Insider Selling: Commerce Bancshares (NASDAQ:CBSH) CEO Sells 5,830 Shares

Key Points

• Commerce Bancshares CEO John Kemper sold 5,830 shares at an average price of $60.58, generating approximately $353,181. After the sale, he directly owned 206,528 shares, a 2.75% reduction in his holdings.
• CBSH shares traded down $0.89 to $59.44, near the company’s 52-week high of $60.92. The bank reported quarterly EPS of $1.10, exceeding analysts’ $1.04 estimate, while revenue also topped expectations.
• Analysts maintain a consensus “Hold” rating, with an average price target of $62.43; institutional investors and hedge funds own approximately 70.26% of the company.

Commerce Bancshares, Inc. (NASDAQ:CBSH - Get Free Report) CEO John Kemper sold 5,830 shares of the stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $60.58, for a total transaction of $353,181.40. Following the transaction, the chief executive officer directly owned 206,528 shares of the company's stock, valued at $12,511,466.24. This represents a 2.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Commerce Bancshares Stock Performance

CBSH traded down $0.89 during trading on Thursday, reaching $59.44. The company's stock had a trading volume of 1,043,961 shares, compared to its average volume of 1,290,456. Commerce Bancshares, Inc. has a 52-week low of $46.99 and a 52-week high of $60.92. The company's fifty day moving average price is $56.08 and its 200-day moving average price is $53.14. The company has a market capitalization of $8.67 billion, a price-to-earnings ratio of 14.39, a price-to-earnings-growth ratio of 2.15 and a beta of 0.58. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.82 and a current ratio of 0.82.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last issued its earnings results on Thursday, July 16th. The financial services provider reported $1.10 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.04 by $0.06. The business had revenue of $498.91 million during the quarter, compared to the consensus estimate of $492.22 million. Commerce Bancshares had a return on equity of 14.31% and a net margin of 26.07%.During the same period in the prior year, the business posted $1.14 EPS. On average, equities analysts forecast that Commerce Bancshares, Inc. will post 4.22 earnings per share for the current fiscal year.

Analyst Ratings Changes

CBSH has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods increased their target price on shares of Commerce Bancshares from $60.00 to $62.00 and gave the company a "market perform" rating in a report on Monday, July 20th. Morgan Stanley reissued a "positive" rating and set a $65.00 price target (up from $61.00) on shares of Commerce Bancshares in a research note on Monday, June 29th. Wells Fargo & Company raised their price objective on Commerce Bancshares from $53.00 to $57.00 and gave the company an "equal weight" rating in a research note on Monday, July 6th. Piper Sandler reaffirmed a "neutral" rating and set a $66.00 price objective (up from $59.00) on shares of Commerce Bancshares in a report on Friday, July 17th. Finally, Stephens set a $64.00 target price on Commerce Bancshares and gave the stock an "equal weight" rating in a research report on Friday, July 17th. Three investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $62.43.

Hedge Funds Weigh In On Commerce Bancshares

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Daytona Street Capital LLC acquired a new stake in shares of Commerce Bancshares in the fourth quarter valued at approximately $25,000. Danske Bank A S acquired a new position in shares of Commerce Bancshares during the 3rd quarter worth approximately $25,000. Geneos Wealth Management Inc. raised its position in shares of Commerce Bancshares by 85.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider's stock worth $29,000 after purchasing an additional 216 shares during the last quarter. Root Financial Partners LLC lifted its stake in Commerce Bancshares by 104.9% in the 1st quarter. Root Financial Partners LLC now owns 623 shares of the financial services provider's stock valued at $31,000 after buying an additional 319 shares in the last quarter. Finally, Laurel Wealth Advisors LLC purchased a new stake in Commerce Bancshares in the 4th quarter valued at approximately $34,000. Institutional investors and hedge funds 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.

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