Commerce Bancshares (NASDAQ:CBSH) Upgraded by Stephens to Hold Rating

Stephens upgraded shares of Commerce Bancshares (NASDAQ:CBSH) to a hold rating in a research report released on Tuesday,Zacks.com reports.

Other research analysts have also issued research reports about the stock. Morgan Stanley reiterated a “positive” rating and issued a $65.00 price objective (up from $61.00) on shares of Commerce Bancshares in a report on Monday, June 29th. Piper Sandler upped their price target on shares of Commerce Bancshares from $58.50 to $59.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. Wall Street Zen raised shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Sunday. Hovde Group reduced their price objective on shares of Commerce Bancshares from $63.00 to $60.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 22nd. Finally, TD Cowen restated a “hold” rating and issued a $54.00 price objective (up from $53.00) on shares of Commerce Bancshares in a report on Thursday, April 23rd. Two research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat.com, Commerce Bancshares currently has an average rating of “Hold” and a consensus price target of $59.14.

Commerce Bancshares Stock Up 0.4%

Shares of CBSH opened at $58.16 on Tuesday. Commerce Bancshares has a 12-month low of $46.99 and a 12-month high of $62.42. The business has a 50-day simple moving average of $54.55 and a two-hundred day simple moving average of $52.72. The stock has a market cap of $8.48 billion, a PE ratio of 13.95, a PEG ratio of 2.97 and a beta of 0.58.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings results on Tuesday, April 21st. The financial services provider reported $0.96 EPS for the quarter, beating analysts’ consensus estimates of $0.94 by $0.02. The firm had revenue of $475.69 million for the quarter, compared to analyst estimates of $481.94 million. Commerce Bancshares had a return on equity of 14.78% and a net margin of 26.37%.The business’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same period last year, the firm posted $0.98 earnings per share. On average, equities research analysts expect that Commerce Bancshares will post 4.15 EPS for the current year.

Commerce Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 23rd. Shareholders of record on Friday, June 5th were issued a dividend of $0.275 per share. The ex-dividend date was Friday, June 5th. This represents a $1.10 annualized dividend and a yield of 1.9%. Commerce Bancshares’s dividend payout ratio (DPR) is presently 26.38%.

Institutional Investors Weigh In On Commerce Bancshares

A number of institutional investors have recently modified their holdings of CBSH. Geneos Wealth Management Inc. raised its stake in Commerce Bancshares by 85.4% during the first quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider’s stock worth $29,000 after buying an additional 216 shares during the last quarter. Invesco Ltd. boosted its position in Commerce Bancshares by 2.0% during the second quarter. Invesco Ltd. now owns 865,052 shares of the financial services provider’s stock valued at $53,780,000 after acquiring an additional 16,610 shares during the last quarter. Cresset Asset Management LLC grew its holdings in Commerce Bancshares by 3.0% during the 2nd quarter. Cresset Asset Management LLC now owns 10,151 shares of the financial services provider’s stock worth $631,000 after acquiring an additional 300 shares during the period. Jump Financial LLC bought a new position in shares of Commerce Bancshares in the 2nd quarter worth about $376,000. Finally, California Public Employees Retirement System lifted its stake in shares of Commerce Bancshares by 4.8% in the 2nd quarter. California Public Employees Retirement System now owns 208,148 shares of the financial services provider’s stock valued at $12,941,000 after purchasing an additional 9,483 shares during the period. 70.26% of the stock is owned by institutional investors.

Commerce Bancshares Company Profile

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.