Commerce Bancshares (NASDAQ:CBSH) Rating Lowered 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 report released on Wednesday, August 27th,Zacks.com reports.

CBSH has been the topic of a number of other reports. Piper Sandler lifted their price objective 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. Morgan Stanley boosted their price target on shares of Commerce Bancshares from $58.00 to $61.00 and gave the stock an "equal weight" rating in a research note on Tuesday, June 17th. Wells Fargo & Company boosted their price target on shares of Commerce Bancshares from $62.00 to $69.00 and gave the stock an "equal weight" rating in a research note on Monday, July 21st. Wall Street Zen lowered shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Finally, Bank of America boosted their price target on shares of Commerce Bancshares from $69.00 to $71.00 and gave the stock a "neutral" rating in a research note on Tuesday, June 24th. Seven investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $68.20.

Commerce Bancshares Stock Performance

NASDAQ CBSH traded down $1.18 during trading on Wednesday, reaching $61.06. The company's stock had a trading volume of 223,548 shares, compared to its average volume of 657,261. The firm has a market cap of $8.15 billion, a price-to-earnings ratio of 14.54, a P/E/G ratio of 2.83 and a beta of 0.61. Commerce Bancshares has a twelve month low of $52.69 and a twelve month high of $72.75. The business's fifty day moving average price is $62.57 and its 200-day moving average price is $62.11.

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

Hedge Funds Weigh In On Commerce Bancshares

Several institutional investors and hedge funds have recently modified their holdings of the company. Headlands Technologies LLC purchased a new position in shares of Commerce Bancshares during the second quarter valued at approximately $59,000. Vident Advisory LLC lifted its stake in shares of Commerce Bancshares by 29.4% during the second quarter. Vident Advisory LLC now owns 5,417 shares of the financial services provider's stock valued at $337,000 after buying an additional 1,232 shares during the period. Rafferty Asset Management LLC increased its position in Commerce Bancshares by 14.8% during the second quarter. Rafferty Asset Management LLC now owns 96,878 shares of the financial services provider's stock worth $6,023,000 after purchasing an additional 12,484 shares during the last quarter. Lazard Asset Management LLC increased its position in Commerce Bancshares by 4.0% during the second quarter. Lazard Asset Management LLC now owns 410,965 shares of the financial services provider's stock worth $25,549,000 after purchasing an additional 15,840 shares during the last quarter. Finally, Hilton Capital Management LLC increased its position in Commerce Bancshares by 10.6% during the second quarter. Hilton Capital Management LLC now owns 40,928 shares of the financial services provider's stock worth $2,544,000 after purchasing an additional 3,919 shares during the last quarter. Hedge funds and other institutional investors own 70.26% of the company's stock.

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.