Insider Selling: Commerce Bancshares (NASDAQ:CBSH) VP Sells 642 Shares

Key Points

• Commerce Bancshares VP David Orf sold 642 shares at an average price of $60.35, receiving $38,744.70. His remaining direct ownership fell 2.51% to 24,962 shares.
• CBSH shares recently traded at $59.63, near their 52-week high of $60.92. The company exceeded quarterly earnings and revenue estimates, reporting $1.10 EPS and $498.91 million in revenue.
• The company declared a quarterly dividend of $0.275 per share, equivalent to a $1.10 annual payout and a 1.8% yield. Analysts maintain a consensus “Hold” rating with an average price target of $63.29.

Commerce Bancshares, Inc. (NASDAQ:CBSH - Get Free Report) VP David Orf sold 642 shares of Commerce Bancshares stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $60.35, for a total value of $38,744.70. Following the completion of the sale, the vice president directly owned 24,962 shares in the company, valued at $1,506,456.70. This represents a 2.51% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Commerce Bancshares Stock Down 0.1%

Shares of Commerce Bancshares stock traded down $0.07 during trading on Tuesday, reaching $59.63. The stock had a trading volume of 414,281 shares, compared to its average volume of 1,252,448. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $8.55 billion, a price-to-earnings ratio of 14.45, a P/E/G ratio of 2.14 and a beta of 0.59. The stock has a fifty day moving average price of $57.97 and a two-hundred day moving average price of $53.67. Commerce Bancshares, Inc. has a 52 week low of $46.99 and a 52 week high of $60.92.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last announced its earnings results on Thursday, July 16th. The financial services provider reported $1.10 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.04 by $0.06. The business had revenue of $498.91 million for the quarter, compared to analyst estimates of $492.22 million. Commerce Bancshares had a return on equity of 14.31% and a net margin of 26.07%.During the same quarter last year, the firm earned $1.14 EPS. Sell-side analysts predict that Commerce Bancshares, Inc. will post 4.25 EPS for the current fiscal year.

Commerce Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 22nd. Stockholders of record on Friday, September 4th will be issued a $0.275 dividend. The ex-dividend date is Friday, September 4th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.8%. Commerce Bancshares's dividend payout ratio (DPR) is 26.63%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CBSH. Stephens set a $64.00 target price on shares of Commerce Bancshares and gave the stock an "equal weight" rating in a report on Friday, July 17th. Weiss Ratings upgraded shares of Commerce Bancshares from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, July 21st. Keefe, Bruyette & Woods boosted their price target on shares of Commerce Bancshares from $60.00 to $62.00 and gave the stock a "market perform" rating in a research report on Monday, July 20th. Piper Sandler restated a "neutral" rating and set a $66.00 price objective (up from $59.00) on shares of Commerce Bancshares in a research note on Friday, July 17th. Finally, Morgan Stanley restated a "positive" rating and issued a $65.00 price objective (up from $61.00) on shares of Commerce Bancshares in a report on Monday, June 29th. Three equities research 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, Commerce Bancshares presently has an average rating of "Hold" and a consensus price target of $63.29.

Institutional Investors Weigh In On Commerce Bancshares

Several large investors have recently made changes to their positions in CBSH. Danske Bank A S bought a new stake in Commerce Bancshares during the third quarter worth $25,000. Keating Financial Advisory Services Inc. bought a new position in shares of Commerce Bancshares in the 2nd quarter valued at about $29,000. Geneos Wealth Management Inc. increased its stake 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 increased its stake in shares of Commerce Bancshares by 104.9% during the 1st quarter. Root Financial Partners LLC now owns 623 shares of the financial services provider's stock worth $31,000 after purchasing an additional 319 shares during the last quarter. Finally, Laurel Wealth Advisors LLC bought a new stake in shares of Commerce Bancshares in the 4th quarter valued at about $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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source