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

Key Points

• Wall Street Zen upgraded Commerce Bancshares from “sell” to “hold,” aligning with the broader analyst consensus of “Hold.” The average price target is $64.29, with three Buy ratings and seven Hold ratings.
• Commerce Bancshares reported quarterly EPS of $1.10, exceeding the $1.04 consensus estimate, while revenue of $498.91 million also surpassed expectations.
• The stock opened at $54.39, down 0.4%, with a market capitalization of approximately $7.80 billion. Institutional investors own 70.26% of the company, while insiders have sold roughly $1.96 million in shares over the past 90 days.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued on Sunday, Wall Street Zen reports.

A number of other equities analysts have also recently commented on CBSH. Weiss Ratings cut Commerce Bancshares from a "buy (b)" rating to a "buy (b-)" rating in a report on Friday, October 2nd. TD Cowen reiterated a "hold" rating and set a $63.00 price target (up from $62.00) on shares of Commerce Bancshares in a research note on Friday, July 17th. Stephens set a $64.00 price target on shares of Commerce Bancshares and gave the stock an "equal weight" rating in a research report on Friday, July 17th. Keefe, Bruyette & Woods raised 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, Morgan Stanley lifted their price objective on shares of Commerce Bancshares from $76.00 to $77.00 and gave the company an "overweight" rating in a report on Monday, September 28th. Three equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Commerce Bancshares has an average rating of "Hold" and a consensus price target of $64.29.

Commerce Bancshares Stock Down 0.4%

Commerce Bancshares stock opened at $54.39 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.82 and a current ratio of 0.82. The firm has a 50 day moving average price of $57.61 and a 200 day moving average price of $55.10. Commerce Bancshares has a fifty-two week low of $46.99 and a fifty-two week high of $60.92. The company has a market capitalization of $7.80 billion, a PE ratio of 13.17, a price-to-earnings-growth ratio of 1.66 and a beta of 0.60.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last released its quarterly earnings results on Thursday, July 16th. The financial services provider reported $1.10 EPS for the quarter, topping the consensus estimate of $1.04 by $0.06. Commerce Bancshares had a return on equity of 14.31% and a net margin of 26.07%. The business had revenue of $498.91 million during the quarter, compared to analyst estimates of $492.22 million. During the same period last year, the business posted $1.14 earnings per share. Research analysts expect that Commerce Bancshares will post 4.22 earnings per share for the current year.

Insiders Place Their Bets

In related news, SVP Douglas D. Neff sold 666 shares of Commerce Bancshares stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $58.15, for a total value of $38,727.90. Following the completion of the transaction, the senior vice president owned 11,746 shares in the company, valued at $683,029.90. The trade was a 5.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Derrick Brooks sold 1,041 shares of Commerce Bancshares stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $59.63, for a total transaction of $62,074.83. Following the completion of the transaction, the senior vice president owned 13,117 shares of the company's stock, valued at $782,166.71. This represents a 7.35% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 32,950 shares of company stock worth $1,963,777. Corporate 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 modified their holdings of CBSH. BlackRock Inc. purchased a new position in shares of Commerce Bancshares during the second quarter worth about $755,669,000. Commerce Bank acquired a new stake in shares of Commerce Bancshares during the second quarter worth about $316,010,000. Bank of America Corp DE purchased a new stake in shares of Commerce Bancshares in the 2nd quarter valued at about $83,328,000. Bank of New York Mellon Corp purchased a new stake in shares of Commerce Bancshares in the 2nd quarter valued at about $54,444,000. Finally, Dimensional Fund Advisors LP boosted its position in shares of Commerce Bancshares by 29.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,943,247 shares of the financial services provider's stock valued at $193,999,000 after purchasing an additional 894,183 shares during the period. 70.26% of the stock is currently owned by institutional investors and hedge funds.

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.

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