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

Wall Street Zen upgraded shares of Commerce Bancshares (NASDAQ:CBSH) from a sell rating to a hold rating in a research report released on Sunday,Wall Street Zen reports.

A number of other equities research analysts have also recently commented on CBSH. Raymond James Financial upgraded shares of Commerce Bancshares to a “hold” rating in a research report on Thursday, August 27th. TD Cowen reissued a “hold” rating and issued a $63.00 price target (up from $62.00) on shares of Commerce Bancshares in a research note on Friday, July 17th. Piper Sandler lowered their price target on shares of Commerce Bancshares from $66.00 to $63.00 and set a “neutral” rating on the stock in a research report on Monday, October 5th. Keefe, Bruyette & Woods upped their price objective on shares of Commerce Bancshares from $60.00 to $62.00 and gave the company a “market perform” rating in a research note on Monday, July 20th. Finally, Wells Fargo & Company set a $61.00 price objective on shares of Commerce Bancshares and gave the company an “equal weight” rating in a report on Tuesday, September 29th. Three research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $64.29.

Commerce Bancshares Price Performance

Shares of Commerce Bancshares stock opened at $54.29 on Friday. The stock has a market capitalization of $7.79 billion, a P/E ratio of 13.15, a PEG ratio of 1.67 and a beta of 0.60. The business has a 50 day simple moving average of $57.40 and a two-hundred day simple moving average of $55.23. Commerce Bancshares has a 12 month low of $46.99 and a 12 month high of $60.92. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.82 and a quick ratio of 0.82.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings results on Thursday, July 16th. The financial services provider reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.04 by $0.06. The firm had revenue of $498.91 million for the quarter, compared to analyst estimates of $492.22 million. Commerce Bancshares had a return on equity of 14.31% and a net margin of 26.07%. During the same period in the previous year, the company posted $1.14 earnings per share. As a group, analysts predict that Commerce Bancshares will post 4.22 EPS for the current fiscal year.

Commerce Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 22nd. Stockholders of record on Friday, September 4th were given a dividend of $0.2750 per share. The ex-dividend date of this dividend was Friday, September 4th. This represents a $1.10 annualized dividend and a dividend yield of 2.0%. Commerce Bancshares’s payout ratio is presently 26.63%.

Insider Transactions at Commerce Bancshares

In related news, VP David Orf sold 642 shares of the firm’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $60.35, for a total transaction of $38,744.70. Following the completion of the sale, the vice president directly owned 24,962 shares in the company, valued at approximately $1,506,456.70. This trade represents a 2.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Douglas Neff sold 666 shares of Commerce Bancshares stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $58.15, for a total transaction of $38,727.90. Following the transaction, the senior vice president directly owned 11,746 shares in the company, valued at $683,029.90. This trade represents a 5.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 32,950 shares of company stock valued at $1,963,777 in the last three months. 1.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Commerce Bancshares

Several institutional investors have recently made changes to their positions in CBSH. Bank of America Corp DE acquired a new stake in Commerce Bancshares in the 2nd quarter valued at about $83,328,000. Two Sigma Securities LLC purchased a new stake in shares of Commerce Bancshares during the second quarter worth approximately $1,016,000. Public Employees Retirement System of Ohio purchased a new stake in shares of Commerce Bancshares during the second quarter worth approximately $2,311,000. Dimensional Fund Advisors LP increased its stake in shares of Commerce Bancshares by 29.3% during the first quarter. Dimensional Fund Advisors LP now owns 3,943,247 shares of the financial services provider’s stock worth $193,999,000 after buying an additional 894,183 shares during the period. Finally, Jupiter Topco LLC acquired a new stake in Commerce Bancshares in the second quarter valued at approximately $3,566,000. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Commerce Bancshares Company Profile

Commerce Bancshares, Inc is a financial holding company headquartered in Kansas City, Missouri. Its principal subsidiary, Commerce Bank, provides banking and financial services to businesses, institutions and individuals through a network of branches and digital channels.

The company’s offerings include commercial and consumer lending, deposit accounts, treasury and payment services, credit and debit cards, investment services, brokerage, trust administration and wealth management. Commerce also provides specialized services for businesses, including cash management, merchant processing and other payment solutions.

Commerce Bank traces its history to 1865 and primarily serves customers in Missouri, Kansas, Illinois, Oklahoma and Colorado.