Commerce Bancshares (NASDAQ:CBSH) Cut to “Market Perform” at Raymond James

Raymond James downgraded shares of Commerce Bancshares (NASDAQ:CBSH) from an outperform rating to a market perform rating in a research note published on Thursday, Marketbeat reports.

Several other research analysts have also issued reports on CBSH. Wells Fargo & Company upped their target price on shares of Commerce Bancshares from $62.00 to $67.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 3rd. Piper Sandler set a $68.50 price objective on Commerce Bancshares and gave the stock a “neutral” rating in a report on Friday, October 18th. Morgan Stanley cut Commerce Bancshares from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $66.00 to $64.00 in a report on Monday, September 30th. StockNews.com raised Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Commerce Bancshares from $66.00 to $78.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. Eight investment analysts have rated the stock with a hold rating, According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $65.07.

Commerce Bancshares Stock Up 0.2 %

Shares of NASDAQ CBSH opened at $63.03 on Thursday. The firm has a market capitalization of $8.08 billion, a P/E ratio of 16.41, a P/E/G ratio of 2.92 and a beta of 0.77. The stock’s 50-day simple moving average is $67.24 and its two-hundred day simple moving average is $62.13. Commerce Bancshares has a twelve month low of $47.09 and a twelve month high of $72.75.

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

Commerce Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 17th. Investors of record on Tuesday, December 3rd were paid a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 1.71%. The ex-dividend date of this dividend was Tuesday, December 3rd. Commerce Bancshares’s payout ratio is 28.13%.

Insider Activity at Commerce Bancshares

In related news, SVP Patricia R. Kellerhals sold 500 shares of the business’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $68.55, for a total transaction of $34,275.00. Following the transaction, the senior vice president now owns 22,265 shares in the company, valued at $1,526,265.75. The trade was a 2.20 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP David L. Roller sold 890 shares of the company’s stock in a transaction that occurred 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 transaction, the senior vice president now directly owns 30,949 shares of the company’s stock, valued at $2,236,684.23. The trade was a 2.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 39,398 shares of company stock worth $2,504,665 in the last three months. 3.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. V Square Quantitative Management LLC purchased a new stake in shares of Commerce Bancshares in the 3rd quarter worth about $26,000. Allworth Financial LP raised its stake in Commerce Bancshares by 51.1% in the third quarter. Allworth Financial LP now owns 568 shares of the financial services provider’s stock worth $34,000 after buying an additional 192 shares in the last quarter. Capital Performance Advisors LLP purchased a new stake in Commerce Bancshares in the third quarter worth about $39,000. True Wealth Design LLC bought a new stake in Commerce Bancshares during the 3rd quarter valued at approximately $47,000. Finally, Farther Finance Advisors LLC grew its holdings in shares of Commerce Bancshares by 48.2% during the 3rd quarter. Farther Finance Advisors LLC now owns 882 shares of the financial services provider’s stock worth $52,000 after acquiring an additional 287 shares during the period. 70.26% of the stock is owned by hedge funds and other institutional investors.

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.