BlackRock Fund Advisors recently announced the acquisition of new stake in Commerce Bancshares, Inc. (NASDAQ:CBSH). The institutional investor has increased its shareholding in the Financial company by 0.49% to 9.96 million shares with purchase of 48746.0 shares. This fresh investment now brings its stake to 7.63% valued currently at $531.97 million. In addition, JPMorgan Investment Management, I raised its holdings by 0.12 million to 1.74 million shares. And Wells Fargo Clearing Services LLC has lifted its position by 1.68% or 25660.0 shares – to 1.55 million shares.
With over 0.47 million Commerce Bancshares, Inc. (CBSH) shares trading Friday and a closing price of $52.85 on the day, the dollar volume was approximately $24.89 million. The shares have shown a positive half year performance of 13.44% and its price on 01/12/24 lost nearly -0.23%. Currently, there are 131.52M common shares owned by the public and among those 126.24M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 8 analysts who have offered their price forecasts for CBSH have a consensus price objective of $51.52. The analysts have set the share’s price value over the next 12 months at a high of $55.00 and a low of $46.00. The average price target is -2.58% below its recent price level and a downside to the estimated low will see the stock lose -14.89% over that period. But an upside of 3.91% will see the stock hit the forecast high price target while median target price for the stock is $53.00.
Insiders at the company have transacted a total of 143 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 88 of these insider trades were purchases, accounting for 146,615 shares. Insider sales of the common stock occurred on 55 occasions, with total insider shares sold totaling 147,467 shares.
The top 3 mutual fund holders in Commerce Bancshares, Inc. are Vanguard Windsor Funds – Vanguard, Vanguard Total Stock Market ETF, and iShares Core S&P Mid Cap ETF. Vanguard Windsor Funds – Vanguard owns 4.72 million shares of the company’s stock, all valued at over $251.98 million. Vanguard Total Stock Market ETF bought 5160.0 shares to see its total holdings expand to 3.73 million shares valued at over $199.12 million and representing 2.86% of the shares outstanding. iShares Core S&P Mid Cap ETF bought 3265.0 shares to bring its total holdings to over 3.61 million shares at a value of $192.72 million. iShares Core S&P Mid Cap ETF now owns shares totaling to 2.77% of the shares outstanding.
Shares of Commerce Bancshares, Inc. (NASDAQ: CBSH) opened at $53.13, up $0.16 from a prior closing price of $52.97. However, the script later moved the day high at 53.56, down -0.23%. The company’s stock has a 5-day price change of -1.51% and 16.39% over the past three months. CBSH shares are trading -1.05% year to date (YTD), with the 12-month market performance down to -19.59% lower. It has a 12-month low price of $40.91 and touched a high of $66.86 over the same period. CBSH has an average intraday trading volume of 529.65K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -1.87%, 5.98%, and 9.19% respectively.
Institutional ownership of Commerce Bancshares, Inc. (NASDAQ: CBSH) shares accounts for 70.35% of the company’s 131.52M shares outstanding. Mutual fund holders own 38.95%, while other institutional holders and individual stakeholders account for 5.94% and 31.51% respectively.
It has a market capitalization of $6.90B and a beta (3y monthly) value of 0.80. The stock’s trailing 12-month PE ratio is 13.92, while the earnings-per-share (ttm) stands at $3.80. The company has a debt-to-equity ratio at 1.26. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.04% over the week and 2.34% over the month.
Analysts forecast that Commerce Bancshares, Inc. (CBSH) will achieve an EPS of $0.85 for the current quarter, $0.76 for the next quarter and $3.17 for 2024. The lowest estimate earnings-per-share for the quarter is $0.8 while analysts give the company a high EPS estimate of $0.92. Comparatively, EPS for the current quarter was $0.99 a year ago. Earnings per share for the fiscal year are expected to decrease by -0.80%, and -12.95% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 8 brokerage firm advisors rate Commerce Bancshares, Inc. (CBSH) as a “Hold” at a consensus score of 3.00. Specifically, 0 Wall Street analysts polled rate the stock as a buy, while 8 of the 8 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the CBSH, a number of firms have released research notes about the stock. BofA Securities stated their Neutral rating for the stock in a research note on January 11, 2024, with the firm’s price target at $55.
