Commerce Bancshares (NASDAQ:CBSH) Cut to "Hold" at Zacks Research

Key Points

• Commerce Bancshares has been downgraded by Zacks Research from a "strong-buy" rating to a "hold" rating, indicating a shift in analyst sentiment.
• Several analysts have raised their price targets for the stock, with a consensus target price of $68.20, reflecting a variety of ratings among financial institutions.
• The company's recent quarterly earnings exceeded analysts' expectations, reporting $1.14 EPS against an estimate of $1.02, with revenue up 7.6% year-over-year.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) was downgraded by Zacks Research from a "strong-buy" rating to a "hold" rating in a research note issued to investors on Wednesday,Zacks.com reports.

Other equities analysts have also issued research reports about the stock. Wall Street Zen lowered shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. Morgan Stanley boosted their target price on shares of Commerce Bancshares from $58.00 to $61.00 and gave the company an "equal weight" rating in a research note on Tuesday, June 17th. Wells Fargo & Company upped their target price on shares of Commerce Bancshares from $62.00 to $69.00 and gave the stock an "equal weight" rating in a research report on Monday, July 21st. Piper Sandler raised their price target on shares of Commerce Bancshares from $66.50 to $70.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. Finally, Bank of America boosted their price objective on Commerce Bancshares from $69.00 to $71.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 24th. Seven investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Commerce Bancshares has a consensus rating of "Hold" and a consensus price target of $68.20.

Commerce Bancshares Stock Down 0.1%

Shares of NASDAQ:CBSH traded down $0.05 during trading on Wednesday, hitting $61.94. 668,412 shares of the company traded hands, compared to its average volume of 698,515. The business's fifty day moving average is $62.54 and its 200-day moving average is $62.14. The stock has a market capitalization of $8.27 billion, a price-to-earnings ratio of 14.75, a PEG ratio of 2.83 and a beta of 0.61. Commerce Bancshares has a one year low of $52.69 and a one year high of $72.75.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.02 by $0.12. The business had revenue of $445.76 million during 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 business's revenue for the quarter was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.02 EPS. On average, analysts forecast that Commerce Bancshares will post 3.94 EPS for the current year.

Institutional Investors Weigh In On Commerce Bancshares

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Kapitalo Investimentos Ltda bought a new position in Commerce Bancshares during the 4th quarter valued at $26,000. Smartleaf Asset Management LLC raised its stake in shares of Commerce Bancshares by 191.0% in the 1st quarter. Smartleaf Asset Management LLC now owns 451 shares of the financial services provider's stock worth $28,000 after buying an additional 296 shares in the last quarter. IMA Advisory Services Inc. acquired a new stake in shares of Commerce Bancshares in the first quarter valued at $29,000. 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 in the last quarter. Finally, CoreFirst Bank & Trust acquired a new position in Commerce Bancshares during the second quarter worth about $33,000. Institutional investors own 70.26% of the company's stock.

Commerce Bancshares Company Profile

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.