Short Interest in Commerce Bancshares, Inc. (NASDAQ:CBSH) Drops By 12.6% – MarketBeat

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Commerce Bancshares, Inc. (NASDAQ:CBSH – Get Rating) saw a large decline in short interest in the month of November. As of November 15th, there was short interest totalling 2,770,000 shares, a decline of 12.6% from the October 31st total of 3,170,000 shares. Based on an average daily trading volume, of 374,300 shares, the short-interest ratio is currently 7.4 days. Currently, 2.4% of the company’s shares are sold short.

Insider Activity

In other news, Director David W. Kemper sold 10,000 shares of the business’s stock in a transaction on Wednesday, October 19th. The shares were sold at an average price of $69.54, for a total value of $695,400.00. Following the completion of the transaction, the director now owns 1,151,838 shares of the company’s stock, valued at approximately $80,098,814.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, Director David W. Kemper sold 2,104 shares of the business’s stock in a transaction on Monday, November 28th. The shares were sold at an average price of $74.22, for a total value of $156,158.88. Following the sale, the director now directly owns 1,149,734 shares of the company’s stock, valued at approximately $85,333,257.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David W. Kemper sold 10,000 shares of the business’s stock in a transaction on Wednesday, October 19th. The shares were sold at an average price of $69.54, for a total transaction of $695,400.00. Following the completion of the sale, the director now directly owns 1,151,838 shares in the company, valued at $80,098,814.52. The disclosure for this sale can be found here. Insiders sold 12,819 shares of company stock valued at $901,859 in the last quarter. Company insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Commerce Bancshares

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bridgefront Capital LLC bought a new stake in Commerce Bancshares during the 3rd quarter worth about $425,000. Teachers Retirement System of The State of Kentucky acquired a new position in shares of Commerce Bancshares during the 3rd quarter worth about $1,058,000. CENTRAL TRUST Co increased its stake in shares of Commerce Bancshares by 1.0% during the 3rd quarter. CENTRAL TRUST Co now owns 52,057 shares of the financial services provider’s stock worth $3,444,000 after purchasing an additional 539 shares during the last quarter. Captrust Financial Advisors increased its stake in shares of Commerce Bancshares by 92.6% during the 3rd quarter. Captrust Financial Advisors now owns 28,548 shares of the financial services provider’s stock worth $1,889,000 after purchasing an additional 13,722 shares during the last quarter. Finally, Balyasny Asset Management LLC increased its stake in shares of Commerce Bancshares by 74.3% during the 3rd quarter. Balyasny Asset Management LLC now owns 134,403 shares of the financial services provider’s stock worth $8,892,000 after purchasing an additional 57,300 shares during the last quarter. 68.76% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. StockNews.com assumed coverage on shares of Commerce Bancshares in a research report on Wednesday, October 12th. They issued a “hold” rating on the stock. Piper Sandler boosted their price objective on shares of Commerce Bancshares from $69.00 to $74.00 and gave the company a “neutral” rating in a research report on Wednesday, November 16th.

Commerce Bancshares Price Performance

NASDAQ:CBSH traded down $0.16 on Friday, hitting $70.64. 292,342 shares of the company’s stock were exchanged, compared to its average volume of 294,020. The firm has a 50-day moving average price of $70.68 and a 200-day moving average price of $69.23. Commerce Bancshares has a 52 week low of $59.81 and a 52 week high of $72.60. The company has a market cap of $8.85 billion, a P/E ratio of 19.07 and a beta of 0.77.
Commerce Bancshares (NASDAQ:CBSH – Get Rating) last issued its quarterly earnings results on Tuesday, October 18th. The financial services provider reported $0.97 EPS for the quarter, missing the consensus estimate of $0.99 by ($0.02). Commerce Bancshares had a return on equity of 16.45% and a net margin of 31.86%. The business had revenue of $384.90 million for the quarter, compared to the consensus estimate of $383.58 million. During the same period last year, the firm earned $1.00 earnings per share. The company’s quarterly revenue was up 9.5% compared to the same quarter last year. On average, research analysts expect that Commerce Bancshares will post 3.82 earnings per share for the current fiscal year.

Commerce Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 16th. Shareholders of record on Friday, December 2nd will be given a dividend of $0.265 per share. The ex-dividend date of this dividend is Thursday, December 1st. This represents a $1.06 annualized dividend and a yield of 1.50%. Commerce Bancshares’s dividend payout ratio (DPR) is presently 28.61%.

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.

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