Commerce Bancshares (NASDAQ:CBSH) Reaches New 12-Month High Following Analyst Upgrade

Key Points

• Commerce Bancshares reached a new 52-week high of $60.82 after Wall Street Zen upgraded the stock from “sell” to “hold.” The stock last traded near $60.89.
• Analyst sentiment remains cautious, with a consensus “hold” rating and an average price target of $62.43; three analysts rate the stock a buy and six rate it a hold.
• The company beat quarterly expectations, reporting $1.10 in EPS versus the $1.04 estimate and $498.91 million in revenue versus $492.22 million expected. Institutional investors own approximately 70.26% of its shares.

Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Get Free Report) hit a new 52-week high during mid-day trading on Wednesday after Wall Street Zen upgraded the stock from a sell rating to a hold rating. The company traded as high as $60.82 and last traded at $60.8880, with a volume of 173783 shares trading hands. The stock had previously closed at $60.01.

Several other equities analysts have also commented on CBSH. Stephens set a $64.00 price objective on shares of Commerce Bancshares and gave the company an "equal weight" rating in a research report on Friday, July 17th. Wells Fargo & Company lifted their price target on shares of Commerce Bancshares from $53.00 to $57.00 and gave the stock an "equal weight" rating in a research note on Monday, July 6th. Piper Sandler reaffirmed a "neutral" rating and set a $66.00 target price (up from $59.00) on shares of Commerce Bancshares in a research note on Friday, July 17th. Hovde Group reduced their target price on Commerce Bancshares from $63.00 to $60.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 22nd. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of Commerce Bancshares from $60.00 to $62.00 and gave the company a "market perform" rating in a report on Monday, July 20th. Three investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $62.43.

Hedge Funds Weigh In On Commerce Bancshares

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Norges Bank bought a new position in shares of Commerce Bancshares during the 4th quarter worth approximately $85,282,000. Champlain Investment Partners LLC acquired a new position in Commerce Bancshares during the 4th quarter valued at about $58,830,000. Vanguard Group Inc. raised its stake in Commerce Bancshares by 8.1% in the fourth quarter. Vanguard Group Inc. now owns 14,690,039 shares of the financial services provider's stock valued at $768,877,000 after buying an additional 1,098,142 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in Commerce Bancshares by 1,433.7% in the fourth quarter. Victory Capital Management Inc. now owns 1,145,683 shares of the financial services provider's stock worth $59,965,000 after acquiring an additional 1,070,980 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Commerce Bancshares by 29.3% in 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 acquiring an additional 894,183 shares in the last quarter. Hedge funds and other institutional investors own 70.26% of the company's stock.

Commerce Bancshares Price Performance

The firm has a market cap of $8.87 billion, a PE ratio of 14.73, a price-to-earnings-growth ratio of 2.11 and a beta of 0.58. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.01. The stock has a 50 day moving average price of $55.92 and a two-hundred day moving average price of $53.11.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last announced its quarterly earnings data on Thursday, July 16th. The financial services provider reported $1.10 EPS for the quarter, beating the consensus estimate of $1.04 by $0.06. The firm had revenue of $498.91 million during 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 posted $1.14 EPS. As a group, equities analysts expect that Commerce Bancshares, Inc. will post 4.22 earnings per share for the current year.

About Commerce Bancshares

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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