Commerce Bancshares, Inc. (NASDAQ:CBSH) Chairman Sells $1,853,400.00 in Stock

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

Commerce Bancshares Stock Performance

Shares of CBSH stock opened at $61.53 on Friday. The firm has a market cap of $7.93 billion, a P/E ratio of 16.02, a P/E/G ratio of 3.05 and a beta of 0.74. Commerce Bancshares, Inc. has a fifty-two week low of $40.91 and a fifty-two week high of $65.86. The business’s 50 day moving average price is $61.19 and its 200-day moving average price is $58.28.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CBSH. Jefferies Financial Group raised their price objective on Commerce Bancshares from $60.00 to $62.00 and gave the company a “hold” rating in a report on Wednesday, July 3rd. Morgan Stanley cut Commerce Bancshares from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $66.00 to $64.00 in a research note on Monday, September 30th. Wells Fargo & Company lifted 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. StockNews.com raised Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Finally, 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. Seven equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $61.79.

Institutional Investors Weigh In On Commerce Bancshares

A number of large investors have recently made changes to their positions in CBSH. Dimensional Fund Advisors LP grew its position in shares of Commerce Bancshares by 19.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,069,924 shares of the financial services provider’s stock worth $115,453,000 after buying an additional 342,793 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Commerce Bancshares by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 12,631,645 shares of the financial services provider’s stock worth $672,004,000 after buying an additional 259,127 shares during the last quarter. American Century Companies Inc. grew its position in shares of Commerce Bancshares by 7.4% in the 2nd quarter. American Century Companies Inc. now owns 3,509,796 shares of the financial services provider’s stock worth $195,776,000 after buying an additional 240,938 shares during the last quarter. Millennium Management LLC grew its position 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 during the last quarter. Finally, Boston Trust Walden Corp grew its position 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 during the last quarter. 70.26% of the stock is currently owned by institutional investors.

Commerce Bancshares Company Profile

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.