Commerce Bancshares, Inc. (NASDAQ:CBSH) Short Interest Up 15.5% in May

Commerce Bancshares, Inc. (NASDAQ:CBSHGet Free Report) was the target of a significant growth in short interest in May. As of May 31st, there was short interest totalling 2,460,000 shares, a growth of 15.5% from the May 15th total of 2,130,000 shares. Based on an average daily trading volume, of 472,000 shares, the days-to-cover ratio is currently 5.2 days.

Commerce Bancshares Trading Up 0.9 %

NASDAQ:CBSH opened at $53.45 on Tuesday. The stock has a market cap of $6.92 billion, a P/E ratio of 14.91, a price-to-earnings-growth ratio of 1.74 and a beta of 0.76. The stock’s 50-day moving average is $54.80 and its 200-day moving average is $53.31. Commerce Bancshares has a 1-year low of $40.91 and a 1-year high of $57.48.

Commerce Bancshares (NASDAQ:CBSHGet Free Report) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $0.86 EPS for the quarter, beating the consensus estimate of $0.80 by $0.06. Commerce Bancshares had a return on equity of 16.78% and a net margin of 23.33%. The business had revenue of $397.80 million for the quarter, compared to analysts’ expectations of $389.49 million. During the same period in the prior year, the business posted $0.90 earnings per share. The firm’s revenue was up 2.2% on a year-over-year basis. As a group, equities analysts forecast that Commerce Bancshares will post 3.54 EPS for the current year.

Commerce Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Wednesday, June 5th will be paid a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 2.02%. The ex-dividend date is Wednesday, June 5th. Commerce Bancshares’s dividend payout ratio (DPR) is presently 30.12%.

Wall Street Analysts Forecast Growth

CBSH has been the subject of a number of research reports. Keefe, Bruyette & Woods lifted their target price on Commerce Bancshares from $58.00 to $60.00 and gave the stock a “market perform” rating in a report on Friday, May 10th. StockNews.com raised Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Wednesday, April 17th. Raymond James raised Commerce Bancshares from a “market perform” rating to an “outperform” rating and set a $61.00 target price for the company in a report on Wednesday, April 17th. Finally, Piper Sandler boosted their price target on Commerce Bancshares from $53.00 to $54.00 and gave the company a “neutral” rating in a research note on Wednesday, April 17th. Six equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $55.29.

Read Our Latest Research Report on CBSH

Insider Activity at Commerce Bancshares

In other Commerce Bancshares news, CEO John W. Kemper sold 26,581 shares of Commerce Bancshares stock in a transaction on Friday, May 10th. The shares were sold at an average price of $56.77, for a total transaction of $1,509,003.37. Following the completion of the transaction, the chief executive officer now directly owns 198,387 shares of the company’s stock, valued at $11,262,429.99. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 3.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Commerce Bancshares

Several institutional investors have recently added to or reduced their stakes in CBSH. Norges Bank acquired a new position in Commerce Bancshares in the fourth quarter valued at approximately $71,835,000. Vanguard Group Inc. raised its position in shares of Commerce Bancshares by 4.7% during the fourth quarter. Vanguard Group Inc. now owns 12,372,518 shares of the financial services provider’s stock worth $660,816,000 after purchasing an additional 558,017 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Commerce Bancshares by 22.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,676,350 shares of the financial services provider’s stock worth $89,541,000 after purchasing an additional 302,630 shares during the period. Cooke & Bieler LP raised its position in shares of Commerce Bancshares by 32.4% during the fourth quarter. Cooke & Bieler LP now owns 972,255 shares of the financial services provider’s stock worth $51,928,000 after purchasing an additional 237,703 shares during the period. Finally, Commerce Bank raised its position in shares of Commerce Bancshares by 2.8% during the fourth quarter. Commerce Bank now owns 7,222,818 shares of the financial services provider’s stock worth $385,771,000 after purchasing an additional 196,431 shares during the period. 70.26% of the stock is owned by institutional investors and hedge funds.

About Commerce Bancshares

(Get Free Report)

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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