Insider Selling: Commerce Bancshares Inc. (CBSH) Insider Sells $277,318.34 in Stock
Commerce Bancshares Inc. (NASDAQ:CBSH) insider Sara E. Foster sold 4,783 shares of the company’s stock in a transaction dated Friday, November 25th. The stock was sold at an average price of $57.98, for a total transaction of $277,318.34. Following the completion of the transaction, the insider now owns 59,728 shares of the company’s stock, valued at approximately $3,463,029.44. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.
Shares of Commerce Bancshares Inc. (NASDAQ:CBSH) opened at 54.81 on Thursday. The company’s 50-day moving average is $52.15 and its 200 day moving average is $49.33. Commerce Bancshares Inc. has a 1-year low of $37.44 and a 1-year high of $58.21. The firm has a market capitalization of $5.29 billion, a price-to-earnings ratio of 20.62 and a beta of 0.66.
Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings data on Friday, October 14th. The financial services provider reported $0.68 EPS for the quarter, missing analysts’ consensus estimates of $0.70 by $0.02. The business had revenue of $290.60 million for the quarter. Commerce Bancshares had a return on equity of 11.52% and a net margin of 23.01%. The business’s revenue for the quarter was up 6.3% compared to the same quarter last year. During the same period last year, the firm earned $0.63 earnings per share. On average, analysts expect that Commerce Bancshares Inc. will post $2.74 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 19th. Stockholders of record on Friday, December 2nd will be issued a dividend of $0.225 per share. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.64%. The ex-dividend date is Wednesday, November 30th. Commerce Bancshares’s payout ratio is 33.83%.
Several institutional investors have recently added to or reduced their stakes in the company. Speece Thorson Capital Group Inc. increased its position in Commerce Bancshares by 1.4% in the second quarter. Speece Thorson Capital Group Inc. now owns 279,621 shares of the financial services provider’s stock worth $13,394,000 after buying an additional 3,816 shares during the last quarter. Confluence Investment Management LLC increased its position in Commerce Bancshares by 6.9% in the second quarter. Confluence Investment Management LLC now owns 217,387 shares of the financial services provider’s stock worth $10,413,000 after buying an additional 14,054 shares during the last quarter. Ameriprise Financial Inc. increased its position in Commerce Bancshares by 3.2% in the second quarter. Ameriprise Financial Inc. now owns 216,221 shares of the financial services provider’s stock worth $10,356,000 after buying an additional 6,783 shares during the last quarter. Bank of Montreal Can purchased a new position in shares of Commerce Bancshares during the second quarter valued at about $7,771,000. Finally, Victory Capital Management Inc. increased its position in shares of Commerce Bancshares by 5.6% in the second quarter. Victory Capital Management Inc. now owns 17,069 shares of the financial services provider’s stock valued at $818,000 after buying an additional 908 shares in the last quarter. 61.41% of the stock is owned by institutional investors.
Several research analysts have commented on CBSH shares. Barclays PLC upped their target price on shares of Commerce Bancshares from $45.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 11th. Zacks Investment Research cut shares of Commerce Bancshares from a “hold” rating to a “sell” rating in a report on Monday, September 19th. Morgan Stanley cut shares of Commerce Bancshares from an “equal weight” rating to an “underweight” rating and set a $45.00 price objective for the company. in a report on Tuesday, September 20th. Finally, Jefferies Group reiterated a “hold” rating on shares of Commerce Bancshares in a report on Thursday, August 18th. One equities research analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. Commerce Bancshares has an average rating of “Hold” and a consensus price target of $45.75.
Commerce Bancshares Company Profile
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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