Commerce Bancshares (NASDAQ:CBSH) Upgraded to “Hold” at StockNews.com

Commerce Bancshares (NASDAQ:CBSH) was upgraded by stock analysts at StockNews.com from a “sell” rating to a “hold” rating in a report released on Monday.

A number of other research firms have also weighed in on CBSH. Keefe, Bruyette & Woods increased their price objective on shares of Commerce Bancshares from $66.00 to $78.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Wells Fargo & Company increased their price target on Commerce Bancshares from $62.00 to $67.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 3rd. Raymond James cut Commerce Bancshares from an “outperform” rating to a “market perform” rating in a report on Thursday, December 19th. Morgan Stanley downgraded Commerce Bancshares from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $66.00 to $64.00 in a research report on Monday, September 30th. Finally, Piper Sandler set a $68.50 target price on Commerce Bancshares and gave the stock a “neutral” rating in a research report on Friday, October 18th. Seven investment analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $66.75.

Commerce Bancshares Trading Up 1.0 %

NASDAQ CBSH traded up $0.59 on Monday, reaching $61.74. 589,719 shares of the stock were exchanged, compared to its average volume of 497,288. The firm has a market capitalization of $7.92 billion, a PE ratio of 16.08, a PEG ratio of 2.92 and a beta of 0.79. Commerce Bancshares has a one year low of $47.09 and a one year high of $72.75. The company’s 50-day simple moving average is $67.47 and its two-hundred day simple moving average is $63.22.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings data on Thursday, October 17th. The financial services provider reported $1.07 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.07. Commerce Bancshares had a return on equity of 15.93% and a net margin of 24.15%. The firm had revenue of $421.38 million during the quarter, compared to analyst estimates of $412.85 million. Sell-side analysts forecast that Commerce Bancshares will post 3.95 earnings per share for the current fiscal year.

Insider Activity at Commerce Bancshares

In other Commerce Bancshares news, Chairman David W. Kemper sold 30,000 shares of Commerce Bancshares stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $61.78, for a total transaction of $1,853,400.00. Following the completion of the transaction, the chairman now owns 1,151,994 shares in the company, valued at approximately $71,170,189.32. This trade represents a 2.54 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP David L. Roller sold 890 shares of the company’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $72.27, for a total value of $64,320.30. Following the completion of the sale, the senior vice president now owns 30,949 shares in the company, valued at $2,236,684.23. The trade was a 2.80 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 39,398 shares of company stock valued at $2,504,665 in the last ninety days. Company insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CBSH. V Square Quantitative Management LLC acquired a new stake in Commerce Bancshares in the 3rd quarter valued at $26,000. Allworth Financial LP grew its position in shares of Commerce Bancshares by 51.1% in the third quarter. Allworth Financial LP now owns 568 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 192 shares during the period. Capital Performance Advisors LLP purchased a new stake in shares of Commerce Bancshares during the third quarter worth about $39,000. True Wealth Design LLC acquired a new position in shares of Commerce Bancshares during the 3rd quarter worth about $47,000. Finally, Farther Finance Advisors LLC raised its position in shares of Commerce Bancshares by 48.2% during the 3rd quarter. Farther Finance Advisors LLC now owns 882 shares of the financial services provider’s stock worth $52,000 after purchasing an additional 287 shares during the last quarter. Hedge funds and other institutional investors own 70.26% of the company’s stock.

About Commerce Bancshares

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.