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

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 stock was sold at an average price of $61.78, for a total value of $1,853,400.00. Following the completion of the transaction, the chairman now owns 1,151,994 shares in the company, valued at approximately $71,170,189.32. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Commerce Bancshares Stock Performance

NASDAQ CBSH opened at $61.20 on Friday. The company has a market capitalization of $7.93 billion, a PE ratio of 17.05, a price-to-earnings-growth ratio of 3.05 and a beta of 0.74. The business’s fifty day moving average is $61.18 and its 200 day moving average is $58.33. Commerce Bancshares, Inc. has a fifty-two week low of $40.91 and a fifty-two week high of $65.86.

Commerce Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 17th. Stockholders of record on Tuesday, December 3rd will be given a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 1.76%. Commerce Bancshares’s payout ratio is 30.08%.

Hedge Funds Weigh In On Commerce Bancshares

Several large investors have recently made changes to their positions in CBSH. Oak Thistle LLC purchased a new position in shares of Commerce Bancshares in the first quarter valued at about $270,000. Allspring Global Investments Holdings LLC lifted its position in shares of Commerce Bancshares by 93.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,670 shares of the financial services provider’s stock valued at $89,000 after acquiring an additional 805 shares in the last quarter. State of Michigan Retirement System lifted its position in shares of Commerce Bancshares by 2.1% in the first quarter. State of Michigan Retirement System now owns 29,081 shares of the financial services provider’s stock valued at $1,547,000 after acquiring an additional 600 shares in the last quarter. Norden Group LLC purchased a new position in shares of Commerce Bancshares in the first quarter valued at about $475,000. Finally, Kesler Norman & Wride LLC lifted its position in shares of Commerce Bancshares by 2.7% in the first quarter. Kesler Norman & Wride LLC now owns 47,463 shares of the financial services provider’s stock valued at $2,525,000 after acquiring an additional 1,246 shares in the last quarter. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

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.