Commerce Bancshares (NASDAQ:CBSH) Sets New 52-Week Low – Should You Sell?

Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) reached a new 52-week low during trading on Wednesday . The company traded as low as $47.28 and last traded at $47.5140, with a volume of 881025 shares trading hands. The stock had previously closed at $47.82.

Analyst Ratings Changes

Several research firms recently commented on CBSH. Piper Sandler set a $62.00 price target on Commerce Bancshares and gave the company a “neutral” rating in a report on Monday, January 26th. Zacks Research upgraded Commerce Bancshares from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 4th. TD Cowen dropped their target price on Commerce Bancshares from $61.00 to $55.00 and set a “hold” rating for the company in a report on Wednesday, January 7th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Commerce Bancshares in a research note on Monday, December 29th. Finally, Morgan Stanley lowered their price target on shares of Commerce Bancshares from $67.00 to $65.00 and set an “equal weight” rating on the stock in a research report on Monday, March 2nd. One equities research analyst has rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Commerce Bancshares currently has a consensus rating of “Hold” and a consensus price target of $61.51.

Commerce Bancshares Price Performance

The company has a market cap of $7.00 billion, a PE ratio of 11.36, a price-to-earnings-growth ratio of 2.38 and a beta of 0.61. The company’s 50 day simple moving average is $52.39 and its two-hundred day simple moving average is $53.11.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings results on Thursday, January 22nd. The financial services provider reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.99 by $0.02. Commerce Bancshares had a net margin of 26.51% and a return on equity of 15.34%. The business had revenue of $449.36 million during the quarter, compared to analysts’ expectations of $442.47 million. During the same period last year, the business earned $1.01 earnings per share. The business’s revenue for the quarter was up 6.5% on a year-over-year basis. Sell-side analysts expect that Commerce Bancshares, Inc. will post 3.94 EPS for the current fiscal year.

Commerce Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 24th. Shareholders of record on Friday, March 6th will be given a $0.275 dividend. The ex-dividend date of this dividend is Friday, March 6th. This represents a $1.10 dividend on an annualized basis and a yield of 2.3%. Commerce Bancshares’s payout ratio is presently 26.25%.

Insider Activity at Commerce Bancshares

In other news, Director Timothy S. Dunn purchased 2,500 shares of the stock in a transaction dated Friday, March 13th. The stock was acquired at an average cost of $47.71 per share, for a total transaction of $119,275.00. Following the completion of the transaction, the director directly owned 5,403 shares in the company, valued at approximately $257,777.13. This represents a 86.12% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP David L. Roller sold 2,092 shares of Commerce Bancshares stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $53.32, for a total value of $111,545.44. Following the completion of the sale, the senior vice president directly owned 28,933 shares of the company’s stock, valued at $1,542,707.56. The trade was a 6.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 29,477 shares of company stock valued at $1,586,655 over the last ninety days. 3.10% of the stock is owned by insiders.

Institutional Trading of Commerce Bancshares

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Danske Bank A S purchased a new position in shares of Commerce Bancshares in the third quarter valued at approximately $25,000. Geneos Wealth Management Inc. increased its stake in Commerce Bancshares by 85.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider’s stock worth $29,000 after buying an additional 216 shares during the period. Daytona Street Capital LLC purchased a new stake in Commerce Bancshares during the 4th quarter worth approximately $25,000. Quent Capital LLC acquired a new stake in Commerce Bancshares during the 3rd quarter worth approximately $31,000. Finally, CoreFirst Bank & Trust acquired a new stake in Commerce Bancshares during the 2nd quarter worth approximately $33,000. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

About Commerce Bancshares

Commerce Bancshares, Inc is a bank holding company primarily engaged in providing a broad range of banking and financial services across the Midwest. Through its principal subsidiary, Commerce Bank, the company offers commercial and consumer banking, treasury management, trust and wealth advisory, and mortgage lending. Its diversified product suite includes deposit and loan products, cash management solutions, capital markets services, and private banking designed to meet the needs of individuals, small businesses, and large corporations.

The company’s commercial banking group delivers tailored credit facilities, equipment and inventory financing, asset-based lending, and merchant services.