Commerce Bancshares (NASDAQ:CBSH) Upgraded at Wall Street Zen

Commerce Bancshares (NASDAQ:CBSH) was upgraded by equities researchers at Wall Street Zen from a “sell” rating to a “hold” rating in a note issued to investors on Sunday.

A number of other research analysts have also recently issued reports on CBSH. Wells Fargo & Company boosted their price objective on shares of Commerce Bancshares from $53.00 to $57.00 and gave the company an “equal weight” rating in a report on Monday, July 6th. Piper Sandler boosted their price target on shares of Commerce Bancshares from $58.50 to $59.00 and gave the company a “neutral” rating in a report on Friday, June 26th. Morgan Stanley reaffirmed a “positive” rating and set a $65.00 price objective (up from $61.00) on shares of Commerce Bancshares in a research note on Monday, June 29th. TD Cowen reiterated a “hold” rating and set a $54.00 target price (up from $53.00) on shares of Commerce Bancshares in a report on Thursday, April 23rd. Finally, Hovde Group decreased their target price on Commerce Bancshares from $63.00 to $60.00 and set an “outperform” rating for the company in a research note on Wednesday, April 22nd. Two equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $58.67.

Commerce Bancshares Stock Performance

NASDAQ:CBSH traded up $0.10 during mid-day trading on Friday, hitting $58.37. The company had a trading volume of 723,661 shares, compared to its average volume of 1,248,558. Commerce Bancshares has a fifty-two week low of $46.99 and a fifty-two week high of $63.15. The business’s fifty day moving average is $54.19 and its two-hundred day moving average is $52.62. The firm has a market cap of $8.51 billion, a P/E ratio of 14.00, a P/E/G ratio of 2.99 and a beta of 0.58.

Commerce Bancshares (NASDAQ:CBSH) last posted its 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. The company had revenue of $475.69 million during 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 company’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.98 EPS. Equities analysts forecast that Commerce Bancshares will post 4.15 earnings per share for the current year.

Institutional Investors Weigh In On Commerce Bancshares

Several institutional investors have recently added to or reduced their stakes in the stock. Fulton Bank N.A. boosted 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 worth $679,000 after purchasing an additional 2,105 shares during the period. Trust Point Inc. raised its stake in shares of Commerce Bancshares by 10.6% in the 2nd quarter. Trust Point Inc. now owns 4,919 shares of the financial services provider’s stock valued at $284,000 after purchasing an additional 471 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Commerce Bancshares by 39.7% in the second quarter. GAMMA Investing LLC now owns 1,900 shares of the financial services provider’s stock valued at $110,000 after purchasing an additional 540 shares in the last quarter. Stonebridge Financial Group LLC lifted its holdings in shares of Commerce Bancshares by 4.4% in 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. boosted its position in shares of Commerce Bancshares by 5.2% during the first quarter. Pacer Advisors Inc. now owns 16,273 shares of the financial services provider’s stock worth $801,000 after buying an additional 805 shares during the period. 70.26% of the stock is owned by 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.