average price is $48.43 and its 200-day moving average price is $46.70. The stock has a market capitalization of $4.87 billion and a P/E ratio of 19.33.
Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings data on Wednesday, July 13th. The financial services provider reported $0.70 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.68 by $0.02. The company had revenue of $288.40 million for the quarter, compared to analysts’ expectations of $295.65 million. The business’s quarterly revenue was up 3.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.71 EPS. On average, equities analysts forecast that Commerce Bancshares Inc. will post $2.77 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 26th. Shareholders of record on Friday, September 9th will be paid a dividend of $0.225 per share. The ex-dividend date is Wednesday, September 7th. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.78%.
In related news, CEO David W. Kemper sold 40,000 shares of Commerce Bancshares 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 completion of the transaction, the chief executive officer now owns 1,316,068 shares in the company, valued at approximately $64,303,082.48. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Vice Chairman Jonathan M. Kemper sold 50,000 shares of Commerce Bancshares stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $47.22, for a total value of $2,361,000.00. Following the completion of the transaction, the insider now owns 1,242,407 shares of the company’s stock, valued at approximately $58,666,458.54. The disclosure for this sale can be found here.
An institutional investor recently raised its position in Commerce Bancshares stock. Principal Financial Group Inc. raised its stake in shares of Commerce Bancshares Inc. (NASDAQ:CBSH) by 6.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund 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 as of its most recent filing with the SEC.
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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