Commerce Bancshares (NASDAQ:CBSH) Raised to Hold at Stephens

Commerce Bancshares (NASDAQ:CBSH) was upgraded by equities researchers at Stephens to a “hold” rating in a note issued to investors on Tuesday,Zacks.com reports.

CBSH has been the topic of a number of other reports. Wells Fargo & Company upped their target price on shares of Commerce Bancshares from $53.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Monday, July 6th. Weiss Ratings raised shares of Commerce Bancshares from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, July 8th. TD Cowen restated a “hold” rating and issued a $54.00 price objective (up from $53.00) on shares of Commerce Bancshares in a research report on Thursday, April 23rd. Piper Sandler upped their price objective on Commerce Bancshares from $58.50 to $59.00 and gave the stock a “neutral” rating in a report on Friday, June 26th. Finally, Wall Street Zen upgraded Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Sunday. Two equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, Commerce Bancshares currently has a consensus rating of “Hold” and an average price target of $59.14.

Commerce Bancshares Stock Up 0.4%

Commerce Bancshares stock opened at $58.16 on Tuesday. The stock has a 50-day simple moving average of $54.55 and a 200 day simple moving average of $52.72. Commerce Bancshares has a 12-month low of $46.99 and a 12-month high of $62.42. The stock has a market capitalization of $8.48 billion, a price-to-earnings ratio of 13.95, a P/E/G ratio of 2.97 and a beta of 0.58.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings results on Tuesday, April 21st. The financial services provider reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.94 by $0.02. Commerce Bancshares had a net margin of 26.37% and a return on equity of 14.78%. The business had revenue of $475.69 million for the quarter, compared to the consensus estimate of $481.94 million. During the same quarter in the prior year, the company earned $0.98 EPS. The firm’s quarterly revenue was up 11.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Commerce Bancshares will post 4.15 EPS for the current year.

Institutional Investors Weigh In On Commerce Bancshares

Institutional investors and hedge funds have recently modified their holdings of the business. Norges Bank bought a new position in Commerce Bancshares in the fourth quarter valued at approximately $85,282,000. Champlain Investment Partners LLC bought a new stake in shares of Commerce Bancshares during the 4th quarter valued at $58,830,000. Vanguard Group Inc. raised its position in shares of 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 valued at $768,877,000 after acquiring an additional 1,098,142 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of Commerce Bancshares by 1,433.7% in the 4th quarter. Victory Capital Management Inc. now owns 1,145,683 shares of the financial services provider’s stock valued at $59,965,000 after purchasing an additional 1,070,980 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Commerce Bancshares by 29.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,943,247 shares of the financial services provider’s stock valued at $193,999,000 after purchasing an additional 894,183 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.