Commerce Bancshares (NASDAQ:CBSH) Upgraded at Zacks Research

Zacks Research upgraded shares of Commerce Bancshares (NASDAQ:CBSH) from a strong sell rating to a hold rating in a research report sent to investors on Wednesday morning,Zacks.com reports.

Several other equities research analysts also recently commented on the company. Weiss Ratings reissued a “hold (c)” rating on shares of Commerce Bancshares in a report on Monday, December 29th. Morgan Stanley lowered their price target on Commerce Bancshares from $67.00 to $65.00 and set an “equal weight” rating for the company in a research report on Monday, March 2nd. TD Cowen dropped their price target on shares of Commerce Bancshares from $61.00 to $55.00 and set a “hold” rating on the stock in a research note on Wednesday, January 7th. Finally, Piper Sandler set a $62.00 price objective on shares of Commerce Bancshares and gave the company a “neutral” rating in a research report on Monday, January 26th. One analyst has rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $61.51.

Commerce Bancshares Stock Down 2.2%

Shares of CBSH opened at $50.36 on Wednesday. The business’s 50 day moving average price is $53.30 and its 200-day moving average price is $53.81. Commerce Bancshares has a 52 week low of $48.69 and a 52 week high of $63.19. The stock has a market cap of $7.40 billion, a P/E ratio of 12.02, a P/E/G ratio of 2.58 and a beta of 0.61.

Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings results on Thursday, January 22nd. The financial services provider reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.02. Commerce Bancshares had a return on equity of 15.34% and a net margin of 26.51%.The company had revenue of $449.36 million for the quarter, compared to the consensus estimate of $442.47 million. During the same quarter in the prior year, the business posted $1.01 EPS. The firm’s quarterly revenue was up 6.5% compared to the same quarter last year. On average, equities analysts anticipate that Commerce Bancshares will post 3.94 EPS for the current year.

Commerce Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 24th. Shareholders of record on Friday, March 6th will be issued a $0.275 dividend. The ex-dividend date of this dividend is Friday, March 6th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.2%. Commerce Bancshares’s dividend payout ratio (DPR) is presently 26.25%.

Insider Transactions at Commerce Bancshares

In other news, CEO John W. Kemper sold 23,397 shares of the business’s stock in a transaction on Thursday, February 5th. The stock was sold at an average price of $53.99, for a total value of $1,263,204.03. Following the completion of the transaction, the chief executive officer owned 206,528 shares in the company, valued at $11,150,446.72. The trade was a 10.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Derrick Brooks sold 1,044 shares of the company’s stock in a transaction on Wednesday, February 4th. The shares were sold at an average price of $54.40, for a total value of $56,793.60. Following the transaction, the senior vice president directly owned 14,585 shares in the company, valued at approximately $793,424. The trade was a 6.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 27,667 shares of company stock worth $1,493,323 over the last quarter. 3.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Commerce Bancshares

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Daytona Street Capital LLC bought a new stake in Commerce Bancshares during the fourth quarter valued at approximately $25,000. Danske Bank A S bought a new position in Commerce Bancshares in the third quarter worth approximately $25,000. Geneos Wealth Management Inc. boosted its stake in shares of Commerce Bancshares by 85.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 216 shares during the last quarter. Quent Capital LLC purchased a new position in shares of Commerce Bancshares during the 3rd quarter worth $31,000. Finally, CoreFirst Bank & Trust bought a new stake in shares of Commerce Bancshares during the 2nd quarter valued at $33,000. Institutional investors own 70.26% of the company’s stock.

Commerce Bancshares Company Profile

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.