Insider Selling: Commerce Bancshares (NASDAQ:CBSH) SVP Sells 861 Shares of Stock
by Tristan Rich · The Markets DailyCommerce Bancshares, Inc. (NASDAQ:CBSH – Get Free Report) SVP Margaret Rowe sold 861 shares of the stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $51.69, for a total value of $44,505.09. Following the transaction, the senior vice president owned 5,742 shares in the company, valued at $296,803.98. This trade represents a 13.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.
Commerce Bancshares Trading Down 1.5%
Shares of NASDAQ:CBSH traded down $0.76 on Monday, reaching $49.60. 1,489,137 shares of the company traded hands, compared to its average volume of 1,357,236. The stock has a market capitalization of $7.29 billion, a P/E ratio of 11.84, a price-to-earnings-growth ratio of 2.53 and a beta of 0.61. The business’s 50-day simple moving average is $53.30 and its 200 day simple moving average is $53.73. Commerce Bancshares, Inc. has a 52 week low of $48.58 and a 52 week high of $63.19.
Commerce Bancshares (NASDAQ:CBSH – Get Free Report) last announced its quarterly earnings results on Thursday, January 22nd. The financial services provider reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.02. The business had revenue of $449.36 million during the quarter, compared to analysts’ expectations of $442.47 million. Commerce Bancshares had a net margin of 26.51% and a return on equity of 15.34%. The firm’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.01 EPS. Sell-side analysts expect that Commerce Bancshares, Inc. will post 3.94 EPS for the current fiscal year.
Commerce Bancshares Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 24th. Shareholders of record on Friday, March 6th will be given a dividend of $0.275 per share. The ex-dividend date of this dividend is Friday, March 6th. This represents a $1.10 annualized dividend and a yield of 2.2%. Commerce Bancshares’s dividend payout ratio (DPR) is currently 26.25%.
Institutional Investors Weigh In On Commerce Bancshares
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CBSH. Edgestream Partners L.P. boosted its holdings in Commerce Bancshares by 28.8% during the 2nd quarter. Edgestream Partners L.P. now owns 178,420 shares of the financial services provider’s stock valued at $11,092,000 after acquiring an additional 39,873 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Commerce Bancshares in the 2nd quarter worth $1,948,000. Robeco Institutional Asset Management B.V. grew its holdings in Commerce Bancshares by 59.5% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 102,227 shares of the financial services provider’s stock worth $6,109,000 after acquiring an additional 38,120 shares in the last quarter. Voya Investment Management LLC lifted its position in shares of Commerce Bancshares by 95.0% in the 3rd quarter. Voya Investment Management LLC now owns 194,642 shares of the financial services provider’s stock worth $11,632,000 after purchasing an additional 94,841 shares during the period. Finally, Midwest Trust Co bought a new stake in Commerce Bancshares during the 2nd quarter valued at $10,667,000. 70.26% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several equities analysts have recently weighed in on CBSH shares. Piper Sandler set a $62.00 price target on Commerce Bancshares and gave the company a “neutral” rating in a report on Monday, January 26th. TD Cowen dropped their target price on Commerce Bancshares from $61.00 to $55.00 and set a “hold” rating on the stock in a research report on Wednesday, January 7th. Zacks Research upgraded shares of Commerce Bancshares from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 4th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Commerce Bancshares in a report on Monday, December 29th. Finally, Morgan Stanley cut their price target on Commerce Bancshares from $67.00 to $65.00 and set an “equal weight” rating for the company in a report on Monday, March 2nd. One analyst has rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $61.51.
Read Our Latest Analysis on CBSH
Commerce Bancshares Company Profile
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.