Commerce Bancshares (NASDAQ:CBSH) Shares Gap Up – What’s Next?

Commerce Bancshares, Inc. (NASDAQ:CBSH) gapped up prior to trading on Thursday . The stock had previously closed at $61.66, but opened at $63.90. Commerce Bancshares shares last traded at $62.51, with a volume of 40,442 shares trading hands.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on CBSH shares. Morgan Stanley lowered shares of Commerce Bancshares from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $66.00 to $64.00 in a research note on Monday, September 30th. Wells Fargo & Company lifted their price target on shares of Commerce Bancshares from $52.00 to $62.00 and gave the company an “equal weight” rating in a research report on Monday, July 22nd. StockNews.com raised Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Friday. Jefferies Financial Group lifted their target price on Commerce Bancshares from $60.00 to $62.00 and gave the company a “hold” rating in a report on Wednesday, July 3rd. Finally, Piper Sandler set a $68.50 price target on shares of Commerce Bancshares and gave the stock a “neutral” rating in a report on Friday. Seven investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $61.79.

Commerce Bancshares Trading Up 0.3 %

The company has a market cap of $7.94 billion, a PE ratio of 17.07, a price-to-earnings-growth ratio of 3.02 and a beta of 0.74. The stock has a fifty day simple moving average of $61.10 and a two-hundred day simple moving average of $58.03.

Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings results on Thursday, July 18th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.17. Commerce Bancshares had a net margin of 23.62% and a return on equity of 16.50%. The company had revenue of $414.90 million during the quarter, compared to the consensus estimate of $406.88 million. During the same period last year, the firm earned $0.97 EPS. The company’s revenue for the quarter was up 4.5% on a year-over-year basis. As a group, equities research analysts anticipate that Commerce Bancshares, Inc. will post 3.92 EPS for the current fiscal year.

Commerce Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 23rd. Stockholders of record on Thursday, September 5th were issued a $0.27 dividend. The ex-dividend date of this dividend was Thursday, September 5th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.76%. Commerce Bancshares’s dividend payout ratio (DPR) is 30.08%.

Insider Transactions at Commerce Bancshares

In other Commerce Bancshares news, Director Jonathan M. Kemper sold 19,626 shares of Commerce Bancshares stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $63.66, for a total value of $1,249,391.16. Following the transaction, the director now owns 997,112 shares in the company, valued at $63,476,149.92. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Commerce Bancshares news, CFO Charles G. Kim sold 5,282 shares of Commerce Bancshares stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $65.00, for a total value of $343,330.00. Following the completion of the transaction, the chief financial officer now directly owns 89,472 shares in the company, valued at $5,815,680. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Jonathan M. Kemper sold 19,626 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $63.66, for a total value of $1,249,391.16. Following the completion of the sale, the director now directly owns 997,112 shares in the company, valued at approximately $63,476,149.92. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 49,612 shares of company stock worth $3,184,609 over the last quarter. 3.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Commerce Bancshares

Several hedge funds and other institutional investors have recently made changes to their positions in CBSH. Vanguard Group Inc. increased its stake in Commerce Bancshares by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 12,631,645 shares of the financial services provider’s stock valued at $672,004,000 after buying an additional 259,127 shares during the period. American Century Companies Inc. raised its holdings in shares of Commerce Bancshares by 7.4% in the 2nd quarter. American Century Companies Inc. now owns 3,509,796 shares of the financial services provider’s stock worth $195,776,000 after purchasing an additional 240,938 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Commerce Bancshares by 19.8% during the second quarter. Dimensional Fund Advisors LP now owns 2,069,924 shares of the financial services provider’s stock worth $115,453,000 after buying an additional 342,793 shares in the last quarter. Boston Trust Walden Corp lifted its position in shares of Commerce Bancshares by 15.4% during the 2nd quarter. Boston Trust Walden Corp now owns 1,260,999 shares of the financial services provider’s stock valued at $70,339,000 after acquiring an additional 168,550 shares during the last quarter. Finally, Sei Investments Co. raised its position in shares of Commerce Bancshares by 0.5% during the second quarter. Sei Investments Co. now owns 624,715 shares of the financial services provider’s stock worth $34,846,000 after purchasing an additional 3,391 shares during the period. 70.26% of the stock is currently owned by institutional investors and hedge funds.

Commerce Bancshares Company Profile

Commerce Bancshares, Inc operates as the bank holding company for Commerce Bank that provides retail, mortgage banking, corporate, investment, trust, and asset management products and services to individuals and businesses in the United States. It operates through three segments: Consumer, Commercial, and Wealth.