Brokerages Set Commerce Bancshares, Inc. (NASDAQ:CBSH) PT at $61.79

Commerce Bancshares, Inc. (NASDAQ:CBSH) has been assigned an average recommendation of “Hold” from the seven analysts that are covering the firm, MarketBeat Ratings reports. Six analysts have rated the stock with a hold rating and one has issued a buy rating on the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $61.79.

A number of research firms have commented on CBSH. Piper Sandler set a $68.50 price target on Commerce Bancshares and gave the stock a “neutral” rating in a research note on Friday, October 18th. Wells Fargo & Company upped their price target on Commerce Bancshares from $52.00 to $62.00 and gave the stock an “equal weight” rating in a research note on Monday, July 22nd. Morgan Stanley cut Commerce Bancshares from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $66.00 to $64.00 in a research note on Monday, September 30th. Finally, StockNews.com upgraded Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Friday, October 18th.

Insiders Place Their Bets

In related news, Chairman David W. Kemper sold 30,000 shares of the firm’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $61.78, for a total transaction of $1,853,400.00. Following the transaction, the chairman now owns 1,151,994 shares of the company’s stock, valued at $71,170,189.32. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, Chairman David W. Kemper sold 30,000 shares of the firm’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $61.78, for a total transaction of $1,853,400.00. Following the transaction, the chairman now owns 1,151,994 shares of the company’s stock, valued at $71,170,189.32. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP John K. Handy sold 1,331 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $63.80, for a total value of $84,917.80. Following the transaction, the executive vice president now directly owns 41,548 shares in the company, valued at approximately $2,650,762.40. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 34,831 shares of company stock valued at $2,154,008. 3.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Commerce Bancshares

A number of hedge funds have recently added to or reduced their stakes in CBSH. Vanguard Group Inc. lifted its position in shares of 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 acquiring an additional 259,127 shares during the period. American Century Companies Inc. lifted its position in shares of Commerce Bancshares by 7.4% during the 2nd quarter. American Century Companies Inc. now owns 3,509,796 shares of the financial services provider’s stock valued at $195,776,000 after acquiring an additional 240,938 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Commerce Bancshares by 19.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,069,924 shares of the financial services provider’s stock valued at $115,453,000 after acquiring an additional 342,793 shares during the period. 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 period. Finally, Sei Investments Co. lifted its position in shares of Commerce Bancshares by 0.5% during the 2nd quarter. Sei Investments Co. now owns 624,715 shares of the financial services provider’s stock valued at $34,846,000 after acquiring an additional 3,391 shares during the period. Institutional investors and hedge funds own 70.26% of the company’s stock.

Commerce Bancshares Stock Performance

CBSH opened at $62.65 on Thursday. Commerce Bancshares has a one year low of $41.67 and a one year high of $65.86. The stock has a market capitalization of $8.08 billion, a PE ratio of 16.32, a P/E/G ratio of 3.09 and a beta of 0.73. The business’s 50 day moving average price is $61.22 and its 200 day moving average price is $58.70.

Commerce Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 17th. Shareholders of record on Tuesday, December 3rd will be issued a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 1.72%. The ex-dividend date is Tuesday, December 3rd. Commerce Bancshares’s payout ratio is 28.13%.

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.