Commerce Bancshares, Inc. (NASDAQ:CBSH) Chairman David W. Kemper Sells 30,000 Shares

Commerce Bancshares, Inc. (NASDAQ:CBSH) Chairman David W. Kemper sold 30,000 shares of the firm’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $61.78, for a total transaction of $1,853,400.00. Following the completion of the transaction, the chairman now owns 1,151,994 shares in the company, valued at $71,170,189.32. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Commerce Bancshares Stock Performance

Shares of NASDAQ:CBSH traded down $0.23 during trading on Thursday, hitting $61.67. 121,464 shares of the stock were exchanged, compared to its average volume of 527,081. The company has a market capitalization of $7.95 billion, a price-to-earnings ratio of 16.12, a price-to-earnings-growth ratio of 3.05 and a beta of 0.74. Commerce Bancshares, Inc. has a 1-year low of $40.91 and a 1-year high of $65.86. The company’s fifty day simple moving average is $61.19 and its 200-day simple moving average is $58.26.

Commerce Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 23rd. Shareholders of record on Thursday, September 5th were issued a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 1.75%. The ex-dividend date of this dividend was Thursday, September 5th. Commerce Bancshares’s dividend payout ratio (DPR) is presently 28.13%.

Analyst Ratings Changes

Several brokerages have recently issued reports on CBSH. Morgan Stanley downgraded Commerce Bancshares from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $66.00 to $64.00 in a research report on Monday, September 30th. Wells Fargo & Company raised their target price on Commerce Bancshares from $52.00 to $62.00 and gave the company an “equal weight” rating in a report on Monday, July 22nd. StockNews.com raised Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Jefferies Financial Group increased their price objective on Commerce Bancshares from $60.00 to $62.00 and gave the company a “hold” rating in a research report on Wednesday, July 3rd. Finally, Piper Sandler set a $68.50 target price on shares of Commerce Bancshares and gave the stock a “neutral” rating in a research report on Friday, October 18th. Seven analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, Commerce Bancshares currently has an average rating of “Hold” and a consensus price target of $61.79.

Hedge Funds Weigh In On Commerce Bancshares

A number of hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP boosted 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 in the last quarter. Vanguard Group Inc. boosted its holdings in Commerce Bancshares by 2.1% during the first quarter. Vanguard Group Inc. now owns 12,631,645 shares of the financial services provider’s stock valued at $672,004,000 after purchasing an additional 259,127 shares in the last quarter. American Century Companies Inc. boosted its holdings in Commerce Bancshares by 7.4% during the second quarter. American Century Companies Inc. now owns 3,509,796 shares of the financial services provider’s stock valued at $195,776,000 after purchasing an additional 240,938 shares in the last quarter. Millennium Management LLC raised its holdings in shares of Commerce Bancshares by 168.3% in the 2nd quarter. Millennium Management LLC now owns 342,084 shares of the financial services provider’s stock worth $19,081,000 after buying an additional 214,582 shares in the last quarter. Finally, Boston Trust Walden Corp raised its holdings in shares of Commerce Bancshares by 15.4% in the 2nd quarter. Boston Trust Walden Corp now owns 1,260,999 shares of the financial services provider’s stock worth $70,339,000 after buying an additional 168,550 shares in the last quarter. Institutional investors and hedge funds own 70.26% of the company’s stock.

About Commerce Bancshares

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.