Commerce Bancshares (NASDAQ:CBSH) Upgraded to “Hold” at Wall Street Zen

Commerce Bancshares (NASDAQ:CBSH) was upgraded by investment analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued on Sunday.

A number of other research firms have also commented on CBSH. Morgan Stanley reissued a “positive” rating and issued a $65.00 price objective (up from $61.00) on shares of Commerce Bancshares in a research note on Monday, June 29th. TD Cowen restated a “hold” rating and issued a $54.00 target price (up from $53.00) on shares of Commerce Bancshares in a research note on Thursday, April 23rd. Hovde Group reduced their price target on shares of Commerce Bancshares from $63.00 to $60.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 22nd. Weiss Ratings raised shares of Commerce Bancshares from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday. Finally, Piper Sandler raised their price objective on shares of Commerce Bancshares from $58.50 to $59.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. Two equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, Commerce Bancshares currently has a consensus rating of “Hold” and an average price target of $58.67.

Commerce Bancshares Stock Performance

Shares of NASDAQ CBSH traded up $0.10 during mid-day trading on Friday, hitting $58.37. 723,661 shares of the stock were exchanged, compared to its average volume of 1,248,558. The company has a market cap of $8.51 billion, a P/E ratio of 14.00, a PEG ratio of 2.99 and a beta of 0.58. The stock’s fifty day simple moving average is $54.19 and its two-hundred day simple moving average is $52.62. Commerce Bancshares has a twelve month low of $46.99 and a twelve month high of $63.15.

Commerce Bancshares (NASDAQ:CBSH) last announced its earnings results on Tuesday, April 21st. The financial services provider reported $0.96 EPS for the quarter, topping the consensus estimate of $0.94 by $0.02. The business had revenue of $475.69 million for the quarter, compared to the consensus estimate of $481.94 million. Commerce Bancshares had a return on equity of 14.78% and a net margin of 26.37%.Commerce Bancshares’s revenue was up 11.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.98 EPS. As a group, equities research analysts predict that Commerce Bancshares will post 4.15 earnings per share for the current fiscal year.

Institutional Trading of Commerce Bancshares

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Commerce Bancshares during the 4th quarter worth approximately $85,282,000. Champlain Investment Partners LLC acquired a new position in Commerce Bancshares in the fourth quarter valued at approximately $58,830,000. Vanguard Group Inc. lifted its holdings in Commerce Bancshares by 8.1% in the fourth quarter. Vanguard Group Inc. now owns 14,690,039 shares of the financial services provider’s stock valued at $768,877,000 after buying an additional 1,098,142 shares during the period. Victory Capital Management Inc. boosted its stake in Commerce Bancshares by 1,433.7% in the fourth quarter. Victory Capital Management Inc. now owns 1,145,683 shares of the financial services provider’s stock valued at $59,965,000 after acquiring an additional 1,070,980 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Commerce Bancshares by 29.3% in the first quarter. Dimensional Fund Advisors LP now owns 3,943,247 shares of the financial services provider’s stock valued at $193,999,000 after acquiring an additional 894,183 shares during the last quarter. 70.26% of the stock is owned by institutional investors.

Commerce Bancshares Company Profile

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.