Commerce Bancshares (NASDAQ:CBSH) Stock Lifted to “Hold” by Wall Street Zen

Wall Street Zen upgraded shares of Commerce Bancshares (NASDAQ:CBSH) from a sell rating to a hold rating in a report released on Sunday,Wall Street Zen reports.

Several other research firms have also recently weighed in on CBSH. Stephens set a $64.00 price objective on shares of Commerce Bancshares and gave the stock an “equal weight” rating in a research report on Friday, July 17th. Keefe, Bruyette & Woods boosted their target price on shares of Commerce Bancshares from $60.00 to $62.00 and gave the company a “market perform” rating in a report on Monday, July 20th. Piper Sandler cut their price target on shares of Commerce Bancshares from $66.00 to $63.00 and set a “neutral” rating on the stock in a research report on Monday, October 5th. TD Cowen reaffirmed a “hold” rating and set a $63.00 price target (up from $62.00) on shares of Commerce Bancshares in a research report on Friday, July 17th. Finally, Morgan Stanley increased their price target on Commerce Bancshares from $76.00 to $77.00 and gave the stock an “overweight” rating in a report on Monday, September 28th. Three analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $64.29.

Commerce Bancshares Stock Performance

NASDAQ:CBSH opened at $54.39 on Friday. The company has a market capitalization of $7.80 billion, a PE ratio of 13.17, a P/E/G ratio of 1.66 and a beta of 0.60. The company has a 50 day simple moving average of $57.61 and a two-hundred day simple moving average of $55.15. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.82 and a current ratio of 0.82. Commerce Bancshares has a fifty-two week low of $46.99 and a fifty-two week high of $60.92.

Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings results on Thursday, July 16th. The financial services provider reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.04 by $0.06. The firm had revenue of $498.91 million during the quarter, compared to analyst estimates of $492.22 million. Commerce Bancshares had a net margin of 26.07% and a return on equity of 14.31%. During the same quarter last year, the business earned $1.14 EPS. Research analysts anticipate that Commerce Bancshares will post 4.22 earnings per share for the current year.

Commerce Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 22nd. Shareholders of record on Friday, September 4th were paid a $0.2750 dividend. The ex-dividend date of this dividend was Friday, September 4th. This represents a $1.10 annualized dividend and a yield of 2.0%. Commerce Bancshares’s payout ratio is 26.63%.

Insider Activity

In other news, CFO Charles G. Kim sold 19,771 shares of Commerce Bancshares stock in a transaction on Monday, July 27th. The shares were sold at an average price of $59.18, for a total value of $1,170,047.78. Following the completion of the sale, the chief financial officer owned 119,410 shares in the company, valued at $7,066,683.80. The trade was a 14.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Douglas D. Neff sold 666 shares of the business’s stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $58.15, for a total transaction of $38,727.90. Following the transaction, the senior vice president owned 11,746 shares in the company, valued at $683,029.90. The trade was a 5.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 32,950 shares of company stock worth $1,963,777. Company insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. acquired a new position in shares of Commerce Bancshares during the second quarter valued at about $755,669,000. Commerce Bank bought a new stake in shares of Commerce Bancshares during the second quarter worth about $316,010,000. Dimensional Fund Advisors LP raised its holdings in shares of Commerce Bancshares by 29.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,943,247 shares of the financial services provider’s stock worth $193,999,000 after acquiring an additional 894,183 shares during the last quarter. First Trust Advisors LP raised its holdings in shares of Commerce Bancshares by 11.0% in the 1st quarter. First Trust Advisors LP now owns 2,610,223 shares of the financial services provider’s stock worth $128,423,000 after acquiring an additional 257,817 shares during the last quarter. Finally, Bank of America Corp DE acquired a new stake in shares of Commerce Bancshares in the 2nd quarter worth about $83,328,000. 70.26% of the stock is owned by institutional investors.

About Commerce Bancshares

Commerce Bancshares, Inc is a financial holding company headquartered in Kansas City, Missouri. Its principal subsidiary, Commerce Bank, provides banking and financial services to businesses, institutions and individuals through a network of branches and digital channels.

The company’s offerings include commercial and consumer lending, deposit accounts, treasury and payment services, credit and debit cards, investment services, brokerage, trust administration and wealth management. Commerce also provides specialized services for businesses, including cash management, merchant processing and other payment solutions.

Commerce Bank traces its history to 1865 and primarily serves customers in Missouri, Kansas, Illinois, Oklahoma and Colorado.