Commerce Bancshares (NASDAQ:CBSH) Raised to Hold at Raymond James Financial

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) was upgraded by analysts at Raymond James Financial to a "hold" rating in a report released on Thursday,Zacks.com reports.

A number of other research firms have also weighed in on CBSH. Wall Street Zen upgraded shares of Commerce Bancshares from a "sell" rating to a "hold" rating in a report on Tuesday, July 28th. Weiss Ratings raised Commerce Bancshares from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, July 21st. TD Cowen reissued a "hold" rating and issued a $63.00 price objective (up from $62.00) on shares of Commerce Bancshares in a research note on Friday, July 17th. Piper Sandler restated a "neutral" rating and issued a $66.00 target price (up from $59.00) on shares of Commerce Bancshares in a report on Friday, July 17th. Finally, Keefe, Bruyette & Woods lifted their target price on Commerce Bancshares from $60.00 to $62.00 and gave the company a "market perform" rating in a research report on Monday, July 20th. Three analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $63.29.

Commerce Bancshares Stock Performance

Shares of CBSH stock opened at $58.04 on Thursday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.01. The firm has a fifty day simple moving average of $58.64 and a two-hundred day simple moving average of $53.98. Commerce Bancshares has a 12 month low of $46.99 and a 12 month high of $60.92. The firm has a market capitalization of $8.32 billion, a PE ratio of 14.05, a price-to-earnings-growth ratio of 2.07 and a beta of 0.59.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last released its quarterly earnings data on Thursday, July 16th. The financial services provider reported $1.10 earnings per share for the quarter, beating 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 net margin of 26.07% and a return on equity of 14.31%. During the same period last year, the firm earned $1.14 earnings per share. Analysts forecast that Commerce Bancshares will post 4.25 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, SVP Derrick Brooks sold 1,041 shares of the company's stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $59.63, for a total value of $62,074.83. Following the transaction, the senior vice president owned 13,117 shares in the company, valued at approximately $782,166.71. This represents a 7.35% 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, EVP Robert S. Holmes sold 5,000 shares of the stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $60.20, for a total value of $301,000.00. Following the transaction, the executive vice president directly owned 55,962 shares of the company's stock, valued at approximately $3,368,912.40. This trade represents a 8.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 32,484 shares of company stock valued at $1,936,055. Company insiders own 1.80% of the company's stock.

Institutional Investors Weigh In On Commerce Bancshares

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CBSH. Danske Bank A S bought a new stake in shares of Commerce Bancshares in the third quarter valued at approximately $25,000. Geneos Wealth Management Inc. boosted its stake in Commerce Bancshares by 85.4% during the first quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider's stock valued at $29,000 after buying an additional 216 shares during the period. Keating Financial Advisory Services Inc. purchased a new position in shares of Commerce Bancshares during the second quarter worth about $29,000. Root Financial Partners LLC grew its stake in Commerce Bancshares by 104.9% in the 1st quarter. Root Financial Partners LLC now owns 623 shares of the financial services provider's stock worth $31,000 after buying an additional 319 shares in the last quarter. Finally, Laurel Wealth Advisors LLC bought a new position in Commerce Bancshares in the fourth quarter valued at $34,000. 70.26% of the stock is currently owned by institutional investors.

Commerce Bancshares Company Profile

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.

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