Commerce Bancshares (NASDAQ:CBSH) Upgraded to Outperform by Raymond James

Commerce Bancshares (NASDAQ:CBSH) was upgraded by analysts at Raymond James from a “market perform” rating to an “outperform” rating in a research note issued on Wednesday, Marketbeat reports. The firm currently has a $61.00 price target on the financial services provider’s stock. Raymond James’ target price would indicate a potential upside of 15.05% from the company’s previous close.

Other equities analysts also recently issued reports about the company. Keefe, Bruyette & Woods lifted their price target on Commerce Bancshares from $54.00 to $56.00 and gave the stock a “market perform” rating in a research note on Friday, January 19th. Bank of America assumed coverage on Commerce Bancshares in a research report on Thursday, January 11th. They issued a “neutral” rating and a $55.00 target price for the company. Finally, Morgan Stanley upped their price target on Commerce Bancshares from $46.00 to $55.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 7th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $55.00.

Commerce Bancshares Trading Up 1.9 %

CBSH stock traded up $1.01 during trading on Wednesday, reaching $53.02. The stock had a trading volume of 544,334 shares, compared to its average volume of 485,062. The firm has a fifty day moving average price of $51.92 and a 200 day moving average price of $50.90. The company has a market capitalization of $6.89 billion, a P/E ratio of 14.61 and a beta of 0.79. Commerce Bancshares has a 1-year low of $40.91 and a 1-year high of $56.75.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.86 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.06. Commerce Bancshares had a return on equity of 17.46% and a net margin of 24.41%. The firm had revenue of $397.80 million during the quarter, compared to the consensus estimate of $389.49 million. During the same quarter in the prior year, the business posted $0.90 earnings per share. Commerce Bancshares’s revenue for the quarter was up 2.2% on a year-over-year basis. Sell-side analysts predict that Commerce Bancshares will post 3.24 EPS for the current year.

Insider Buying and Selling

In related news, Director Benjamin F. Rassieur III sold 1,785 shares of the business’s stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $53.83, for a total transaction of $96,086.55. Following the completion of the transaction, the director now owns 33,567 shares in the company, valued at approximately $1,806,911.61. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Benjamin F. Rassieur III sold 1,785 shares of Commerce Bancshares stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $53.83, for a total value of $96,086.55. Following the sale, the director now directly owns 33,567 shares in the company, valued at approximately $1,806,911.61. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP David L. Roller sold 1,392 shares of the company’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $50.62, for a total transaction of $70,463.04. Following the completion of the transaction, the senior vice president now owns 30,949 shares of the company’s stock, valued at approximately $1,566,638.38. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 14,321 shares of company stock valued at $752,387. Insiders own 3.10% of the company’s stock.

Institutional Trading of Commerce Bancshares

Several large investors have recently added to or reduced their stakes in CBSH. Victory Capital Management Inc. grew its stake in shares of Commerce Bancshares by 16.5% in the third quarter. Victory Capital Management Inc. now owns 130,936 shares of the financial services provider’s stock worth $6,282,000 after purchasing an additional 18,535 shares in the last quarter. Mutual Advisors LLC increased its stake in Commerce Bancshares by 3.9% during the 3rd quarter. Mutual Advisors LLC now owns 417,063 shares of the financial services provider’s stock valued at $20,011,000 after buying an additional 15,508 shares during the period. Handelsinvest Investeringsforvaltning bought a new stake in shares of Commerce Bancshares during the 4th quarter worth about $526,000. CWM LLC lifted its stake in shares of Commerce Bancshares by 10.7% in the 3rd quarter. CWM LLC now owns 147,743 shares of the financial services provider’s stock worth $7,089,000 after acquiring an additional 14,323 shares during the period. Finally, Stifel Financial Corp lifted its stake in shares of Commerce Bancshares by 23.0% in the 3rd quarter. Stifel Financial Corp now owns 110,881 shares of the financial services provider’s stock worth $5,322,000 after acquiring an additional 20,737 shares during the period. 70.26% of the stock is currently owned by institutional investors and hedge funds.

Commerce Bancshares Company Profile

Commerce Bancshares, Inc operates as the bank holding company for Commerce Bank that provides retail, mortgage banking, corporate, investment, trust, and asset management products and services to individuals and businesses in the United States. It operates through three segments: Consumer, Commercial, and Wealth.