Commerce Bancshares, Inc. (NASDAQ:CBSH) Chairman Sells $1,853,400.00 in Stock

Commerce Bancshares, Inc. (NASDAQ:CBSH) Chairman David W. Kemper sold 30,000 shares of Commerce Bancshares stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $61.78, for a total value of $1,853,400.00. Following the completion of the sale, the chairman now directly owns 1,151,994 shares in the company, valued at $71,170,189.32. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Commerce Bancshares Price Performance

Shares of NASDAQ CBSH opened at $61.20 on Friday. The business’s 50 day moving average is $61.18 and its two-hundred day moving average is $58.33. Commerce Bancshares, Inc. has a 1-year low of $40.91 and a 1-year high of $65.86. The stock has a market capitalization of $7.93 billion, a P/E ratio of 17.05, a PEG ratio of 3.05 and a beta of 0.74.

Commerce Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 17th. Stockholders of record on Tuesday, December 3rd will be paid a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.76%. Commerce Bancshares’s dividend payout ratio is 30.08%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CBSH. Wells Fargo & Company lifted their target price on Commerce Bancshares from $52.00 to $62.00 and gave the stock an “equal weight” rating in a report on Monday, July 22nd. Piper Sandler set a $68.50 target price on Commerce Bancshares and gave the stock a “neutral” rating in a report on Friday, October 18th. StockNews.com raised Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Jefferies Financial Group boosted their price objective on Commerce Bancshares from $60.00 to $62.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. Finally, Morgan Stanley cut Commerce Bancshares from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $66.00 to $64.00 in a research note on Monday, September 30th. Seven analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $61.79.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Financial Advocates Investment Management grew its stake in shares of Commerce Bancshares by 1.5% during the third quarter. Financial Advocates Investment Management now owns 15,904 shares of the financial services provider’s stock valued at $945,000 after buying an additional 241 shares during the last quarter. Sound Stewardship LLC grew its stake in shares of Commerce Bancshares by 3.9% during the third quarter. Sound Stewardship LLC now owns 4,339 shares of the financial services provider’s stock valued at $258,000 after buying an additional 163 shares during the last quarter. State of Alaska Department of Revenue grew its stake in shares of Commerce Bancshares by 7.2% during the third quarter. State of Alaska Department of Revenue now owns 13,747 shares of the financial services provider’s stock valued at $816,000 after buying an additional 920 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Commerce Bancshares by 81.2% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 14,168 shares of the financial services provider’s stock valued at $842,000 after buying an additional 6,349 shares during the last quarter. Finally, Outlook Wealth Advisors LLC grew its stake in shares of Commerce Bancshares by 3.6% during the third quarter. Outlook Wealth Advisors LLC now owns 6,303 shares of the financial services provider’s stock valued at $374,000 after buying an additional 217 shares during the last quarter. Institutional investors own 70.26% of the company’s stock.

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.