Commerce Bancshares (NASDAQ:CBSH) Upgraded at Zacks Research

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

Several other equities analysts have also recently issued reports on the company. Morgan Stanley dropped their price target on Commerce Bancshares from $67.00 to $65.00 and set an “equal weight” rating on the stock in a research report on Monday. Weiss Ratings reissued a “hold (c)” rating on shares of Commerce Bancshares in a report on Monday, December 29th. 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. Finally, TD Cowen lowered their price objective on shares of Commerce Bancshares from $61.00 to $55.00 and set a “hold” rating on the stock in a research report on Wednesday, January 7th. One analyst has rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $61.51.

Commerce Bancshares Price Performance

CBSH stock opened at $51.51 on Wednesday. The company has a market cap of $7.57 billion, a price-to-earnings ratio of 12.29, a price-to-earnings-growth ratio of 2.62 and a beta of 0.61. The company has a fifty day moving average price of $53.35 and a 200 day moving average price of $53.87. Commerce Bancshares has a 12 month low of $48.69 and a 12 month high of $63.19.

Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.99 by $0.02. Commerce Bancshares had a net margin of 26.51% and a return on equity of 15.34%. The company had revenue of $449.36 million for the quarter, compared to analyst estimates of $442.47 million. During the same period in the previous year, the business posted $1.01 earnings per share. Commerce Bancshares’s quarterly revenue was up 6.5% on a year-over-year basis. As a group, analysts anticipate that Commerce Bancshares will post 3.94 earnings per share for the current year.

Insider Buying and Selling

In other news, SVP David L. Roller sold 1,134 shares of the business’s stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $54.48, for a total transaction of $61,780.32. Following the sale, the senior vice president owned 30,535 shares of the company’s stock, valued at $1,663,546.80. The trade was a 3.58% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO John W. Kemper sold 23,397 shares of the company’s stock in a transaction that occurred on Thursday, February 5th. The stock was sold at an average price of $53.99, for a total value of $1,263,204.03. Following the completion of the sale, the chief executive officer owned 206,528 shares in the company, valued at approximately $11,150,446.72. This represents a 10.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 27,667 shares of company stock valued at $1,493,323. Corporate insiders own 3.10% of the company’s stock.

Institutional Trading of Commerce Bancshares

A number of institutional investors have recently bought and sold shares of the company. Apriem Advisors increased its position in shares of Commerce Bancshares by 5.0% in the fourth quarter. Apriem Advisors now owns 4,018 shares of the financial services provider’s stock valued at $210,000 after buying an additional 191 shares in the last quarter. Heartland Bank & Trust Co grew its stake in Commerce Bancshares by 4.4% in the 4th quarter. Heartland Bank & Trust Co now owns 4,595 shares of the financial services provider’s stock valued at $240,000 after acquiring an additional 192 shares during the last quarter. Profund Advisors LLC increased its holdings in Commerce Bancshares by 4.4% during the 3rd quarter. Profund Advisors LLC now owns 4,682 shares of the financial services provider’s stock valued at $280,000 after acquiring an additional 197 shares in the last quarter. Oregon Public Employees Retirement Fund raised its position in Commerce Bancshares by 0.8% during the third quarter. Oregon Public Employees Retirement Fund now owns 25,004 shares of the financial services provider’s stock worth $1,494,000 after acquiring an additional 200 shares during the last quarter. Finally, Outlook Wealth Advisors LLC lifted its holdings in shares of Commerce Bancshares by 3.7% in the fourth quarter. Outlook Wealth Advisors LLC now owns 5,934 shares of the financial services provider’s stock valued at $311,000 after purchasing an additional 214 shares in the last quarter. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

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.