Commerce Bancshares (CBSH) Hits New 52-Week High at $58.70

Commerce Bancshares, Inc. (NASDAQ:CBSH) reached a new 52-week high during trading on Thursday . The company traded as high as $58.70 and last traded at $58.16, with a volume of 428600 shares. The stock had previously closed at $57.79.

A number of research firms have recently commented on CBSH. BidaskClub raised Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Thursday, January 11th. Piper Jaffray Companies reissued a “hold” rating and issued a $58.00 target price on shares of Commerce Bancshares in a research note on Tuesday, January 9th. Zacks Investment Research raised Commerce Bancshares from a “hold” rating to a “buy” rating and set a $63.00 price objective on the stock in a research report on Monday, January 8th. Finally, Barclays increased their price objective on Commerce Bancshares from $55.00 to $59.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 2nd. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $56.25.

The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.68 and a current ratio of 0.68. The firm has a market cap of $6,230.00, a PE ratio of 21.80, a P/E/G ratio of 2.30 and a beta of 0.80.

In other Commerce Bancshares news, insider V Raymond Stranghoener sold 6,399 shares of the firm’s stock in a transaction dated Thursday, October 26th. The stock was sold at an average price of $58.40, for a total value of $373,701.60. Following the transaction, the insider now directly owns 47,112 shares of the company’s stock, valued at $2,751,340.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Vice Chairman Jonathan M. Kemper sold 55,000 shares of the firm’s stock in a transaction dated Monday, December 11th. The stock was sold at an average price of $55.06, for a total value of $3,028,300.00. The disclosure for this sale can be found here. Company insiders own 4.30% of the company’s stock.

A number of large investors have recently made changes to their positions in CBSH. SignalPoint Asset Management LLC purchased a new position in Commerce Bancshares in the third quarter worth about $226,000. Wedbush Securities Inc. purchased a new position in Commerce Bancshares in the third quarter worth about $229,000. Advisor Group Inc. boosted its position in Commerce Bancshares by 2.4% in the second quarter. Advisor Group Inc. now owns 5,023 shares of the financial services provider’s stock worth $250,000 after purchasing an additional 120 shares during the last quarter. Cetera Investment Advisers purchased a new position in Commerce Bancshares in the second quarter worth about $272,000. Finally, GSA Capital Partners LLP bought a new position in shares of Commerce Bancshares in the third quarter worth about $283,000. 59.15% of the stock is currently owned by institutional investors and hedge funds.

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About Commerce Bancshares

Commerce Bancshares, Inc is a bank holding company of Commerce Bank (the Bank). The Bank is engaged in general banking business, providing a range of retail, mortgage banking, corporate, investment, trust and asset management products and services to individuals and businesses. The Company operates through three segments: Consumer, Commercial and Wealth.

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