Commerce Bancshares (NASDAQ:CBSH) Raised 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 released on Tuesday.

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

Commerce Bancshares Price Performance

Shares of NASDAQ:CBSH opened at $65.45 on Tuesday. The company has a market capitalization of $8.73 billion, a PE ratio of 16.32, a price-to-earnings-growth ratio of 2.13 and a beta of 0.60. The business has a fifty day moving average price of $60.60 and a two-hundred day moving average price of $64.36. Commerce Bancshares has a 1 year low of $49.97 and a 1 year high of $72.75.

Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings results on Wednesday, April 16th. The financial services provider reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.05. The company had revenue of $428.05 million during the quarter, compared to the consensus estimate of $417.85 million. Commerce Bancshares had a return on equity of 16.31% and a net margin of 25.24%. Sell-side analysts anticipate that Commerce Bancshares will post 3.94 earnings per share for the current year.

Commerce Bancshares Dividend Announcement

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

Insider Buying and Selling

In other news, Director June Mcallister Fowler sold 1,618 shares of the stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $60.72, for a total value of $98,244.96. Following the sale, 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 the SEC website. 3.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Norges Bank bought a new stake in Commerce Bancshares during the 4th quarter valued at $86,327,000. American Century Companies Inc. increased its stake in shares of Commerce Bancshares by 25.5% in the 4th quarter. American Century Companies Inc. now owns 3,675,031 shares of the financial services provider’s stock valued at $228,991,000 after purchasing an additional 745,661 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Commerce Bancshares by 5.1% in the 4th quarter. Vanguard Group Inc. now owns 13,225,491 shares of the financial services provider’s stock worth $824,080,000 after buying an additional 642,401 shares during the last quarter. Invesco Ltd. boosted its holdings in Commerce Bancshares by 136.0% in the 1st quarter. Invesco Ltd. now owns 848,442 shares of the financial services provider’s stock worth $52,799,000 after buying an additional 488,960 shares during the last quarter. Finally, Nuveen LLC acquired a new position in shares of Commerce Bancshares during the 1st quarter worth approximately $21,995,000. 70.26% of the stock is currently 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.