Commerce Bancshares (NASDAQ:CBSH) Upgraded by StockNews.com to Hold Rating

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

Other research analysts have also issued reports about the company. Piper Sandler set a $68.50 price target on Commerce Bancshares and gave the company a “neutral” rating in a report on Friday, October 18th. Raymond James cut shares of Commerce Bancshares from an “outperform” rating to a “market perform” rating in a research note on Thursday, December 19th. Morgan Stanley lowered shares of Commerce Bancshares from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $66.00 to $64.00 in a research note on Monday, September 30th. Wells Fargo & Company raised their price objective on shares of Commerce Bancshares from $62.00 to $67.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. Finally, Keefe, Bruyette & Woods upped their target price on Commerce Bancshares from $66.00 to $78.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Seven research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $66.75.

Commerce Bancshares Price Performance

Shares of CBSH opened at $63.46 on Monday. Commerce Bancshares has a 12 month low of $47.09 and a 12 month high of $72.75. The stock has a fifty day moving average price of $67.47 and a 200 day moving average price of $63.22. The company has a market cap of $8.14 billion, a P/E ratio of 16.53, a PEG ratio of 2.92 and a beta of 0.79.

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

Insider Buying and Selling

In other news, SVP David L. Roller sold 890 shares of the business’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $72.27, for a total transaction 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. The trade was a 2.80 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman David W. Kemper sold 30,000 shares of the stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $61.78, for a total value of $1,853,400.00. Following the completion of the transaction, the chairman now owns 1,151,994 shares of the company’s stock, valued at $71,170,189.32. This trade represents a 2.54 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 39,398 shares of company stock worth $2,504,665. Corporate insiders own 3.20% of the company’s stock.

Institutional Trading of Commerce Bancshares

A number of hedge funds have recently bought and sold shares of CBSH. Geode Capital Management LLC raised its holdings in shares of Commerce Bancshares by 7.3% during the third quarter. Geode Capital Management LLC now owns 2,396,740 shares of the financial services provider’s stock valued at $142,951,000 after acquiring an additional 163,782 shares during the period. Dimensional Fund Advisors LP raised its stake in Commerce Bancshares by 19.8% during the 2nd 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. NFJ Investment Group LLC raised its stake in Commerce Bancshares by 17.7% during the 3rd quarter. NFJ Investment Group LLC now owns 707,168 shares of the financial services provider’s stock valued at $42,006,000 after purchasing an additional 106,316 shares during the period. Sei Investments Co. lifted its holdings in shares of Commerce Bancshares by 0.5% in the second quarter. Sei Investments Co. now owns 624,715 shares of the financial services provider’s stock valued at $34,846,000 after purchasing an additional 3,391 shares in the last quarter. Finally, ProShare Advisors LLC boosted its position in shares of Commerce Bancshares by 2.5% in the second quarter. ProShare Advisors LLC now owns 567,469 shares of the financial services provider’s stock worth $31,653,000 after buying an additional 13,772 shares during the period. 70.26% of the stock is 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.