Commerce Bancshares (NASDAQ:CBSH) Stock Moved Down to Sell by Wall Street Zen

Commerce Bancshares (NASDAQ:CBSH) was downgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report issued on Saturday, Wall Street Zen reports.

A number of other equities research analysts also recently weighed in on CBSH. Piper Sandler set a $60.50 price target on Commerce Bancshares and gave the stock a “neutral” rating in a research note on Wednesday, October 21st. Raymond James Financial raised Commerce Bancshares to a “hold” rating in a research report on Thursday, August 27th. Stephens set a $62.00 price target on Commerce Bancshares and gave the company an “equal weight” rating in a research note on Wednesday, October 21st. Weiss Ratings raised shares of Commerce Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, October 16th. Finally, TD Cowen reissued a “hold” rating and issued a $63.00 target price (up from $62.00) on shares of Commerce Bancshares in a research note on Friday, July 17th. Three equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $63.64.

Commerce Bancshares Stock Down 0.3%

Shares of NASDAQ:CBSH opened at $55.04 on Friday. The business has a fifty day simple moving average of $56.12 and a 200 day simple moving average of $54.48. Commerce Bancshares has a 12-month low of $46.99 and a 12-month high of $60.92. The firm has a market cap of $7.89 billion, a P/E ratio of 13.26, a P/E/G ratio of 1.68 and a beta of 0.61.

Commerce Bancshares’s stock is set to split on Tuesday, December 1st. The 1.05-1 split was recently announced. The newly issued shares will be issued to shareholders after the market closes on Monday, November 30th.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings data on Tuesday, October 20th. The financial services provider reported $1.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.07 by $0.01. Commerce Bancshares had a net margin of 26.06% and a return on equity of 14.27%. The firm had revenue of $494.34 million during the quarter, compared to analysts’ expectations of $496.75 million. During the same period in the prior year, the company posted $1.06 earnings per share. As a group, equities research analysts expect that Commerce Bancshares will post 4.27 EPS for the current year.

Insider Buying and Selling

In related news, SVP Douglas D. Neff sold 666 shares of the stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $58.15, for a total transaction of $38,727.90. Following the completion of the sale, the senior vice president directly owned 11,746 shares of the company’s stock, valued at $683,029.90. This represents a 5.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP David L. Orf sold 642 shares of the company’s stock in a transaction on Friday, August 14th. The shares were sold at an average price of $60.35, for a total value of $38,744.70. Following the transaction, the vice president directly owned 24,962 shares in the company, valued at $1,506,456.70. This trade represents a 2.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Commerce Bancshares

Large investors have recently modified their holdings of the company. Keating Financial Advisory Services Inc. purchased a new stake in Commerce Bancshares in the second quarter worth about $29,000. Versant Capital Management Inc grew its stake 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 acquiring an additional 302 shares in the last quarter. Laurel Wealth Advisors LLC bought a new stake in Commerce Bancshares during the third quarter worth approximately $35,000. Provenance Wealth Advisors LLC bought a new stake in shares of Commerce Bancshares in the third quarter valued at about $56,000. Finally, Continuum Advisory LLC bought a new position in Commerce Bancshares during the second quarter worth about $64,000. 70.26% of the stock is currently owned by institutional investors.

Commerce Bancshares Company Profile

Commerce Bancshares, Inc is a financial holding company headquartered in Kansas City, Missouri. Founded in 1865, the company operates Commerce Bank, which provides banking and related financial services to individuals, businesses, institutions and government entities.

Commerce Bank offers deposit accounts, consumer and commercial lending, mortgages, treasury and payment services, credit cards, investment management, trust services and institutional banking solutions. Its businesses also include capital markets and brokerage services, supporting corporate, municipal and institutional clients.

The bank serves customers primarily through a regional network spanning Missouri, Kansas, Illinois, Oklahoma and Colorado, along with digital banking channels.