Commerce Bancshares, Inc. (NASDAQ:CBSH) Short Interest Up 22.2% in October

Commerce Bancshares, Inc. (NASDAQ:CBSH) was the target of a large growth in short interest during the month of October. As of October 15th, there was short interest totalling 1,650,000 shares, a growth of 22.2% from the September 30th total of 1,350,000 shares. Based on an average daily volume of 594,200 shares, the short-interest ratio is currently 2.8 days.

Commerce Bancshares Price Performance

Shares of NASDAQ:CBSH traded up $0.85 during trading on Wednesday, hitting $63.30. 142,102 shares of the company were exchanged, compared to its average volume of 528,054. The company has a market cap of $8.16 billion, a PE ratio of 16.26, a P/E/G ratio of 3.03 and a beta of 0.74. The stock has a 50 day moving average of $61.20 and a 200 day moving average of $58.56. Commerce Bancshares has a 52-week low of $40.91 and a 52-week high of $65.86.

Commerce Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 17th. Shareholders of record on Tuesday, December 3rd will be given a dividend of $0.27 per share. The ex-dividend date of this dividend is Tuesday, December 3rd. This represents a $1.08 annualized dividend and a dividend yield of 1.71%. Commerce Bancshares’s dividend payout ratio is currently 28.13%.

Analysts Set New Price Targets

CBSH has been the subject of several recent analyst reports. Piper Sandler set a $68.50 target price on Commerce Bancshares and gave the company a “neutral” rating in a report on Friday, October 18th. Jefferies Financial Group upped their target price 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 lowered Commerce Bancshares from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $66.00 to $64.00 in a report on Monday, September 30th. StockNews.com raised Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Finally, Wells Fargo & Company upped their price objective on Commerce Bancshares from $52.00 to $62.00 and gave the company an “equal weight” rating in a research note on Monday, July 22nd. Seven equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $61.79.

Insider Buying and Selling at Commerce Bancshares

In other news, Chairman David W. Kemper sold 30,000 shares of the stock in a transaction that occurred 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 sale, the chairman now directly owns 1,151,994 shares of the company’s stock, valued at $71,170,189.32. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Chairman David W. Kemper sold 30,000 shares of the business’s stock in a transaction dated 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 transaction, the chairman now directly owns 1,151,994 shares in the company, valued at approximately $71,170,189.32. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Patricia R. Kellerhals sold 2,000 shares of Commerce Bancshares stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $62.23, for a total transaction of $124,460.00. Following the transaction, the senior vice president now directly owns 23,381 shares in the company, valued at approximately $1,454,999.63. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 34,831 shares of company stock worth $2,154,008. Insiders own 3.10% of the company’s stock.

Institutional Investors Weigh In On Commerce Bancshares

Several institutional investors have recently made changes to their positions in CBSH. V Square Quantitative Management LLC purchased a new stake in shares of Commerce Bancshares during the third quarter worth $26,000. Allworth Financial LP raised its position in shares of Commerce Bancshares by 51.1% in the third quarter. Allworth Financial LP now owns 568 shares of the financial services provider’s stock worth $34,000 after buying an additional 192 shares in the last quarter. Bessemer Group Inc. raised its position in shares of Commerce Bancshares by 86.3% in the first quarter. Bessemer Group Inc. now owns 842 shares of the financial services provider’s stock worth $45,000 after buying an additional 390 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Commerce Bancshares by 156.5% in the second quarter. GAMMA Investing LLC now owns 854 shares of the financial services provider’s stock worth $48,000 after buying an additional 521 shares in the last quarter. Finally, Farther Finance Advisors LLC raised its position in shares of Commerce Bancshares by 48.2% in the third quarter. Farther Finance Advisors LLC now owns 882 shares of the financial services provider’s stock worth $52,000 after buying an additional 287 shares in the last quarter. Hedge funds and other institutional investors own 70.26% of the company’s stock.

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.