Commerce Bancshares (NASDAQ:CBSH) Rating Increased 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 note issued to investors on Wednesday.

Several other equities research analysts have also recently weighed in on CBSH. Piper Sandler boosted their target price on Commerce Bancshares from $53.00 to $54.00 and gave the stock a “neutral” rating in a research note on Wednesday. Morgan Stanley boosted their price objective on Commerce Bancshares from $46.00 to $55.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 7th. Bank of America began coverage on Commerce Bancshares in a research note on Thursday, January 11th. They issued a “neutral” rating and a $55.00 price objective for the company. Keefe, Bruyette & Woods boosted their price objective on Commerce Bancshares from $56.00 to $58.00 and gave the company a “market perform” rating in a research note on Wednesday. Finally, Raymond James upgraded Commerce Bancshares from a “market perform” rating to an “outperform” rating and set a $61.00 price objective for the company in a research note on Wednesday. Six investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $55.00.

Commerce Bancshares Stock Performance

Shares of CBSH opened at $53.10 on Wednesday. The stock has a 50-day simple moving average of $52.02 and a 200-day simple moving average of $50.93. The stock has a market capitalization of $6.90 billion, a PE ratio of 14.81 and a beta of 0.79. Commerce Bancshares has a 1 year low of $40.91 and a 1 year high of $56.75.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.06. The business had revenue of $397.80 million during the quarter, compared to analysts’ expectations of $389.49 million. Commerce Bancshares had a return on equity of 16.78% and a net margin of 23.33%. The business’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.90 EPS. Analysts predict that Commerce Bancshares will post 3.24 EPS for the current year.

Insider Activity

In other news, SVP Patricia R. Kellerhals sold 730 shares of the business’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $54.87, for a total value of $40,055.10. Following the transaction, the senior vice president now owns 25,502 shares of the company’s stock, valued at $1,399,294.74. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, SVP Patricia R. Kellerhals sold 730 shares of the company’s stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $54.87, for a total transaction of $40,055.10. Following the transaction, the senior vice president now owns 25,502 shares of the company’s stock, valued at $1,399,294.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Robert S. Holmes sold 5,000 shares of the company’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $52.66, for a total value of $263,300.00. Following the completion of the sale, the executive vice president now directly owns 50,293 shares in the company, valued at approximately $2,648,429.38. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 14,321 shares of company stock valued at $752,387. Company insiders own 3.20% of the company’s stock.

Institutional Trading of Commerce Bancshares

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Moneta Group Investment Advisors LLC lifted its position in shares of Commerce Bancshares by 102,920.9% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 133,790,172 shares of the financial services provider’s stock valued at $9,107,097,000 after acquiring an additional 133,660,305 shares in the last quarter. Vanguard Group Inc. lifted its position in Commerce Bancshares by 4.7% during the fourth quarter. Vanguard Group Inc. now owns 12,372,518 shares of the financial services provider’s stock worth $660,816,000 after buying an additional 558,017 shares during the period. BlackRock Inc. lifted its position in Commerce Bancshares by 2.0% during the first quarter. BlackRock Inc. now owns 10,934,079 shares of the financial services provider’s stock worth $638,003,000 after buying an additional 217,024 shares during the period. State Street Corp lifted its position in Commerce Bancshares by 18.9% during the second quarter. State Street Corp now owns 7,736,375 shares of the financial services provider’s stock worth $376,761,000 after buying an additional 1,227,825 shares during the period. Finally, Commerce Bank lifted its position in Commerce Bancshares by 2.8% during the fourth quarter. Commerce Bank now owns 7,222,818 shares of the financial services provider’s stock worth $385,771,000 after buying an additional 196,431 shares during the period. 70.26% of the stock is currently owned by hedge funds and other 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.