Commerce Bancshares, Inc. (NASDAQ:CBSH) Short Interest Down 7.5% in August

Commerce Bancshares, Inc. (NASDAQ:CBSHGet Rating) was the target of a large decrease in short interest in August. As of August 31st, there was short interest totalling 3,070,000 shares, a decrease of 7.5% from the August 15th total of 3,320,000 shares. Based on an average trading volume of 388,900 shares, the days-to-cover ratio is currently 7.9 days. Currently, 2.7% of the company’s stock are short sold.

Insider Activity at Commerce Bancshares

In related news, EVP Robert S. Holmes sold 2,000 shares of the company’s stock in a transaction that occurred on Thursday, August 4th. The stock was sold at an average price of $70.45, for a total value of $140,900.00. Following the transaction, the executive vice president now directly owns 43,058 shares of the company’s stock, valued at approximately $3,033,436.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Blackford F. Brauer purchased 5,000 shares of the stock in a transaction dated Wednesday, July 27th. The shares were purchased at an average cost of $68.87 per share, with a total value of $344,350.00. Following the acquisition, the director now directly owns 16,027 shares of the company’s stock, valued at $1,103,779.49. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Robert S. Holmes sold 2,000 shares of the stock in a transaction on Thursday, August 4th. The shares were sold at an average price of $70.45, for a total value of $140,900.00. Following the transaction, the executive vice president now directly owns 43,058 shares in the company, valued at $3,033,436.10. The disclosure for this sale can be found here. In the last three months, insiders have sold 6,474 shares of company stock valued at $464,244. 3.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Commerce Bancshares

A number of institutional investors have recently bought and sold shares of the business. Commerce Bank increased its stake in Commerce Bancshares by 5.2% in the 4th quarter. Commerce Bank now owns 6,929,659 shares of the financial services provider’s stock worth $476,345,000 after buying an additional 344,336 shares in the last quarter. State Street Corp grew its position in shares of Commerce Bancshares by 8.9% during the first quarter. State Street Corp now owns 6,656,709 shares of the financial services provider’s stock valued at $476,554,000 after purchasing an additional 544,292 shares in the last quarter. Lazard Asset Management LLC grew its position in shares of Commerce Bancshares by 2.1% during the first quarter. Lazard Asset Management LLC now owns 5,304,379 shares of the financial services provider’s stock valued at $379,739,000 after purchasing an additional 111,594 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Commerce Bancshares by 5.5% during the fourth quarter. Geode Capital Management LLC now owns 1,581,405 shares of the financial services provider’s stock valued at $108,705,000 after purchasing an additional 82,534 shares in the last quarter. Finally, Eaton Vance Management grew its position in shares of Commerce Bancshares by 15.0% during the first quarter. Eaton Vance Management now owns 1,385,610 shares of the financial services provider’s stock valued at $99,195,000 after purchasing an additional 181,148 shares in the last quarter. Hedge funds and other institutional investors own 68.76% of the company’s stock.

Commerce Bancshares Stock Performance

Shares of Commerce Bancshares stock opened at $70.50 on Tuesday. Commerce Bancshares has a one year low of $61.81 and a one year high of $74.72. The stock’s fifty day moving average is $69.84 and its 200 day moving average is $69.19. The stock has a market cap of $8.45 billion, a P/E ratio of 18.22 and a beta of 0.79.

Commerce Bancshares (NASDAQ:CBSHGet Rating) last issued its quarterly earnings results on Thursday, July 21st. The financial services provider reported $0.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.01. Commerce Bancshares had a return on equity of 14.98% and a net margin of 32.88%. The business had revenue of $371.80 million during the quarter, compared to analyst estimates of $362.50 million. During the same quarter in the prior year, the business posted $1.38 EPS. Commerce Bancshares’s revenue for the quarter was up 7.1% compared to the same quarter last year. Analysts predict that Commerce Bancshares will post 4.06 EPS for the current year.

Commerce Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 22nd. Shareholders of record on Wednesday, September 7th will be paid a $0.265 dividend. The ex-dividend date of this dividend is Tuesday, September 6th. This represents a $1.06 dividend on an annualized basis and a yield of 1.50%. Commerce Bancshares’s payout ratio is presently 27.39%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. StockNews.com raised Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Monday, July 18th. DA Davidson increased their price target on Commerce Bancshares to $71.00 in a report on Monday, July 25th. Finally, Jefferies Financial Group decreased their target price on Commerce Bancshares from $75.00 to $71.00 in a report on Monday, July 11th.

About Commerce Bancshares

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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.

Further Reading

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