Insider Selling: Commerce Bancshares Chairman Sells 50,000 Shares of Stock (CBSH)
Commerce Bancshares (NASDAQ:CBSH) Chairman Jonathan M. Kemper sold 50,000 shares of the stock on the open market in a transaction dated Monday, August 25th. The shares were sold at an average price of $46.08, for a total value of $2,304,000.00. Following the completion of the transaction, the chairman now directly owns 1,281,114 shares of the company’s stock, valued at approximately $59,033,733. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.
Several analysts have recently commented on the stock. Analysts at Macquarie reiterated a “neutral” rating on shares of Commerce Bancshares in a research note on Wednesday, July 16th. They now have a $45.00 price target on the stock, up previously from $42.00. Separately, analysts at DA Davidson raised their price target on shares of Commerce Bancshares from $52.00 to $54.00 in a research note on Wednesday, July 16th. They now have a “buy” rating on the stock. Finally, analysts at Barclays raised their price target on shares of Commerce Bancshares from $47.00 to $53.00 in a research note on Wednesday, July 9th. They now have an “overweight” rating on the stock. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $47.14.
Commerce Bancshares (NASDAQ:CBSH) traded up 0.24% during mid-day trading on Tuesday, hitting $46.25. 295,794 shares of the company’s stock traded hands. Commerce Bancshares has a 52-week low of $40.0381 and a 52-week high of $47.65. The stock’s 50-day moving average is $45.60 and its 200-day moving average is $44.85. The company has a market cap of $4.238 billion and a P/E ratio of 16.72.
Commerce Bancshares (NASDAQ:CBSH) last announced its earnings results on Tuesday, July 15th. The company reported $0.70 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.68 by $0.02. During the same quarter in the prior year, the company posted $0.69 earnings per share. Analysts expect that Commerce Bancshares will post $2.81 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, September 25th. Investors of record on Friday, September 5th will be paid a dividend of $0.225 per share. This represents a $0.90 annualized dividend and a dividend yield of 1.95%. The ex-dividend date is Wednesday, September 3rd.
Commerce Bancshares, Inc is a bank holding company. Through a wholly owned bank holding company, it owns all of the outstanding capital stock of Commerce Bank (NASDAQ:CBSH).
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