Commerce Bancshares (NASDAQ:CBSH) Rating Lowered to Market Perform at Raymond James

Commerce Bancshares (NASDAQ:CBSH) was downgraded by research analysts at Raymond James from an “outperform” rating to a “market perform” rating in a report released on Thursday, MarketBeat reports.

Other research analysts have also issued research reports about the company. StockNews.com raised Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Morgan Stanley downgraded shares of Commerce Bancshares from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $66.00 to $64.00 in a report on Monday, September 30th. Wells Fargo & Company raised their price objective on shares of Commerce Bancshares from $62.00 to $67.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. Keefe, Bruyette & Woods upped their target price on shares of Commerce Bancshares from $66.00 to $78.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Finally, Piper Sandler set a $68.50 price target on shares of Commerce Bancshares and gave the company a “neutral” rating in a research report on Friday, October 18th. Eight research analysts have rated the stock with a hold rating, According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $65.07.

Commerce Bancshares Stock Up 0.2 %

Shares of NASDAQ:CBSH opened at $63.03 on Thursday. Commerce Bancshares has a fifty-two week low of $47.09 and a fifty-two week high of $72.75. The firm’s 50-day simple moving average is $67.18 and its 200-day simple moving average is $62.07. The company has a market cap of $8.08 billion, a price-to-earnings ratio of 16.41, a PEG ratio of 2.92 and a beta of 0.77.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings data on Thursday, October 17th. The financial services provider reported $1.07 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.07. Commerce Bancshares had a return on equity of 15.93% and a net margin of 24.15%. The company had revenue of $421.38 million for the quarter, compared to analyst estimates of $412.85 million. On average, research analysts forecast that Commerce Bancshares will post 3.95 EPS for the current year.

Insider Buying and Selling

In related news, SVP David L. Roller sold 890 shares of Commerce Bancshares stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $72.27, for a total transaction of $64,320.30. Following the completion of the sale, the senior vice president now owns 30,949 shares in the company, valued at approximately $2,236,684.23. This trade represents a 2.80 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman David W. Kemper sold 30,000 shares of the business’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $61.78, for a total transaction of $1,853,400.00. Following the completion of the transaction, the chairman now directly owns 1,151,994 shares of the company’s stock, valued at $71,170,189.32. The trade was a 2.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 39,398 shares of company stock worth $2,504,665 in the last ninety days. Insiders own 3.10% of the company’s stock.

Institutional Investors Weigh In On Commerce Bancshares

A number of hedge funds and other institutional investors have recently modified their holdings of CBSH. Cambridge Investment Research Advisors Inc. boosted its position in Commerce Bancshares by 0.5% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 30,906 shares of the financial services provider’s stock worth $1,724,000 after acquiring an additional 154 shares during the last quarter. Sound Stewardship LLC lifted its stake in shares of Commerce Bancshares by 3.9% during the 3rd quarter. Sound Stewardship LLC now owns 4,339 shares of the financial services provider’s stock worth $258,000 after purchasing an additional 163 shares during the period. Allworth Financial LP boosted its holdings in shares of Commerce Bancshares by 51.1% during the third quarter. Allworth Financial LP now owns 568 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 192 shares during the last quarter. Outlook Wealth Advisors LLC grew its position in shares of Commerce Bancshares by 3.6% in the third quarter. Outlook Wealth Advisors LLC now owns 6,303 shares of the financial services provider’s stock valued at $374,000 after purchasing an additional 217 shares during the period. Finally, Marshall Financial Group LLC increased its stake in Commerce Bancshares by 1.2% in the third quarter. Marshall Financial Group LLC now owns 18,257 shares of the financial services provider’s stock valued at $1,084,000 after purchasing an additional 223 shares during the last quarter. 70.26% of the stock is currently 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.