Commerce Bancshares, Inc. (NASDAQ:CBSH) SVP Patricia R. Kellerhals Sells 1,000 Shares
Commerce Bancshares, Inc. recently made headlines when Senior Vice President Patricia R. Kellerhals sold 1,000 shares of the company’s stock. This transaction, executed on Monday, December 16th, saw each share sold at an average price of $67.69, amounting to a total value of $67,690.00. Following this sale, Patricia R. Kellerhals retains ownership of 21,265 shares in the company, valued at approximately $1,439,427.85.
The sale marks a decrease of 4.49% in her ownership stake in Commerce Bancshares. Documentation related to the transaction has been filed with the SEC.
On a related note, shares of Commerce Bancshares opened at $63.87 on Thursday, reflecting a market environment that has shown a 50-day moving average of $67.09 and a two-hundred day moving average of $62.07. The company’s market capitalization is positioned at $8.19 billion, with a P/E ratio of 16.63, a P/E/G ratio of 2.92, and a beta of 0.77. Over the past year, the stock has seen a low of $47.09 and a high of $72.75.
The financial services provider reported its most recent earnings on Thursday, October 17th. During this period, the company exceeded analysts’ expectations by posting earnings per share (EPS) of $1.07, surpassing the consensus estimate of $1.00. With a return on equity of 15.93% and a net margin of 24.15%, Commerce Bancshares continues to show robust financial health. The firm’s quarterly revenue was noted at $421.38 million, compared to the anticipated $412.85 million. Projections indicate that Commerce Bancshares, Inc. could post an EPS of 3.95 for the current fiscal year.
In addition to reporting earnings, Commerce Bancshares disclosed a recent quarterly dividend distribution. The dividend of $0.27 per share was issued on Tuesday, December 17th, to stockholders recorded as of Tuesday, December 3rd. On an annualized basis, this results in a $1.08 dividend per share, indicating a dividend yield of 1.69%. The company’s current payout ratio stands at 28.13%.
Investment Activity
Institutional investors and hedge funds have shown varied levels of activity with Commerce Bancshares stock. Notably, Franklin Resources Inc. acquired a new stake valued at $2,861,000 during the third quarter. Tidal Investments LLC increased their holdings by 13.5% in the same period, now possessing 39,040 shares worth $2,319,000 after adding 4,654 shares. Wilmington Savings Fund Society FSB also acquired a new position valued at approximately $475,000. Sanctuary Advisors LLC expanded their holdings by 35.5%, acquiring an additional 11,247 shares for a total of 42,924 shares valued at $2,550,000. Virtu Financial LLC entered with a new stake valued at approximately $566,000. As it stands, 70.26% of Commerce Bancshares stock is owned by institutional investors and hedge funds.
Analyst Perspectives
There has been considerable analysis regarding Commerce Bancshares (CBSH), with diverse viewpoints presented by various analysts. Keefe, Bruyette & Woods raised their target price for the company from $66.00 to $78.00, granting the stock a “market perform” rating. Similarly, Wells Fargo & Company increased their price objective from $62.00 to $67.00, maintaining an “equal weight” rating. Conversely, Morgan Stanley downgraded the stock from an “overweight” to “equal weight” rating, adjusting their price target downward to $64.00. Meanwhile, Piper Sandler set a neutral rating with a price objective of $68.50. StockNews.com upgraded the stock’s rating from “sell” to a “hold.” Overall, eight analysts have rated the stock with a hold rating, with the average price target being $65.07.
Commerce Bancshares, Inc. functions as the bank holding company for Commerce Bank, offering an array of financial services and products which include retail, mortgage banking, corporate investment, trust, and asset management solutions. With its operations segmented into Consumer, Commercial, and Wealth divisions, the company caters to a broad client base in the United States.
