Commerce Bancshares (NASDAQ:CBSH) Reaches New 12-Month High - What's Next?

Commerce Bancshares, Inc. (NASDAQ:CBSH - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $73.07 and last traded at $73.07, with a volume of 13383 shares traded. The stock had previously closed at $72.26.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on CBSH shares. StockNews.com raised shares of Commerce Bancshares from a "sell" rating to a "hold" rating in a report on Friday, October 18th. 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, October 18th. Wells Fargo & Company lifted their target price on shares of Commerce Bancshares from $52.00 to $62.00 and gave the company an "equal weight" rating in a research note on Monday, July 22nd. Finally, Morgan Stanley lowered shares of Commerce Bancshares from an "overweight" rating to an "equal weight" rating and cut their target price for the company from $66.00 to $64.00 in a research note on Monday, September 30th. Seven research 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 currently has a consensus rating of "Hold" and a consensus price target of $61.79.

Commerce Bancshares Price Performance

The firm's 50 day moving average is $61.88 and its 200 day moving average is $59.45. The firm has a market cap of $9.23 billion, a P/E ratio of 18.74, a price-to-earnings-growth ratio of 3.90 and a beta of 0.73.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last issued its earnings results on Thursday, October 17th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.07. The business had revenue of $421.38 million during the quarter, compared to analysts' expectations of $412.85 million. Commerce Bancshares had a net margin of 24.15% and a return on equity of 15.93%. As a group, analysts expect that Commerce Bancshares, Inc. will post 4.02 EPS for the current year.

Commerce Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 17th. Shareholders of record on Tuesday, December 3rd will be issued a $0.27 dividend. The ex-dividend date is Tuesday, December 3rd. This represents a $1.08 annualized dividend and a yield of 1.50%. Commerce Bancshares's dividend payout ratio (DPR) is presently 28.13%.

Insiders Place Their Bets

In other news, Chairman David W. Kemper sold 30,000 shares of the business's stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $61.78, for a total transaction of $1,853,400.00. Following the completion of the transaction, the chairman now directly owns 1,151,994 shares of the company's stock, valued at $71,170,189.32. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Chairman David W. Kemper sold 30,000 shares of the business's stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $61.78, for a total transaction of $1,853,400.00. Following the completion of the transaction, the chairman now directly owns 1,151,994 shares of the company's stock, valued at $71,170,189.32. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP John K. Handy sold 1,331 shares of the company's stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $63.80, for a total transaction of $84,917.80. Following the sale, the executive vice president now directly owns 41,548 shares of the company's stock, valued at approximately $2,650,762.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 33,331 shares of company stock valued at $2,062,778. Insiders own 3.20% of the company's stock.

Hedge Funds Weigh In On Commerce Bancshares

Hedge funds have recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. boosted its stake in Commerce Bancshares by 0.5% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 30,906 shares of the financial services provider's stock worth $1,724,000 after purchasing an additional 154 shares in the last quarter. Sound Stewardship LLC boosted its stake in Commerce Bancshares by 3.9% in the 3rd quarter. Sound Stewardship LLC now owns 4,339 shares of the financial services provider's stock worth $258,000 after purchasing an additional 163 shares in the last quarter. Allworth Financial LP raised its position in Commerce Bancshares by 51.1% during the 3rd quarter. Allworth Financial LP now owns 568 shares of the financial services provider's stock worth $34,000 after buying an additional 192 shares during the last quarter. Outlook Wealth Advisors LLC raised its position in Commerce Bancshares by 3.6% during the 3rd quarter. Outlook Wealth Advisors LLC now owns 6,303 shares of the financial services provider's stock worth $374,000 after buying an additional 217 shares during the last quarter. Finally, Marshall Financial Group LLC raised its position in Commerce Bancshares by 1.2% during the 3rd quarter. Marshall Financial Group LLC now owns 18,257 shares of the financial services provider's stock worth $1,084,000 after buying an additional 223 shares during the last quarter. 70.26% of the stock is currently owned by institutional investors.

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.