Commerce Bancshares (NASDAQ:CBSH) Rating Increased to Hold at StockNews.com

StockNews.com upgraded shares of Commerce Bancshares (NASDAQ:CBSH) from a sell rating to a hold rating in a research note issued to investors on Tuesday morning.

Several other research analysts also recently issued reports on CBSH. Keefe, Bruyette & Woods lowered their price objective on shares of Commerce Bancshares from $74.00 to $70.00 and set a “market perform” rating on the stock in a research report on Thursday, April 17th. Wells Fargo & Company decreased their target price on shares of Commerce Bancshares from $70.00 to $60.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 9th. Piper Sandler boosted their price target on Commerce Bancshares from $65.00 to $66.00 and gave the company a “neutral” rating in a research report on Thursday, April 17th. Finally, Morgan Stanley raised Commerce Bancshares from an “underweight” rating to an “equal weight” rating and decreased their price objective for the stock from $66.00 to $58.00 in a research report on Monday, April 7th. Seven equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, Commerce Bancshares presently has an average rating of “Hold” and an average target price of $63.20.

Commerce Bancshares Stock Up 0.2%

NASDAQ:CBSH opened at $65.55 on Tuesday. The company has a market capitalization of $8.75 billion, a PE ratio of 16.35, a P/E/G ratio of 2.13 and a beta of 0.60. Commerce Bancshares has a 52-week low of $49.97 and a 52-week high of $72.75. The stock’s 50 day moving average price is $60.76 and its 200 day moving average price is $64.39.

Commerce Bancshares (NASDAQ:CBSH) last announced its earnings results on Wednesday, April 16th. The financial services provider reported $0.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.05. The business had revenue of $428.05 million for the quarter, compared to analyst estimates of $417.85 million. Commerce Bancshares had a net margin of 25.24% and a return on equity of 16.31%. As a group, sell-side analysts anticipate that Commerce Bancshares will post 3.94 EPS for the current fiscal year.

Commerce Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 24th. Shareholders of record on Friday, June 6th will be issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 1.68%. The ex-dividend date is Friday, June 6th. Commerce Bancshares’s dividend payout ratio is presently 26.63%.

Insider Transactions at Commerce Bancshares

In other Commerce Bancshares news, Director June Mcallister Fowler sold 1,618 shares of the company’s stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $60.72, for a total transaction of $98,244.96. Following the transaction, the director now directly owns 3,175 shares in the company, valued at approximately $192,786. This represents a 33.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 3.10% of the company’s stock.

Hedge Funds Weigh In On Commerce Bancshares

Hedge funds have recently bought and sold shares of the company. Kapitalo Investimentos Ltda purchased a new stake in Commerce Bancshares during the fourth quarter worth $26,000. Smartleaf Asset Management LLC boosted its position in shares of Commerce Bancshares by 191.0% in the 1st quarter. Smartleaf Asset Management LLC now owns 451 shares of the financial services provider’s stock worth $28,000 after buying an additional 296 shares in the last quarter. IMA Advisory Services Inc. purchased a new stake in shares of Commerce Bancshares in the 1st quarter worth about $29,000. CoreFirst Bank & Trust acquired a new stake in Commerce Bancshares in the 4th quarter valued at about $33,000. Finally, Marshall Investment Management LLC purchased a new position in Commerce Bancshares during the 4th quarter valued at about $35,000. 70.26% of the stock is owned by hedge funds and other institutional investors.

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.