Commerce Bancshares (NASDAQ:CBSH – Get Free Report) was upgraded by equities researchers at Raymond James Financial to a “hold” rating in a note issued to investors on Thursday,Zacks.com reports.
CBSH has been the topic of several other reports. Piper Sandler reissued a “neutral” rating and set a $66.00 price target (up from $59.00) on shares of Commerce Bancshares in a research note on Friday, July 17th. Wells Fargo & Company set a $63.00 target price on shares of Commerce Bancshares and gave the company an “equal weight” rating in a report on Monday, August 10th. Weiss Ratings upgraded shares of Commerce Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, July 21st. Wall Street Zen upgraded shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Tuesday, July 28th. Finally, TD Cowen reiterated a “hold” rating and issued a $63.00 price objective (up from $62.00) on shares of Commerce Bancshares in a report on Friday, July 17th. Three analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $63.29.
Get Our Latest Stock Analysis on Commerce Bancshares
Commerce Bancshares Stock Down 0.0%
Commerce Bancshares (NASDAQ:CBSH – Get Free Report) last posted its quarterly earnings data on Thursday, July 16th. The financial services provider reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.04 by $0.06. The firm had revenue of $498.91 million during the quarter, compared to analysts’ expectations of $492.22 million. Commerce Bancshares had a return on equity of 14.31% and a net margin of 26.07%.During the same period in the prior year, the business earned $1.14 EPS. As a group, research analysts expect that Commerce Bancshares will post 4.25 earnings per share for the current fiscal year.
Insider Activity at Commerce Bancshares
In other news, CEO John W. Kemper sold 5,830 shares of Commerce Bancshares stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $60.58, for a total transaction of $353,181.40. Following the completion of the transaction, the chief executive officer directly owned 206,528 shares in the company, valued at approximately $12,511,466.24. This trade represents a 2.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Charles G. Kim sold 19,771 shares of the stock in a transaction on Monday, July 27th. The stock was sold at an average price of $59.18, for a total value of $1,170,047.78. Following the completion of the sale, the chief financial officer directly owned 119,410 shares in the company, valued at approximately $7,066,683.80. This represents a 14.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 32,484 shares of company stock valued at $1,936,055 over the last three months. Corporate insiders own 1.80% of the company’s stock.
Institutional Investors Weigh In On Commerce Bancshares
Large investors have recently added to or reduced their stakes in the stock. Corient Private Wealth LP boosted its stake in shares of Commerce Bancshares by 77.7% in the 2nd quarter. Corient Private Wealth LP now owns 17,906 shares of the financial services provider’s stock worth $1,034,000 after buying an additional 7,828 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Commerce Bancshares in the second quarter valued at about $508,000. California State Teachers Retirement System lifted its holdings in Commerce Bancshares by 5,296.8% in the second quarter. California State Teachers Retirement System now owns 9,062,303 shares of the financial services provider’s stock valued at $523,348,000 after acquiring an additional 8,894,384 shares during the period. HB Wealth Management LLC boosted its position in Commerce Bancshares by 148.6% in the second quarter. HB Wealth Management LLC now owns 18,109 shares of the financial services provider’s stock worth $1,046,000 after purchasing an additional 10,824 shares during the last quarter. Finally, AlphaGrep UK Ltd bought a new stake in shares of Commerce Bancshares during the 2nd quarter valued at about $246,000. Institutional investors own 70.26% of the company’s stock.
About Commerce Bancshares
Commerce Bancshares, Inc is a bank holding company primarily engaged in providing a broad range of banking and financial services across the Midwest. Through its principal subsidiary, Commerce Bank, the company offers commercial and consumer banking, treasury management, trust and wealth advisory, and mortgage lending. Its diversified product suite includes deposit and loan products, cash management solutions, capital markets services, and private banking designed to meet the needs of individuals, small businesses, and large corporations.
The company’s commercial banking group delivers tailored credit facilities, equipment and inventory financing, asset-based lending, and merchant services.
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