Commerce Bancshares, Inc. (NASDAQ:CBSH) Receives Average Rating of “Hold” from Brokerages

Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) have received an average rating of “Hold” from the eight ratings firms that are currently covering the company, MarketBeat.com reports. Eight equities research analysts have rated the stock with a hold recommendation. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $67.3333.

CBSH has been the topic of several recent research reports. Piper Sandler lifted their price objective on shares of Commerce Bancshares from $66.50 to $70.00 and gave the company a “neutral” rating in a research report on Thursday, July 17th. Wells Fargo & Company lifted their price objective on shares of Commerce Bancshares from $62.00 to $69.00 and gave the company an “equal weight” rating in a research report on Monday, July 21st. Bank of America lifted their price objective on shares of Commerce Bancshares from $69.00 to $71.00 and gave the company a “neutral” rating in a research report on Tuesday, June 24th. Morgan Stanley lifted their price objective on shares of Commerce Bancshares from $58.00 to $61.00 and gave the company an “equal weight” rating in a research report on Tuesday, June 17th. Finally, Zacks Research downgraded shares of Commerce Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 27th.

Commerce Bancshares Price Performance

NASDAQ CBSH opened at $59.49 on Friday. Commerce Bancshares has a 12 month low of $52.69 and a 12 month high of $72.75. The company has a market capitalization of $7.94 billion, a price-to-earnings ratio of 14.16, a price-to-earnings-growth ratio of 2.70 and a beta of 0.61. The company’s fifty day moving average price is $61.14 and its two-hundred day moving average price is $61.63.

Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $1.14 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.12. Commerce Bancshares had a net margin of 26.37% and a return on equity of 16.01%. The firm had revenue of $445.76 million for the quarter, compared to the consensus estimate of $434.11 million. During the same period in the prior year, the firm posted $1.02 EPS. The firm’s revenue was up 7.6% compared to the same quarter last year. As a group, analysts anticipate that Commerce Bancshares will post 3.94 EPS for the current year.

Commerce Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 23rd. Shareholders of record on Friday, September 5th were paid a dividend of $0.275 per share. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.10 annualized dividend and a yield of 1.8%. Commerce Bancshares’s dividend payout ratio (DPR) is presently 26.19%.

Hedge Funds Weigh In On Commerce Bancshares

Large investors have recently bought and sold shares of the stock. Smartleaf Asset Management LLC increased its stake in Commerce Bancshares by 191.0% during the 1st quarter. Smartleaf Asset Management LLC now owns 451 shares of the financial services provider’s stock valued at $28,000 after buying an additional 296 shares during the period. IMA Advisory Services Inc. acquired a new position in shares of Commerce Bancshares in the 1st quarter worth approximately $29,000. Geneos Wealth Management Inc. grew its stake in shares of Commerce Bancshares by 85.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 216 shares during the last quarter. CoreFirst Bank & Trust acquired a new position in shares of Commerce Bancshares in the 2nd quarter worth approximately $33,000. Finally, Allworth Financial LP grew its stake in shares of Commerce Bancshares by 55.0% in the 1st quarter. Allworth Financial LP now owns 651 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 231 shares during the last quarter. Institutional investors and hedge funds own 70.26% of the company’s stock.

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.