Wall Street Zen cut shares of Commerce Bancshares (NASDAQ:CBSH – Free Report) from a hold rating to a sell rating in a research report sent to investors on Saturday morning,Wall Street Zen reports.
Other analysts have also recently issued reports about the company. Morgan Stanley boosted their price target on Commerce Bancshares from $76.00 to $77.00 and gave the stock an “overweight” rating in a report on Monday, September 28th. 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. Stephens set a $64.00 target price on shares of Commerce Bancshares and gave the stock an “equal weight” rating in a research report on Friday, July 17th. Raymond James Financial upgraded shares of Commerce Bancshares to a “hold” rating in a research report on Thursday, August 27th. Finally, Piper Sandler reissued a “neutral” rating and set a $66.00 target price (up from $59.00) on shares of Commerce Bancshares in a report on Friday, July 17th. Three investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $64.71.
Check Out Our Latest Stock Analysis on CBSH
Commerce Bancshares Stock Up 0.8%
Commerce Bancshares (NASDAQ:CBSH – Get Free Report) last released its quarterly earnings data on Thursday, July 16th. The financial services provider reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.06. The company had revenue of $498.91 million for the quarter, compared to the consensus estimate of $492.22 million. Commerce Bancshares had a return on equity of 14.31% and a net margin of 26.07%.During the same quarter last year, the business posted $1.14 EPS. On average, equities analysts predict that Commerce Bancshares will post 4.23 EPS for the current fiscal year.
Commerce Bancshares Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Tuesday, September 22nd. Investors of record on Friday, September 4th were issued a $0.2750 dividend. The ex-dividend date was Friday, September 4th. This represents a $1.10 annualized dividend and a yield of 2.0%. Commerce Bancshares’s dividend payout ratio is presently 26.63%.
Insiders Place Their Bets
In other news, EVP Robert S. Holmes sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $60.20, for a total value of $301,000.00. Following the transaction, the executive vice president owned 55,962 shares in the company, valued at approximately $3,368,912.40. The trade was a 8.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Derrick Brooks sold 1,041 shares of the company’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $59.63, for a total transaction of $62,074.83. Following the completion of the sale, the senior vice president directly owned 13,117 shares in the company, valued at approximately $782,166.71. This represents a 7.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 32,950 shares of company stock valued at $1,963,777 over the last three months. Insiders own 1.80% of the company’s stock.
Institutional Investors Weigh In On Commerce Bancshares
Large investors have recently modified their holdings of the company. Apriem Advisors raised its holdings in Commerce Bancshares by 5.0% in the 4th quarter. Apriem Advisors now owns 4,018 shares of the financial services provider’s stock worth $210,000 after purchasing an additional 191 shares in the last quarter. Outlook Wealth Advisors LLC boosted its stake in shares of Commerce Bancshares by 3.7% during the 4th quarter. Outlook Wealth Advisors LLC now owns 5,934 shares of the financial services provider’s stock valued at $311,000 after purchasing an additional 214 shares in the last quarter. MTM Investment Management LLC boosted its stake in shares of Commerce Bancshares by 0.3% during the 1st quarter. MTM Investment Management LLC now owns 88,242 shares of the financial services provider’s stock valued at $4,342,000 after purchasing an additional 281 shares in the last quarter. Versant Capital Management Inc increased its position in shares of Commerce Bancshares by 146.6% during the third quarter. Versant Capital Management Inc now owns 508 shares of the financial services provider’s stock valued at $28,000 after buying an additional 302 shares during the period. Finally, Parkside Financial Bank & Trust increased its position in shares of Commerce Bancshares by 18.1% during the second quarter. Parkside Financial Bank & Trust now owns 2,028 shares of the financial services provider’s stock valued at $117,000 after buying an additional 311 shares during the period. 70.26% of the stock is currently owned by institutional investors and hedge funds.
About Commerce Bancshares
Commerce Bancshares, Inc is a financial holding company headquartered in Kansas City, Missouri. Its principal subsidiary, Commerce Bank, provides banking and financial services to businesses, institutions and individuals through a network of branches and digital channels.
The company’s offerings include commercial and consumer lending, deposit accounts, treasury and payment services, credit and debit cards, investment services, brokerage, trust administration and wealth management. Commerce also provides specialized services for businesses, including cash management, merchant processing and other payment solutions.
Commerce Bank traces its history to 1865 and primarily serves customers in Missouri, Kansas, Illinois, Oklahoma and Colorado.
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