StockNews.com Upgrades Commerce Bancshares (NASDAQ:CBSH) to “Hold”

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

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

Commerce Bancshares Trading Up 2.8 %

Shares of NASDAQ:CBSH opened at $63.46 on Monday. The firm has a market cap of $8.14 billion, a price-to-earnings ratio of 16.53, a PEG ratio of 2.92 and a beta of 0.79. The stock’s 50-day moving average price is $67.47 and its two-hundred day moving average price is $63.22. Commerce Bancshares has a 12-month low of $47.09 and a 12-month high of $72.75.

Commerce Bancshares (NASDAQ:CBSH) last released its earnings results on Thursday, October 17th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, topping 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 business had revenue of $421.38 million for the quarter, compared to analysts’ expectations of $412.85 million. As a group, research analysts forecast that Commerce Bancshares will post 3.95 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Commerce Bancshares news, EVP Kevin G. Barth sold 1,582 shares of the business’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $67.54, for a total value of $106,848.28. Following the transaction, the executive vice president now owns 65,409 shares in the company, valued at $4,417,723.86. The trade was a 2.36 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Douglas D. Neff sold 888 shares of the firm’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $72.10, for a total value of $64,024.80. Following the sale, the senior vice president now owns 8,038 shares of the company’s stock, valued at $579,539.80. This represents a 9.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 39,398 shares of company stock worth $2,504,665 in the last 90 days. 3.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Commerce Bancshares

Institutional investors have recently made changes to their positions in the business. SignalPoint Asset Management LLC grew its position in shares of Commerce Bancshares by 9.2% during the fourth quarter. SignalPoint Asset Management LLC now owns 4,734 shares of the financial services provider’s stock worth $295,000 after buying an additional 398 shares in the last quarter. Outlook Wealth Advisors LLC boosted its stake in Commerce Bancshares by 14.2% during the 4th quarter. Outlook Wealth Advisors LLC now owns 7,201 shares of the financial services provider’s stock valued at $449,000 after acquiring an additional 898 shares during the last quarter. Meyer Handelman Co. boosted its stake in Commerce Bancshares by 5.0% during the 4th quarter. Meyer Handelman Co. now owns 31,299 shares of the financial services provider’s stock valued at $1,950,000 after acquiring an additional 1,490 shares during the last quarter. First Community Trust NA grew its holdings in Commerce Bancshares by 5.0% during the 4th quarter. First Community Trust NA now owns 19,051 shares of the financial services provider’s stock worth $1,187,000 after acquiring an additional 907 shares in the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. increased its position in shares of Commerce Bancshares by 56.4% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 29,797 shares of the financial services provider’s stock worth $1,857,000 after purchasing an additional 10,749 shares during the last quarter. 70.26% of the stock is owned by institutional investors and hedge funds.

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.