Commerce Bancshares (NASDAQ:CBSH) Upgraded at StockNews.com

Commerce Bancshares (NASDAQ:CBSH) was upgraded by stock analysts at StockNews.com from a “sell” rating to a “hold” rating in a research note issued on Monday.

Other equities analysts have also issued research reports about the company. Raymond James lowered Commerce Bancshares from an “outperform” rating to a “market perform” rating in a research note on Thursday, December 19th. Piper Sandler set a $68.50 target price on shares of Commerce Bancshares and gave the company a “neutral” rating in a research report on Friday, October 18th. Wells Fargo & Company lifted their price target on shares of Commerce Bancshares from $62.00 to $67.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 3rd. Morgan Stanley lowered shares of Commerce Bancshares from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $66.00 to $64.00 in a report on Monday, September 30th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Commerce Bancshares from $66.00 to $78.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Seven analysts have rated the stock with a hold rating, According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $66.75.

Commerce Bancshares Stock Performance

Shares of NASDAQ CBSH traded up $0.59 during mid-day trading on Monday, reaching $61.74. The company’s stock had a trading volume of 589,719 shares, compared to its average volume of 497,288. The stock has a 50-day moving average of $67.47 and a two-hundred day moving average of $63.22. The stock has a market capitalization of $7.92 billion, a P/E ratio of 16.08, a P/E/G ratio of 2.92 and a beta of 0.79. Commerce Bancshares has a 1-year low of $47.09 and a 1-year high of $72.75.

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

Insiders Place Their Bets

In other news, SVP David L. Roller sold 890 shares of Commerce Bancshares stock in a transaction 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 transaction, the senior vice president now directly owns 30,949 shares of the company’s stock, valued at $2,236,684.23. The trade was a 2.80 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Kevin G. Barth sold 1,582 shares of the firm’s stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $67.54, for a total value of $106,848.28. Following the transaction, the executive vice president now directly owns 65,409 shares in the company, valued at approximately $4,417,723.86. This represents a 2.36 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 39,398 shares of company stock valued at $2,504,665 in the last ninety days. Insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Victory Capital Management Inc. grew its holdings in shares of Commerce Bancshares by 10.8% in the 2nd quarter. Victory Capital Management Inc. now owns 103,649 shares of the financial services provider’s stock worth $5,782,000 after acquiring an additional 10,076 shares during the period. Private Advisor Group LLC acquired a new stake in shares of Commerce Bancshares during the second quarter valued at $697,000. Los Angeles Capital Management LLC purchased a new stake in shares of Commerce Bancshares during the second quarter worth about $270,000. Daiwa Securities Group Inc. boosted its position in Commerce Bancshares by 11.7% during the second quarter. Daiwa Securities Group Inc. now owns 6,915 shares of the financial services provider’s stock worth $386,000 after acquiring an additional 723 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in Commerce Bancshares by 19.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,069,924 shares of the financial services provider’s stock valued at $115,453,000 after acquiring an additional 342,793 shares during the last quarter. 70.26% of the stock is owned by hedge funds and other institutional investors.

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.