Commerce Bancshares (NASDAQ:CBSH) Downgraded by Wall Street Zen to Sell

Wall Street Zen downgraded shares of Commerce Bancshares (NASDAQ:CBSH) from a hold rating to a sell rating in a research note released on Monday.

Several other equities research analysts have also commented on the company. Hovde Group lowered their price objective on Commerce Bancshares from $63.00 to $60.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 22nd. Piper Sandler reaffirmed a “neutral” rating and set a $66.00 target price (up from $59.00) on shares of Commerce Bancshares in a report on Friday. Morgan Stanley reiterated a “positive” rating and issued a $65.00 target price (up from $61.00) on shares of Commerce Bancshares in a research note on Monday, June 29th. TD Cowen reissued a “hold” rating and set a $63.00 price target (up from $62.00) on shares of Commerce Bancshares in a report on Friday. Finally, Keefe, Bruyette & Woods raised their price target on shares of Commerce Bancshares from $56.00 to $57.00 and gave the company a “market perform” rating in a research report on Wednesday, May 13th. Two investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, Commerce Bancshares currently has an average rating of “Hold” and a consensus price target of $62.43.

Commerce Bancshares Stock Performance

NASDAQ CBSH opened at $58.78 on Monday. The firm has a market capitalization of $8.57 billion, a P/E ratio of 14.23, a PEG ratio of 3.00 and a beta of 0.58. The stock has a 50-day simple moving average of $54.99 and a two-hundred day simple moving average of $52.85. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.82 and a current ratio of 0.82. Commerce Bancshares has a fifty-two week low of $46.99 and a fifty-two week high of $62.42.

Commerce Bancshares (NASDAQ:CBSH) last issued its earnings results on Thursday, July 16th. The financial services provider reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.04 by $0.06. Commerce Bancshares had a return on equity of 14.31% and a net margin of 26.07%.The firm had revenue of $498.91 million for the quarter, compared to the consensus estimate of $492.22 million. During the same quarter in the prior year, the business earned $1.14 earnings per share. On average, equities analysts forecast that Commerce Bancshares will post 4.2 earnings per share for the current year.

Commerce Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 23rd. Stockholders of record on Friday, June 5th were given a $0.275 dividend. The ex-dividend date was Friday, June 5th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.9%. Commerce Bancshares’s payout ratio is 26.63%.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Fulton Bank N.A. grew its stake in Commerce Bancshares by 21.8% in the 2nd quarter. Fulton Bank N.A. now owns 11,757 shares of the financial services provider’s stock valued at $679,000 after acquiring an additional 2,105 shares during the period. Trust Point Inc. raised its position in Commerce Bancshares by 10.6% during the second quarter. Trust Point Inc. now owns 4,919 shares of the financial services provider’s stock worth $284,000 after acquiring an additional 471 shares during the period. GAMMA Investing LLC raised its position in Commerce Bancshares by 39.7% during the second quarter. GAMMA Investing LLC now owns 1,900 shares of the financial services provider’s stock worth $110,000 after acquiring an additional 540 shares during the period. Stonebridge Financial Group LLC lifted its holdings in Commerce Bancshares by 4.4% during the second quarter. Stonebridge Financial Group LLC now owns 81,288 shares of the financial services provider’s stock valued at $4,694,000 after purchasing an additional 3,433 shares in the last quarter. Finally, Pacer Advisors Inc. lifted its holdings in Commerce Bancshares by 5.2% during the first quarter. Pacer Advisors Inc. now owns 16,273 shares of the financial services provider’s stock valued at $801,000 after purchasing an additional 805 shares in the last quarter. 70.26% of the stock is owned by institutional investors and hedge funds.

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.