Insider Selling: Commerce Bancshares (NASDAQ:CBSH) CFO Sells $1,170,047.78 in Stock

Commerce Bancshares, Inc. (NASDAQ:CBSH) CFO Charles Kim sold 19,771 shares of the business’s stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $59.18, for a total transaction of $1,170,047.78. Following the sale, the chief financial officer directly owned 119,410 shares of the company’s stock, valued at $7,066,683.80. This represents a 14.21% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Commerce Bancshares Price Performance

CBSH stock traded up $0.32 during trading on Wednesday, hitting $60.33. The stock had a trading volume of 1,465,206 shares, compared to its average volume of 1,292,180. Commerce Bancshares, Inc. has a twelve month low of $46.99 and a twelve month high of $60.92. The company’s 50-day moving average price is $55.92 and its two-hundred day moving average price is $53.11. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.82 and a quick ratio of 0.82. The stock has a market capitalization of $8.79 billion, a P/E ratio of 14.61, a PEG ratio of 2.11 and a beta of 0.58.

Commerce Bancshares (NASDAQ:CBSH) last released its earnings results on Thursday, July 16th. The financial services provider reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.06. The business had revenue of $498.91 million for the quarter, compared to the consensus estimate of $492.22 million. Commerce Bancshares had a return on equity of 14.31% and a net margin of 26.07%.During the same quarter last year, the business posted $1.14 earnings per share. As a group, research analysts predict that Commerce Bancshares, Inc. will post 4.22 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CBSH. Wells Fargo & Company increased their target price on shares of Commerce Bancshares from $53.00 to $57.00 and gave the company an “equal weight” rating in a research report on Monday, July 6th. Hovde Group decreased their target price on shares of Commerce Bancshares from $63.00 to $60.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 22nd. Piper Sandler restated a “neutral” rating and issued a $66.00 price target (up from $59.00) on shares of Commerce Bancshares in a research report on Friday, July 17th. Stephens set a $64.00 price objective on Commerce Bancshares and gave the stock an “equal weight” rating in a research note on Friday, July 17th. Finally, Morgan Stanley reaffirmed a “positive” rating and issued a $65.00 target price (up from $61.00) on shares of Commerce Bancshares in a research note on Monday, June 29th. Three research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $62.43.

Institutional Investors Weigh In On Commerce Bancshares

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of Commerce Bancshares by 8.1% during the 4th quarter. Vanguard Group Inc. now owns 14,690,039 shares of the financial services provider’s stock worth $768,877,000 after purchasing an additional 1,098,142 shares during the period. State Street Corp lifted its stake in Commerce Bancshares by 8.4% during the fourth quarter. State Street Corp now owns 7,318,898 shares of the financial services provider’s stock worth $383,071,000 after purchasing an additional 566,853 shares in the last quarter. Commerce Bank lifted its stake in Commerce Bancshares by 7.0% during the fourth quarter. Commerce Bank now owns 5,660,823 shares of the financial services provider’s stock worth $296,287,000 after purchasing an additional 369,636 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Commerce Bancshares by 29.3% during the first quarter. Dimensional Fund Advisors LP now owns 3,943,247 shares of the financial services provider’s stock worth $193,999,000 after buying an additional 894,183 shares during the period. Finally, Geode Capital Management LLC grew its stake in shares of Commerce Bancshares by 6.7% in the fourth quarter. Geode Capital Management LLC now owns 2,780,678 shares of the financial services provider’s stock valued at $147,097,000 after buying an additional 174,863 shares in the last quarter. 70.26% of the stock is owned by hedge funds and other institutional investors.

About Commerce Bancshares

Commerce Bancshares, Inc is a bank holding company primarily engaged in providing a broad range of banking and financial services across the Midwest. Through its principal subsidiary, Commerce Bank, the company offers commercial and consumer banking, treasury management, trust and wealth advisory, and mortgage lending. Its diversified product suite includes deposit and loan products, cash management solutions, capital markets services, and private banking designed to meet the needs of individuals, small businesses, and large corporations.

The company’s commercial banking group delivers tailored credit facilities, equipment and inventory financing, asset-based lending, and merchant services.