Commerce Bancshares (NASDAQ:CBSH) Rating Increased to Hold at Zacks Research

Commerce Bancshares (NASDAQ:CBSH) was upgraded by stock analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued on Wednesday,Zacks.com reports.

A number of other equities research analysts have also issued reports on the stock. TD Cowen reduced their target price on shares of Commerce Bancshares from $61.00 to $55.00 and set a “hold” rating on the stock in a report on Wednesday, January 7th. Morgan Stanley reduced their price objective on Commerce Bancshares from $67.00 to $65.00 and set an “equal weight” rating on the stock in a research note on Monday. Weiss Ratings reiterated a “hold (c)” rating on shares of Commerce Bancshares in a report on Monday, December 29th. Finally, Piper Sandler set a $62.00 price target on Commerce Bancshares and gave the stock a “neutral” rating in a report on Monday, January 26th. One research analyst has rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $61.51.

Commerce Bancshares Trading Down 1.4%

Shares of NASDAQ CBSH opened at $51.51 on Wednesday. The stock has a fifty day simple moving average of $53.35 and a 200-day simple moving average of $53.87. Commerce Bancshares has a twelve month low of $48.69 and a twelve month high of $63.19. The stock has a market capitalization of $7.57 billion, a PE ratio of 12.29, a PEG ratio of 2.62 and a beta of 0.61.

Commerce Bancshares (NASDAQ:CBSH) last released its earnings results on Thursday, January 22nd. The financial services provider reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.02. The company had revenue of $449.36 million during the quarter, compared to the consensus estimate of $442.47 million. Commerce Bancshares had a return on equity of 15.34% and a net margin of 26.51%.Commerce Bancshares’s revenue was up 6.5% compared to the same quarter last year. During the same period in the previous year, the company posted $1.01 EPS. On average, equities analysts predict that Commerce Bancshares will post 3.94 earnings per share for the current year.

Insiders Place Their Bets

In other news, SVP Derrick Brooks sold 1,044 shares of the company’s stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $54.40, for a total transaction of $56,793.60. Following the completion of the transaction, the senior vice president directly owned 14,585 shares of the company’s stock, valued at approximately $793,424. This represents a 6.68% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP David L. Roller sold 1,134 shares of the firm’s stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $54.48, for a total value of $61,780.32. Following the sale, the senior vice president directly owned 30,535 shares in the company, valued at $1,663,546.80. This trade represents a 3.58% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 27,667 shares of company stock valued at $1,493,323 in the last ninety days. Insiders own 3.10% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of CBSH. Vanguard Group Inc. raised its stake in Commerce Bancshares by 8.1% during the 4th quarter. Vanguard Group Inc. now owns 14,690,039 shares of the financial services provider’s stock worth $768,877,000 after acquiring an additional 1,098,142 shares in the last quarter. State Street Corp increased its position in shares of Commerce Bancshares by 8.4% during the fourth quarter. State Street Corp now owns 7,318,898 shares of the financial services provider’s stock worth $383,071,000 after purchasing an additional 566,853 shares in the last quarter. Commerce Bank lifted its holdings in shares of Commerce Bancshares by 7.0% in the 4th quarter. Commerce Bank now owns 5,660,823 shares of the financial services provider’s stock valued at $296,287,000 after purchasing an additional 369,636 shares during the last quarter. American Century Companies Inc. boosted its position in shares of Commerce Bancshares by 5.4% in the 3rd quarter. American Century Companies Inc. now owns 3,972,884 shares of the financial services provider’s stock valued at $237,420,000 after purchasing an additional 202,758 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in Commerce Bancshares by 15.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,049,064 shares of the financial services provider’s stock worth $159,597,000 after buying an additional 406,063 shares during the last quarter. Institutional investors and hedge funds own 70.26% of the company’s stock.

About Commerce Bancshares

Commerce Bancshares, Inc is a bank holding company primarily engaged in providing a broad range of banking and financial services across the Midwest. Through its principal subsidiary, Commerce Bank, the company offers commercial and consumer banking, treasury management, trust and wealth advisory, and mortgage lending. Its diversified product suite includes deposit and loan products, cash management solutions, capital markets services, and private banking designed to meet the needs of individuals, small businesses, and large corporations.

The company’s commercial banking group delivers tailored credit facilities, equipment and inventory financing, asset-based lending, and merchant services.