Commerce Bancshares (NASDAQ:CBSH) Rating Increased to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Commerce Bancshares (NASDAQ:CBSH) from a sell rating to a hold rating in a research report report published on Saturday.

Other equities analysts have also recently issued reports about the stock. TD Cowen reaffirmed a “hold” rating and set a $54.00 price objective (up from $53.00) on shares of Commerce Bancshares in a research report on Thursday, April 23rd. Wells Fargo & Company reduced their price objective on shares of Commerce Bancshares from $60.00 to $53.00 and set an “equal weight” rating for the company in a research report on Monday, March 30th. Piper Sandler reaffirmed a “neutral” rating and set a $58.50 price objective (up from $56.00) on shares of Commerce Bancshares in a research report on Thursday, April 23rd. Zacks Research raised shares of Commerce Bancshares from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 4th. Finally, Hovde Group reduced their price objective on shares of Commerce Bancshares from $63.00 to $60.00 and set an “outperform” rating for the company in a research report on Wednesday, April 22nd. One research analyst has rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $59.30.

Commerce Bancshares Stock Down 0.2%

NASDAQ:CBSH opened at $50.95 on Friday. The stock’s 50 day moving average price is $50.03 and its two-hundred day moving average price is $51.67. The firm has a market capitalization of $7.43 billion, a price-to-earnings ratio of 12.22, a P/E/G ratio of 3.47 and a beta of 0.61. Commerce Bancshares has a 12-month low of $46.99 and a 12-month high of $63.19.

Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.94 by $0.02. The firm had revenue of $475.69 million for the quarter, compared to analyst estimates of $481.94 million. Commerce Bancshares had a return on equity of 14.78% and a net margin of 26.37%.The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.98 earnings per share. Equities research analysts expect that Commerce Bancshares will post 4.12 EPS for the current year.

Commerce Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 23rd. Shareholders of record on Friday, June 5th will be given a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Friday, June 5th. Commerce Bancshares’s payout ratio is 26.38%.

Insiders Place Their Bets

In other news, SVP Margaret M. Rowe sold 861 shares of Commerce Bancshares stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $51.69, for a total transaction of $44,505.09. Following the completion of the sale, the senior vice president owned 5,742 shares of the company’s stock, valued at approximately $296,803.98. This trade represents a 13.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Kim L. Jakovich sold 949 shares of Commerce Bancshares stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $51.45, for a total value of $48,826.05. Following the sale, the senior vice president directly owned 12,741 shares of the company’s stock, valued at $655,524.45. This represents a 6.93% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Commerce Bancshares

A number of hedge funds and other institutional investors have recently modified their holdings of the company. The Manufacturers Life Insurance Company lifted its holdings in shares of Commerce Bancshares by 3.4% during the first quarter. The Manufacturers Life Insurance Company now owns 100,097 shares of the financial services provider’s stock worth $4,925,000 after buying an additional 3,279 shares in the last quarter. Quantinno Capital Management LP lifted its holdings in shares of Commerce Bancshares by 7.6% during the first quarter. Quantinno Capital Management LP now owns 207,404 shares of the financial services provider’s stock worth $10,204,000 after buying an additional 14,625 shares in the last quarter. SummitTX Capital L.P. acquired a new stake in shares of Commerce Bancshares during the first quarter worth $549,000. Jacobs Asset Management LLC acquired a new stake in shares of Commerce Bancshares during the first quarter worth $3,075,000. Finally, Entropy Technologies LP lifted its holdings in shares of Commerce Bancshares by 96.7% during the first quarter. Entropy Technologies LP now owns 123,514 shares of the financial services provider’s stock worth $6,077,000 after buying an additional 60,705 shares in the last quarter. Institutional investors and hedge funds own 70.26% of the company’s stock.

Commerce Bancshares Company Profile

Commerce Bancshares, Inc is a bank holding company primarily engaged in providing a broad range of banking and financial services across the Midwest. Through its principal subsidiary, Commerce Bank, the company offers commercial and consumer banking, treasury management, trust and wealth advisory, and mortgage lending. Its diversified product suite includes deposit and loan products, cash management solutions, capital markets services, and private banking designed to meet the needs of individuals, small businesses, and large corporations.

The company’s commercial banking group delivers tailored credit facilities, equipment and inventory financing, asset-based lending, and merchant services.