Commerce Bancshares (NASDAQ:CBSH) Sets New 12-Month Low – Here’s Why

Commerce Bancshares, Inc. (NASDAQ:CBSH)’s stock price hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $47.28 and last traded at $47.5140, with a volume of 881025 shares trading hands. The stock had previously closed at $47.82.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on CBSH shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Commerce Bancshares in a report on Monday, December 29th. Piper Sandler set a $62.00 price objective on shares of Commerce Bancshares and gave the stock a “neutral” rating in a research report on Monday, January 26th. Morgan Stanley decreased their target price on shares of Commerce Bancshares from $67.00 to $65.00 and set an “equal weight” rating on the stock in a report on Monday, March 2nd. TD Cowen dropped their price target on shares of Commerce Bancshares from $61.00 to $55.00 and set a “hold” rating for the company in a research note on Wednesday, January 7th. Finally, Zacks Research upgraded shares of Commerce Bancshares from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 4th. One investment analyst has rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $61.51.

Commerce Bancshares Stock Down 0.6%

The stock’s 50-day simple moving average is $52.66 and its 200 day simple moving average is $53.19. The company has a market cap of $6.98 billion, a price-to-earnings ratio of 11.34, a PEG ratio of 2.40 and a beta of 0.61.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings results on Thursday, January 22nd. The financial services provider reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.02. The business had revenue of $449.36 million during the quarter, compared to analysts’ expectations of $442.47 million. Commerce Bancshares had a net margin of 26.51% and a return on equity of 15.34%. The business’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same period last year, the business earned $1.01 earnings per share. On average, sell-side analysts expect that Commerce Bancshares, Inc. will post 3.94 EPS for the current fiscal year.

Commerce Bancshares Dividend Announcement

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

Insider Buying and Selling at Commerce Bancshares

In related news, CEO John W. Kemper sold 23,397 shares of the firm’s stock in a transaction dated Thursday, February 5th. The stock was sold at an average price of $53.99, for a total transaction of $1,263,204.03. Following the completion of the transaction, the chief executive officer directly owned 206,528 shares in the company, valued at $11,150,446.72. This trade represents a 10.18% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Derrick Brooks sold 1,044 shares of Commerce Bancshares stock in a transaction dated Wednesday, February 4th. The shares were sold at an average price of $54.40, for a total value of $56,793.60. Following the completion of the transaction, the senior vice president directly owned 14,585 shares of the company’s stock, valued at approximately $793,424. This represents a 6.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 29,477 shares of company stock valued at $1,586,655. Corporate insiders own 3.10% of the company’s stock.

Institutional Investors Weigh In On Commerce Bancshares

Several large investors have recently bought and sold shares of the stock. Danske Bank A S acquired a new position in shares of Commerce Bancshares during the third quarter worth about $25,000. Geneos Wealth Management Inc. lifted its stake in Commerce Bancshares by 85.4% in the first quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 216 shares during the last quarter. Daytona Street Capital LLC acquired a new position in Commerce Bancshares during the 4th quarter worth approximately $25,000. Quent Capital LLC acquired a new position in Commerce Bancshares during the 3rd quarter worth approximately $31,000. Finally, CoreFirst Bank & Trust purchased a new stake in shares of Commerce Bancshares in the 2nd quarter valued at approximately $33,000. Hedge funds and other institutional investors own 70.26% of the company’s stock.

About Commerce Bancshares

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.