Commerce Bancshares (NASDAQ:CBSH) Stock Rating Lowered by Raymond James

Commerce Bancshares (NASDAQ:CBSH) was downgraded by Raymond James from an “outperform” rating to a “market perform” rating in a research note issued on Thursday, MarketBeat.com reports.

Several other equities research analysts also recently weighed in on the company. Piper Sandler set a $68.50 price target on Commerce Bancshares and gave the stock a “neutral” rating in a report on Friday, October 18th. StockNews.com raised shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Keefe, Bruyette & Woods boosted their price target on shares of Commerce Bancshares from $66.00 to $78.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Morgan Stanley lowered shares of Commerce Bancshares from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $66.00 to $64.00 in a report on Monday, September 30th. Finally, Wells Fargo & Company increased their target price on Commerce Bancshares from $62.00 to $67.00 and gave the company an “equal weight” rating in a report on Tuesday, December 3rd. Eight equities research analysts have rated the stock with a hold rating, According to data from MarketBeat, Commerce Bancshares currently has an average rating of “Hold” and an average target price of $65.07.

Commerce Bancshares Stock Performance

NASDAQ CBSH opened at $63.03 on Thursday. Commerce Bancshares has a one year low of $47.09 and a one year high of $72.75. The firm has a 50 day simple moving average of $67.18 and a 200-day simple moving average of $62.07. The firm has a market cap of $8.08 billion, a price-to-earnings ratio of 16.41, a PEG ratio of 2.92 and a beta of 0.77.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings results on Thursday, October 17th. The financial services provider reported $1.07 EPS for the quarter, beating the consensus estimate of $1.00 by $0.07. Commerce Bancshares had a net margin of 24.15% and a return on equity of 15.93%. The company had revenue of $421.38 million during the quarter, compared to analysts’ expectations of $412.85 million. Equities analysts predict that Commerce Bancshares will post 3.95 EPS for the current fiscal year.

Insider Activity at Commerce Bancshares

In other Commerce Bancshares news, SVP Douglas D. Neff sold 888 shares of Commerce Bancshares stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $72.10, for a total transaction of $64,024.80. Following the transaction, the senior vice president now owns 8,038 shares of the company’s stock, valued at $579,539.80. The trade was a 9.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP David L. Roller sold 890 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $72.27, for a total value of $64,320.30. Following the completion of the sale, the senior vice president now owns 30,949 shares of the company’s stock, valued at approximately $2,236,684.23. This represents a 2.80 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 39,398 shares of company stock valued at $2,504,665 over the last ninety days. Insiders own 3.10% of the company’s stock.

Hedge Funds Weigh In On Commerce Bancshares

A number of institutional investors have recently modified their holdings of CBSH. Los Angeles Capital Management LLC grew its position in Commerce Bancshares by 7,407.2% during the 3rd quarter. Los Angeles Capital Management LLC now owns 362,900 shares of the financial services provider’s stock worth $21,556,000 after purchasing an additional 358,066 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Commerce Bancshares by 19.8% during the second quarter. Dimensional Fund Advisors LP now owns 2,069,924 shares of the financial services provider’s stock worth $115,453,000 after buying an additional 342,793 shares during the period. American Century Companies Inc. grew its holdings in shares of Commerce Bancshares by 7.4% during the second quarter. American Century Companies Inc. now owns 3,509,796 shares of the financial services provider’s stock worth $195,776,000 after buying an additional 240,938 shares during the last quarter. Millennium Management LLC increased its position in Commerce Bancshares by 168.3% in the 2nd quarter. Millennium Management LLC now owns 342,084 shares of the financial services provider’s stock valued at $19,081,000 after acquiring an additional 214,582 shares during the period. Finally, Geode Capital Management LLC raised its stake in Commerce Bancshares by 7.3% during the 3rd quarter. Geode Capital Management LLC now owns 2,396,740 shares of the financial services provider’s stock valued at $142,951,000 after acquiring an additional 163,782 shares during the last quarter. 70.26% of the stock is owned by institutional investors and hedge funds.

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.