Commerce Bancshares (NASDAQ:CBSH) Stock Rating Upgraded by StockNews.com

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

Other analysts also recently issued reports about the stock. Wells Fargo & Company increased their price target on shares of Commerce Bancshares from $52.00 to $62.00 and gave the company an “equal weight” rating in a report on Monday, July 22nd. Piper Sandler set a $68.50 price target on shares of Commerce Bancshares and gave the company a “neutral” rating in a report on Friday. Jefferies Financial Group increased their price target on shares of Commerce Bancshares from $60.00 to $62.00 and gave the company a “hold” rating in a report on Wednesday, July 3rd. Finally, Morgan Stanley downgraded shares of Commerce Bancshares from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $66.00 to $64.00 in a report on Monday, September 30th. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, Commerce Bancshares has an average rating of “Hold” and a consensus target price of $61.79.

Commerce Bancshares Stock Performance

Shares of NASDAQ:CBSH traded up $0.17 during mid-day trading on Friday, hitting $61.28. The stock had a trading volume of 576,177 shares, compared to its average volume of 525,423. The company has a market cap of $7.94 billion, a PE ratio of 17.07, a P/E/G ratio of 3.02 and a beta of 0.74. Commerce Bancshares has a 12-month low of $40.91 and a 12-month high of $65.86. The company’s 50 day moving average is $61.10 and its 200-day moving average is $58.03.

Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings data on Thursday, July 18th. The financial services provider reported $1.07 earnings per share for the quarter, beating the consensus estimate of $0.90 by $0.17. The firm had revenue of $414.90 million for the quarter, compared to analyst estimates of $406.88 million. Commerce Bancshares had a net margin of 23.62% and a return on equity of 16.50%. The company’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.97 EPS. On average, equities research analysts predict that Commerce Bancshares will post 3.92 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Jonathan M. Kemper sold 19,626 shares of the stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $63.66, for a total transaction of $1,249,391.16. Following the completion of the sale, the director now owns 997,112 shares in the company, valued at $63,476,149.92. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Commerce Bancshares news, Director Jonathan M. Kemper sold 19,626 shares of the firm’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $63.66, for a total value of $1,249,391.16. Following the completion of the sale, the director now owns 997,112 shares in the company, valued at approximately $63,476,149.92. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Robert S. Holmes sold 3,795 shares of the firm’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $64.75, for a total transaction of $245,726.25. Following the completion of the sale, the executive vice president now owns 50,293 shares of the company’s stock, valued at $3,256,471.75. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 49,612 shares of company stock worth $3,184,609 in the last quarter. 3.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Commerce Bancshares

Several institutional investors have recently modified their holdings of CBSH. Vanguard Group Inc. grew its position in shares of Commerce Bancshares by 4.7% during the 4th quarter. Vanguard Group Inc. now owns 12,372,518 shares of the financial services provider’s stock worth $660,816,000 after buying an additional 558,017 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Commerce Bancshares by 19.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,069,924 shares of the financial services provider’s stock worth $115,453,000 after buying an additional 342,793 shares during the period. American Century Companies Inc. grew its position in shares of Commerce Bancshares by 7.4% during the 2nd quarter. American Century Companies Inc. now owns 3,509,796 shares of the financial services provider’s stock worth $195,776,000 after buying an additional 240,938 shares during the period. Millennium Management LLC grew its position in shares of Commerce Bancshares by 168.3% during the 2nd quarter. Millennium Management LLC now owns 342,084 shares of the financial services provider’s stock worth $19,081,000 after buying an additional 214,582 shares during the period. Finally, Boston Trust Walden Corp grew its position in shares of Commerce Bancshares by 15.4% during the 2nd quarter. Boston Trust Walden Corp now owns 1,260,999 shares of the financial services provider’s stock worth $70,339,000 after buying an additional 168,550 shares during the period. Institutional investors and hedge funds 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.