Commerce Bancshares (NASDAQ:CBSH) Raised to “Hold” at StockNews.com

Commerce Bancshares (NASDAQ:CBSH) was upgraded by equities research analysts at StockNews.com from a “sell” rating to a “hold” rating in a research note issued to investors on Friday.

CBSH has been the topic of a number of other research reports. Morgan Stanley lowered shares of Commerce Bancshares from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $66.00 to $64.00 in a research note on Monday, September 30th. Wells Fargo & Company lifted their price target on shares of Commerce Bancshares from $52.00 to $62.00 and gave the company an “equal weight” rating in a research note on Monday, July 22nd. Piper Sandler set a $68.50 price target on shares of Commerce Bancshares and gave the company a “neutral” rating in a research note on Friday. Finally, Jefferies Financial Group lifted their price target on shares of Commerce Bancshares from $60.00 to $62.00 and gave the company a “hold” rating in a research note on Wednesday, July 3rd. Seven investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $61.79.

Commerce Bancshares Stock Up 0.3 %

Commerce Bancshares stock traded up $0.17 during midday trading on Friday, hitting $61.28. 576,177 shares of the stock were exchanged, compared to its average volume of 525,423. The company has a fifty day simple moving average of $61.10 and a two-hundred day simple moving average of $58.03. Commerce Bancshares has a 52 week low of $40.91 and a 52 week high of $65.86. The stock has a market capitalization of $7.94 billion, a PE ratio of 17.07, a P/E/G ratio of 3.02 and a beta of 0.74.

Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings data on Thursday, July 18th. The financial services provider reported $1.07 earnings per share for the quarter, topping the consensus estimate of $0.90 by $0.17. Commerce Bancshares had a net margin of 23.62% and a return on equity of 16.50%. The business had revenue of $414.90 million for the quarter, compared to analyst estimates of $406.88 million. During the same quarter last year, the firm earned $0.97 EPS. Commerce Bancshares’s quarterly revenue was up 4.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Commerce Bancshares will post 3.92 EPS for the current fiscal year.

Insider Transactions at Commerce Bancshares

In other Commerce Bancshares news, SVP David L. Roller sold 861 shares of the company’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $64.30, for a total transaction of $55,362.30. Following the sale, the senior vice president now directly owns 30,949 shares of the company’s stock, valued at approximately $1,990,020.70. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Commerce Bancshares news, SVP David L. Roller sold 861 shares of the company’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $64.30, for a total transaction of $55,362.30. Following the sale, the senior vice president now directly owns 30,949 shares of the company’s stock, valued at approximately $1,990,020.70. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Patricia R. Kellerhals sold 2,000 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $62.23, for a total transaction of $124,460.00. Following the sale, the senior vice president now directly owns 23,381 shares in the company, valued at $1,454,999.63. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 49,612 shares of company stock valued at $3,184,609 over the last 90 days. 3.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Commerce Bancshares

Several large investors have recently modified their holdings of CBSH. Vanguard Group Inc. raised its position in shares of Commerce Bancshares by 4.7% in the fourth quarter. Vanguard Group Inc. now owns 12,372,518 shares of the financial services provider’s stock valued at $660,816,000 after purchasing an additional 558,017 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Commerce Bancshares by 19.8% in the second quarter. Dimensional Fund Advisors LP now owns 2,069,924 shares of the financial services provider’s stock valued at $115,453,000 after purchasing an additional 342,793 shares during the period. American Century Companies Inc. increased its position in Commerce Bancshares by 7.4% during the second quarter. American Century Companies Inc. now owns 3,509,796 shares of the financial services provider’s stock worth $195,776,000 after acquiring an additional 240,938 shares during the period. Millennium Management LLC increased its position in Commerce Bancshares by 168.3% during the second quarter. Millennium Management LLC now owns 342,084 shares of the financial services provider’s stock worth $19,081,000 after acquiring an additional 214,582 shares during the period. Finally, Boston Trust Walden Corp increased its position in Commerce Bancshares by 15.4% during the second quarter. Boston Trust Walden Corp now owns 1,260,999 shares of the financial services provider’s stock worth $70,339,000 after acquiring an additional 168,550 shares during the period. 70.26% of the stock is owned by institutional investors.

About Commerce Bancshares

Commerce Bancshares, Inc operates as the bank holding company for Commerce Bank that provides retail, mortgage banking, corporate, investment, trust, and asset management products and services to individuals and businesses in the United States. It operates through three segments: Consumer, Commercial, and Wealth.