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

Commerce Bancshares (NASDAQ:CBSH) was upgraded by investment analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday.

CBSH has been the subject of several other research reports. Hovde Group decreased their price target on Commerce Bancshares from $63.00 to $60.00 and set an “outperform” rating for the company in a research note on Wednesday, April 22nd. Morgan Stanley reaffirmed a “positive” rating and set a $65.00 price objective (up from $61.00) on shares of Commerce Bancshares in a research report on Monday, June 29th. Keefe, Bruyette & Woods lifted their price objective on Commerce Bancshares from $60.00 to $62.00 and gave the stock a “market perform” rating in a report on Monday, July 20th. TD Cowen reissued a “hold” rating and issued a $63.00 target price (up from $62.00) on shares of Commerce Bancshares in a research report on Friday, July 17th. Finally, Piper Sandler restated a “neutral” rating and set a $66.00 target price (up from $59.00) on shares of Commerce Bancshares in a research note on Friday, July 17th. Three investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $62.43.

Commerce Bancshares Trading Up 0.5%

Shares of NASDAQ CBSH opened at $60.33 on Tuesday. The firm’s 50 day moving average price is $56.08 and its 200-day moving average price is $53.14. Commerce Bancshares has a 52-week low of $46.99 and a 52-week high of $60.92. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.82 and a current ratio of 0.82. The company has a market cap of $8.79 billion, a PE ratio of 14.61, a P/E/G ratio of 2.15 and a beta of 0.58.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings data on Thursday, July 16th. The financial services provider reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.06. The company had revenue of $498.91 million during the quarter, compared to analyst estimates of $492.22 million. Commerce Bancshares had a net margin of 26.07% and a return on equity of 14.31%. During the same period in the previous year, the business earned $1.14 EPS. On average, equities research analysts expect that Commerce Bancshares will post 4.22 EPS for the current fiscal year.

Insider Activity

In related news, CFO Charles G. Kim sold 19,771 shares of the firm’s stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $59.18, for a total value of $1,170,047.78. Following the transaction, the chief financial officer owned 119,410 shares of the company’s stock, valued at approximately $7,066,683.80. This trade represents a 14.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Derrick Brooks sold 1,041 shares of the business’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $59.63, for a total transaction of $62,074.83. Following the sale, the senior vice president owned 13,117 shares of the company’s stock, valued at $782,166.71. This trade represents a 7.35% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 21,012 shares of company stock valued at $1,243,129 in the last ninety days. Insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Apriem Advisors grew its position in shares of Commerce Bancshares by 5.0% during the 4th quarter. Apriem Advisors now owns 4,018 shares of the financial services provider’s stock valued at $210,000 after acquiring an additional 191 shares during the period. Heartland Bank & Trust Co lifted its position in Commerce Bancshares by 4.4% during the fourth quarter. Heartland Bank & Trust Co now owns 4,595 shares of the financial services provider’s stock valued at $240,000 after purchasing an additional 192 shares in the last quarter. Outlook Wealth Advisors LLC grew its holdings in Commerce Bancshares by 3.7% during the fourth quarter. Outlook Wealth Advisors LLC now owns 5,934 shares of the financial services provider’s stock valued at $311,000 after purchasing an additional 214 shares during the period. Elser Financial Planning Inc grew its holdings in Commerce Bancshares by 5.0% during the fourth quarter. Elser Financial Planning Inc now owns 4,531 shares of the financial services provider’s stock valued at $237,000 after purchasing an additional 215 shares during the period. Finally, Centerpoint Advisory Group increased its position in Commerce Bancshares by 5.0% in the fourth quarter. Centerpoint Advisory Group now owns 4,534 shares of the financial services provider’s stock worth $237,000 after buying an additional 215 shares in the last quarter. Hedge funds and other institutional investors own 70.26% of the company’s stock.

About Commerce Bancshares

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.