Commerce Bancshares (NASDAQ:CBSH) Upgraded by Wall Street Zen to Hold Rating

Wall Street Zen upgraded shares of Commerce Bancshares (NASDAQ:CBSH) from a sell rating to a hold rating in a research report sent to investors on Tuesday.

CBSH has been the topic of a number of other research reports. Keefe, Bruyette & Woods increased their price target on shares of Commerce Bancshares from $60.00 to $62.00 and gave the stock a “market perform” rating in a report on Monday, July 20th. Morgan Stanley reaffirmed a “positive” rating and set a $65.00 price objective (up from $61.00) on shares of Commerce Bancshares in a report on Monday, June 29th. Hovde Group cut their target price on shares of Commerce Bancshares from $63.00 to $60.00 and set an “outperform” rating for the company in a research report on Wednesday, April 22nd. Stephens set a $64.00 target price on Commerce Bancshares and gave the company an “equal weight” rating in a research note on Friday, July 17th. Finally, Piper Sandler restated a “neutral” rating and set a $66.00 price target (up from $59.00) on shares of Commerce Bancshares in a research report on Friday, July 17th. Three research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $62.43.

Commerce Bancshares Stock Performance

NASDAQ:CBSH opened at $60.01 on Tuesday. The stock has a market cap of $8.75 billion, a P/E ratio of 14.53, a PEG 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 business’s 50-day moving average price is $55.92 and its two-hundred day moving average price is $53.11. Commerce Bancshares has a twelve month low of $46.99 and a twelve month high of $60.76.

Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings data on Thursday, July 16th. The financial services provider reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.06. The company had revenue of $498.91 million for the quarter, compared to analysts’ expectations 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 in the prior year, the business earned $1.14 earnings per share. As a group, equities analysts predict that Commerce Bancshares will post 4.22 EPS for the current fiscal year.

Hedge Funds Weigh In On Commerce Bancshares

A number of large investors have recently added to or reduced their stakes in CBSH. Fulton Bank N.A. lifted its stake in Commerce Bancshares by 21.8% in the second quarter. Fulton Bank N.A. now owns 11,757 shares of the financial services provider’s stock worth $679,000 after purchasing an additional 2,105 shares during the last quarter. Trust Point Inc. grew its stake in shares of Commerce Bancshares by 10.6% during the second quarter. Trust Point Inc. now owns 4,919 shares of the financial services provider’s stock valued at $284,000 after buying an additional 471 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Commerce Bancshares by 39.7% in the second quarter. GAMMA Investing LLC now owns 1,900 shares of the financial services provider’s stock worth $110,000 after buying an additional 540 shares during the period. Stonebridge Financial Group LLC lifted its stake in shares of Commerce Bancshares by 4.4% in the 2nd quarter. Stonebridge Financial Group LLC now owns 81,288 shares of the financial services provider’s stock valued at $4,694,000 after acquiring an additional 3,433 shares during the last quarter. Finally, Pacer Advisors Inc. boosted its holdings in Commerce Bancshares by 5.2% during the 1st quarter. Pacer Advisors Inc. now owns 16,273 shares of the financial services provider’s stock valued at $801,000 after acquiring an additional 805 shares during the period. Hedge funds and other institutional investors own 70.26% of the company’s stock.

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.