Insider Selling: Commerce Bancshares (NASDAQ:CBSH) SVP Sells $62,074.83 in Stock

Key Points

• Commerce Bancshares SVP Derrick Brooks sold 1,041 shares at an average price of $59.63, generating proceeds of $62,074.83. His remaining stake totals 13,117 shares, a 7.35% reduction in ownership.
• CBSH shares traded at $60.33, near their 52-week high of $60.92, with a market capitalization of approximately $8.79 billion.
• The company exceeded quarterly expectations, reporting $1.10 in EPS and $498.91 million in revenue. Analysts maintain a consensus “Hold” rating with an average price target of $62.43.

Commerce Bancshares, Inc. (NASDAQ:CBSH - Get Free Report) SVP Derrick Brooks sold 1,041 shares of the firm's stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $59.63, for a total transaction of $62,074.83. Following the completion of the transaction, the senior vice president directly owned 13,117 shares in the company, valued at approximately $782,166.71. This represents a 7.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Commerce Bancshares Price Performance

NASDAQ CBSH traded up $0.32 during trading hours on Wednesday, hitting $60.33. 1,465,206 shares of the company's stock traded hands, compared to its average volume of 1,292,180. Commerce Bancshares, Inc. has a 52-week low of $46.99 and a 52-week high of $60.92. The company has a market capitalization of $8.79 billion, a PE ratio of 14.61, a PEG ratio of 2.11 and a beta of 0.58. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.82 and a quick ratio of 0.82. The firm's 50-day moving average is $55.92 and its 200-day moving average is $53.11.

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

Wall Street Analyst Weigh In

A number of equities analysts recently commented on CBSH shares. TD Cowen reiterated a "hold" rating and set a $63.00 price objective (up from $62.00) on shares of Commerce Bancshares in a research report on Friday, July 17th. Piper Sandler restated a "neutral" rating and issued a $66.00 target price (up from $59.00) on shares of Commerce Bancshares in a report on Friday, July 17th. Hovde Group cut their target price on Commerce Bancshares from $63.00 to $60.00 and set an "outperform" rating for the company in a research note on Wednesday, April 22nd. Keefe, Bruyette & Woods lifted their price target on Commerce Bancshares from $60.00 to $62.00 and gave the stock a "market perform" rating in a report on Monday, July 20th. Finally, Weiss Ratings raised shares of Commerce Bancshares from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, July 21st. Three investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Commerce Bancshares presently has a consensus rating of "Hold" and a consensus price target of $62.43.

Institutional Trading of Commerce Bancshares

Several institutional investors have recently made changes to their positions in CBSH. Vanguard Group Inc. raised its position in Commerce Bancshares by 8.1% in the fourth quarter. Vanguard Group Inc. now owns 14,690,039 shares of the financial services provider's stock valued at $768,877,000 after purchasing an additional 1,098,142 shares during the period. Verition Fund Management LLC grew its holdings in shares of Commerce Bancshares by 39.8% during the 4th quarter. Verition Fund Management LLC now owns 631,981 shares of the financial services provider's stock worth $33,078,000 after purchasing an additional 179,894 shares during the period. Geode Capital Management LLC increased its position in shares of Commerce Bancshares by 6.7% during the 4th quarter. Geode Capital Management LLC now owns 2,780,678 shares of the financial services provider's stock worth $147,097,000 after purchasing an additional 174,863 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Commerce Bancshares by 29.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,943,247 shares of the financial services provider's stock worth $193,999,000 after purchasing an additional 894,183 shares during the last quarter. Finally, Mosaic Family Wealth Partners LLC purchased a new stake in Commerce Bancshares in the 1st quarter valued at about $3,390,000. Hedge funds and other institutional investors own 70.26% of the company's stock.

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.

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