The Vanguard Group, Inc. 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 1.06% to 11.66 million shares with purchase of 0.12 million shares. This fresh investment now brings its stake to 9.30% valued currently at $793.55 million. In addition, Eaton Vance Management raised its holdings by 8892.0 to 1.47 million shares.
With over 0.24 million Commerce Bancshares Inc. (CBSH) shares trading Friday and a closing price of $70.06 on the day, the dollar volume was approximately $17.09 million. The shares have shown a positive half year performance of 10.87% and its price on 01/13/23 gained nearly 0.79%. Currently, there are 124.84M common shares owned by the public and among those 116.02M shares have been available to trade.
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Insiders at the company have transacted a total of 166 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 86 of these insider trades were purchases, accounting for 115,946 shares. Insider sales of the common stock occurred on 80 occasions, with total insider shares sold totaling 138,542 shares.
The top 3 mutual fund holders in Commerce Bancshares Inc. are Vanguard Windsor Funds – Vanguard, iShares Core S&P Mid Cap ETF, and Vanguard Total Stock Market Index. Vanguard Windsor Funds – Vanguard owns 4.54 million shares of the company’s stock, all valued at over $309.22 million. The company sold -0.2 million shares recently to bring their total holdings to about 3.63% of the shares outstanding. iShares Core S&P Mid Cap ETF sold 670.0 shares to see its total holdings shrink to 3.52 million shares valued at over $239.5 million and representing 2.81% of the shares outstanding. Vanguard Total Stock Market Index bought 1710.0 shares to bring its total holdings to over 3.4 million shares at a value of $231.55 million. Vanguard Total Stock Market Index now owns shares totaling to 2.71% of the shares outstanding.
Shares of Commerce Bancshares Inc. (NASDAQ: CBSH) opened at $68.94, down -$0.57 from a prior closing price of $69.51. However, the script later moved the day high at 70.19, up 0.79%. The company’s stock has a 5-day price change of 0.81% and 3.32% over the past three months. CBSH shares are trading 2.92% year to date (YTD), with the 12-month market performance up to 0.81% higher. It has a 12-month low price of $59.81 and touched a high of $72.60 over the same period. CBSH has an average intraday trading volume of 354.73K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 4.32%, 2.92%, and 5.66% respectively.
Institutional ownership of Commerce Bancshares Inc. (NASDAQ: CBSH) shares accounts for 73.60% of the company’s 124.84M shares outstanding. Mutual fund holders own 37.01%, while other institutional holders and individual stakeholders account for 6.10% and 33.07% respectively.
It has a market capitalization of $8.71B and a beta (3y monthly) value of 0.78. The stock’s trailing 12-month PE ratio is 18.92, while the earnings-per-share (ttm) stands at $3.70. The company has a debt-to-equity ratio at 0.00. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.95% over the week and 1.80% over the month.
Analysts forecast that Commerce Bancshares Inc. (CBSH) will achieve an EPS of $1.04 for the current quarter, $0.98 for the next quarter and $4.15 for 2023. The lowest estimate earnings-per-share for the quarter is $1.01 while analysts give the company a high EPS estimate of $1.12. Comparatively, EPS for the current quarter was $0.94 a year ago. Earnings per share for the fiscal year are expected to increase by 55.80%, and 5.15% over the next financial year.
Looking at the support for the CBSH, a number of firms have released research notes about the stock. Morgan Stanley stated their Equal-Weight rating for the stock in a research note on December 05, 2022, with the firm’s price target at $74. Wells Fargo coverage for the Commerce Bancshares Inc. (CBSH) stock in a research note released on March 21, 2022 offered a Equal Weight rating with a price target of $70. BofA Securities on their part issued Neutral rating on October 21, 2020.
