Timothy Dunn Purchases 2,500 Shares of Commerce Bancshares (NASDAQ:CBSH) Stock

Commerce Bancshares, Inc. (NASDAQ:CBSH) Director Timothy Dunn acquired 2,500 shares of the company’s stock in a transaction on Friday, March 13th. The stock was acquired at an average cost of $47.71 per share, with a total value of $119,275.00. Following the completion of the purchase, the director directly owned 5,403 shares in the company, valued at approximately $257,777.13. This represents a 86.12% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link.

Commerce Bancshares Price Performance

Shares of NASDAQ CBSH traded down $0.13 during mid-day trading on Tuesday, hitting $47.82. 964,664 shares of the company’s stock traded hands, compared to its average volume of 1,341,966. The company’s 50-day moving average is $52.78 and its two-hundred day moving average is $53.27. The company has a market capitalization of $7.02 billion, a P/E ratio of 11.41, a PEG ratio of 2.39 and a beta of 0.61. Commerce Bancshares, Inc. has a 1 year low of $47.28 and a 1 year high of $63.19.

Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings results on Thursday, January 22nd. The financial services provider reported $1.01 EPS for the quarter, topping the consensus estimate of $0.99 by $0.02. Commerce Bancshares had a return on equity of 15.34% and a net margin of 26.51%.The company had revenue of $449.36 million during the quarter, compared to analyst estimates of $442.47 million. During the same quarter last year, the business posted $1.01 earnings per share. The firm’s revenue was up 6.5% on a year-over-year basis. Equities analysts anticipate that Commerce Bancshares, Inc. will post 3.94 EPS for the current fiscal year.

Commerce Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 24th. Investors of record on Friday, March 6th will be given a $0.275 dividend. The ex-dividend date is Friday, March 6th. This represents a $1.10 dividend on an annualized basis and a yield of 2.3%. Commerce Bancshares’s dividend payout ratio (DPR) is currently 26.25%.

Hedge Funds Weigh In On Commerce Bancshares

Several institutional investors have recently made changes to their positions in the company. Edgestream Partners L.P. lifted its position in shares of Commerce Bancshares by 28.8% in the 2nd quarter. Edgestream Partners L.P. now owns 178,420 shares of the financial services provider’s stock worth $11,092,000 after purchasing an additional 39,873 shares during the period. Dynamic Technology Lab Private Ltd bought a new position in Commerce Bancshares in the second quarter worth approximately $1,948,000. Robeco Institutional Asset Management B.V. lifted its holdings in Commerce Bancshares by 59.5% during the third quarter. Robeco Institutional Asset Management B.V. now owns 102,227 shares of the financial services provider’s stock worth $6,109,000 after buying an additional 38,120 shares during the period. Voya Investment Management LLC lifted its holdings in Commerce Bancshares by 95.0% during the third quarter. Voya Investment Management LLC now owns 194,642 shares of the financial services provider’s stock worth $11,632,000 after buying an additional 94,841 shares during the period. Finally, American Century Companies Inc. boosted its position in Commerce Bancshares by 5.4% during the 3rd quarter. American Century Companies Inc. now owns 3,972,884 shares of the financial services provider’s stock valued at $237,420,000 after acquiring an additional 202,758 shares in the last quarter. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on CBSH. Weiss Ratings reissued a “hold (c)” rating on shares of Commerce Bancshares in a research note on Monday, December 29th. Morgan Stanley dropped their target price on Commerce Bancshares from $67.00 to $65.00 and set an “equal weight” rating for the company in a research report on Monday, March 2nd. Piper Sandler set a $62.00 price objective on Commerce Bancshares and gave the company a “neutral” rating in a report on Monday, January 26th. TD Cowen cut their price objective 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. Finally, Zacks Research upgraded Commerce Bancshares from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 4th. One investment analyst has rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $61.51.

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.