Weiss Ratings Reaffirms Hold (C+) Rating for Commerce Bancshares (NASDAQ:CBSH)

Key Points

• Weiss Ratings has reaffirmed a "Hold (C+)" rating for Commerce Bancshares, indicating a cautious outlook for the stock amidst mixed analyst opinions.
• Analysts from Piper Sandler and Bank of America have raised their price targets for Commerce Bancshares to $70.00 and $71.00 respectively, while Wells Fargo decreased theirs to $65.00.
• Commerce Bancshares reported a quarterly EPS of $1.14, exceeding estimates, with a record revenue of $445.76 million, reflecting a year-over-year increase of 7.6%.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report)'s stock had its "hold (c+)" rating reaffirmed by analysts at Weiss Ratings in a research note issued on Wednesday,Weiss Ratings reports.

CBSH has been the subject of several other reports. Piper Sandler increased their target price on Commerce Bancshares from $66.50 to $70.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Bank of America raised their price objective on Commerce Bancshares from $69.00 to $71.00 and gave the company a "neutral" rating in a research report on Tuesday, June 24th. Zacks Research lowered Commerce Bancshares from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 27th. Hovde Group initiated coverage on Commerce Bancshares in a report on Monday. They issued an "outperform" rating and a $70.00 target price for the company. Finally, Wells Fargo & Company dropped their price target on Commerce Bancshares from $69.00 to $65.00 and set an "equal weight" rating on the stock 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 stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $68.43.

Commerce Bancshares Stock Down 0.3%

Shares of Commerce Bancshares stock traded down $0.16 during trading on Wednesday, hitting $58.79. 888,643 shares of the stock traded hands, compared to its average volume of 919,066. The stock has a market cap of $7.84 billion, a price-to-earnings ratio of 14.00, a PEG ratio of 2.69 and a beta of 0.59. The firm's fifty day moving average is $60.53 and its 200-day moving average is $61.54. Commerce Bancshares has a 52 week low of $52.69 and a 52 week high of $72.75.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $1.14 EPS for the quarter, beating the consensus estimate of $1.02 by $0.12. The firm had revenue of $445.76 million for the quarter, compared to analyst estimates of $434.11 million. Commerce Bancshares had a return on equity of 16.01% and a net margin of 26.37%.The company's revenue was up 7.6% on a year-over-year basis. During the same period in the prior year, the company earned $1.02 EPS. On average, analysts forecast that Commerce Bancshares will post 3.94 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Commerce Bancshares

Several institutional investors have recently bought and sold shares of the company. Norges Bank purchased a new position in Commerce Bancshares in the 2nd quarter valued at approximately $89,282,000. Invesco Ltd. increased its stake in Commerce Bancshares by 136.0% in the first quarter. Invesco Ltd. now owns 848,442 shares of the financial services provider's stock valued at $52,799,000 after purchasing an additional 488,960 shares during the period. Nuveen LLC acquired a new position in Commerce Bancshares in the first quarter valued at $21,995,000. Vanguard Group Inc. increased its stake in shares of Commerce Bancshares by 2.0% during the first quarter. Vanguard Group Inc. now owns 13,493,741 shares of the financial services provider's stock worth $839,716,000 after acquiring an additional 268,250 shares during the period. Finally, Qube Research & Technologies Ltd increased its stake in shares of Commerce Bancshares by 172.4% during the second quarter. Qube Research & Technologies Ltd now owns 405,531 shares of the financial services provider's stock worth $25,212,000 after acquiring an additional 256,650 shares during the period. 70.26% of the stock is currently 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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