Commerce Bancshares (NASDAQ:CBSH) Downgraded to “Sell” Rating by StockNews.com

StockNews.com downgraded shares of Commerce Bancshares (NASDAQ:CBSH) from a hold rating to a sell rating in a research report report published on Tuesday morning.

A number of other brokerages have also issued reports on CBSH. Keefe, Bruyette & Woods boosted their target price on shares of Commerce Bancshares from $66.00 to $78.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Morgan Stanley lowered shares of Commerce Bancshares from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $66.00 to $64.00 in a research report on Monday, September 30th. Piper Sandler set a $68.50 target price on Commerce Bancshares and gave the stock a “neutral” rating in a research report on Friday, October 18th. Raymond James cut Commerce Bancshares from an “outperform” rating to a “market perform” rating in a report on Thursday, December 19th. Finally, Wells Fargo & Company lifted their price objective on Commerce Bancshares from $62.00 to $67.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 3rd. One research analyst has rated the stock with a sell rating and seven have given a hold rating to the stock. According to MarketBeat.com, Commerce Bancshares currently has an average rating of “Hold” and an average target price of $65.07.

Commerce Bancshares Stock Performance

Shares of NASDAQ:CBSH opened at $61.75 on Tuesday. The stock’s 50-day moving average is $67.49 and its 200-day moving average is $62.69. The company has a market cap of $7.92 billion, a P/E ratio of 16.08, a P/E/G ratio of 2.92 and a beta of 0.77. Commerce Bancshares has a 52-week low of $47.09 and a 52-week high of $72.75.

Commerce Bancshares (NASDAQ:CBSH) last released its earnings results on Thursday, October 17th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.07. The firm had revenue of $421.38 million for the quarter, compared to analyst estimates of $412.85 million. Commerce Bancshares had a return on equity of 15.93% and a net margin of 24.15%. As a group, equities analysts predict that Commerce Bancshares will post 3.95 EPS for the current year.

Commerce Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 17th. Stockholders of record on Tuesday, December 3rd were issued a $0.27 dividend. The ex-dividend date of this dividend was Tuesday, December 3rd. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.75%. Commerce Bancshares’s payout ratio is presently 28.13%.

Insider Activity at Commerce Bancshares

In other news, Chairman David W. Kemper sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $61.78, for a total value of $1,853,400.00. Following the transaction, the chairman now directly owns 1,151,994 shares of the company’s stock, valued at $71,170,189.32. The trade was a 2.54 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP David L. Roller sold 890 shares of the firm’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $72.27, for a total value of $64,320.30. Following the sale, the senior vice president now directly owns 30,949 shares of the company’s stock, valued at $2,236,684.23. This represents a 2.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 39,398 shares of company stock valued at $2,504,665 in the last 90 days. 3.20% of the stock is owned by corporate insiders.

Institutional Trading of Commerce Bancshares

Large investors have recently made changes to their positions in the business. Cambridge Investment Research Advisors Inc. increased its position in Commerce Bancshares by 0.5% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 30,906 shares of the financial services provider’s stock valued at $1,724,000 after acquiring an additional 154 shares in the last quarter. Summit Financial LLC raised its position in Commerce Bancshares by 13.6% in the 2nd quarter. Summit Financial LLC now owns 4,305 shares of the financial services provider’s stock worth $240,000 after purchasing an additional 516 shares during the last quarter. Natixis Advisors LLC boosted its position in Commerce Bancshares by 21.5% in the 2nd quarter. Natixis Advisors LLC now owns 274,314 shares of the financial services provider’s stock valued at $15,301,000 after buying an additional 48,567 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of Commerce Bancshares by 10.8% in the 2nd quarter. Victory Capital Management Inc. now owns 103,649 shares of the financial services provider’s stock valued at $5,782,000 after buying an additional 10,076 shares during the period. Finally, Arizona State Retirement System raised its position in shares of Commerce Bancshares by 1.4% during the second quarter. Arizona State Retirement System now owns 34,542 shares of the financial services provider’s stock worth $1,927,000 after acquiring an additional 470 shares during the last quarter. Institutional investors own 70.26% of the company’s stock.

Commerce Bancshares Company Profile

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.