Wall Street Zen Downgrades Commerce Bancshares (NASDAQ:CBSH) to Sell

Key Points

• Wall Street Zen downgraded Commerce Bancshares from a "hold" rating to a "sell" rating, reflecting a negative outlook on the company's future performance.
• Commerce Bancshares reported earnings per share (EPS) of $1.06 for the last quarter, missing analysts' expectations by $0.03, with revenues of $440.97 million.
• The company's stock is currently trading near its 52-week low, with a market capitalization of $7.16 billion and a consensus price target of $66.00 among analysts.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) was downgraded by analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a report released on Saturday.

Other equities research analysts have also recently issued reports about the company. Morgan Stanley lifted their price objective on Commerce Bancshares from $66.00 to $70.00 and gave the company an "underperform" rating in a research note on Monday, September 29th. Zacks Research cut Commerce Bancshares from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 27th. TD Cowen began coverage on Commerce Bancshares in a research note on Thursday, September 25th. They issued a "hold" rating and a $63.00 price objective for the company. Bank of America lifted their price objective on Commerce Bancshares from $69.00 to $71.00 and gave the company a "neutral" rating in a research note on Tuesday, June 24th. Finally, Wells Fargo & Company dropped their price objective on Commerce Bancshares from $69.00 to $65.00 and set an "equal weight" rating for the company in a research note on Monday, September 29th. One research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Commerce Bancshares has a consensus rating of "Hold" and a consensus price target of $66.00.

Commerce Bancshares Stock Up 2.4%

NASDAQ:CBSH opened at $53.68 on Friday. Commerce Bancshares has a 52 week low of $52.11 and a 52 week high of $72.75. The company has a market capitalization of $7.16 billion, a P/E ratio of 12.81, a P/E/G ratio of 6.46 and a beta of 0.59. The stock's fifty day moving average is $59.95 and its two-hundred day moving average is $61.25.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last posted its earnings results on Thursday, October 16th. The financial services provider reported $1.06 EPS for the quarter, missing analysts' consensus estimates of $1.09 by ($0.03). Commerce Bancshares had a net margin of 26.48% and a return on equity of 15.73%. The business had revenue of $440.97 million during the quarter, compared to analysts' expectations of $447.04 million. During the same quarter in the prior year, the firm earned $1.07 EPS. Commerce Bancshares's revenue for the quarter was up 4.7% compared to the same quarter last year. Sell-side analysts anticipate that Commerce Bancshares will post 3.94 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Smartleaf Asset Management LLC grew its stake in Commerce Bancshares by 191.0% during the 1st quarter. Smartleaf Asset Management LLC now owns 451 shares of the financial services provider's stock worth $28,000 after purchasing an additional 296 shares in the last quarter. IMA Advisory Services Inc. acquired a new position in shares of Commerce Bancshares during the 1st quarter worth about $29,000. Geneos Wealth Management Inc. boosted its position in shares of Commerce Bancshares by 85.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider's stock worth $29,000 after acquiring an additional 216 shares in the last quarter. CoreFirst Bank & Trust acquired a new position in shares of Commerce Bancshares during the 2nd quarter worth about $33,000. Finally, Allworth Financial LP boosted its position in shares of Commerce Bancshares by 55.0% during the 1st quarter. Allworth Financial LP now owns 651 shares of the financial services provider's stock worth $40,000 after acquiring an additional 231 shares in the last quarter. 70.26% of the stock is owned by institutional investors and hedge funds.

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.

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