Commerce Bancshares (NASDAQ:CBSH) Upgraded at StockNews.com

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

Other equities analysts have also issued reports about the stock. Keefe, Bruyette & Woods lifted their price objective on shares of Commerce Bancshares from $56.00 to $58.00 and gave the company a market perform rating in a report on Wednesday. Piper Sandler lifted their price objective on shares of Commerce Bancshares from $53.00 to $54.00 and gave the company a neutral rating in a report on Wednesday. Raymond James raised shares of Commerce Bancshares from a market perform rating to an outperform rating and set a $61.00 price objective on the stock in a report on Wednesday. Morgan Stanley lifted their price objective on shares of Commerce Bancshares from $46.00 to $55.00 and gave the company an equal weight rating in a report on Wednesday, February 7th. Finally, Bank of America began coverage on shares of Commerce Bancshares in a report on Thursday, January 11th. They set a neutral rating and a $55.00 price objective on the stock. Six research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Hold and a consensus price target of $55.00.

Commerce Bancshares Stock Performance

Shares of NASDAQ:CBSH opened at $53.85 on Wednesday. The firm has a market cap of $6.99 billion, a PE ratio of 15.02 and a beta of 0.79. The firm’s 50 day simple moving average is $52.07 and its 200-day simple moving average is $50.98. Commerce Bancshares has a one year low of $40.91 and a one year high of $56.75.

Commerce Bancshares (NASDAQ:CBSH) last issued its earnings results on Tuesday, April 16th. The financial services provider reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.06. The business had revenue of $397.80 million for the quarter, compared to analyst estimates of $389.49 million. Commerce Bancshares had a net margin of 23.33% and a return on equity of 16.78%. The company’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same period last year, the company posted $0.90 earnings per share. Equities research analysts predict that Commerce Bancshares will post 3.39 EPS for the current fiscal year.

Commerce Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Wednesday, June 5th will be issued a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 2.01%. The ex-dividend date of this dividend is Wednesday, June 5th. Commerce Bancshares’s dividend payout ratio is currently 30.12%.

Insider Transactions at Commerce Bancshares

In other news, EVP Robert S. Holmes sold 5,000 shares of Commerce Bancshares stock in a transaction on Monday, March 11th. The shares were sold at an average price of $52.66, for a total transaction of $263,300.00. Following the completion of the sale, the executive vice president now directly owns 50,293 shares in the company, valued at $2,648,429.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, EVP Robert S. Holmes sold 5,000 shares of Commerce Bancshares stock in a transaction on Monday, March 11th. The shares were sold at an average price of $52.66, for a total transaction of $263,300.00. Following the completion of the sale, the executive vice president now directly owns 50,293 shares in the company, valued at $2,648,429.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Patricia R. Kellerhals sold 730 shares of Commerce Bancshares stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $54.87, for a total transaction of $40,055.10. Following the sale, the senior vice president now owns 25,502 shares of the company’s stock, valued at $1,399,294.74. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 14,321 shares of company stock worth $752,387. Company insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. BKM Wealth Management LLC acquired a new position in Commerce Bancshares during the fourth quarter valued at $29,000. Quantbot Technologies LP acquired a new position in Commerce Bancshares during the second quarter valued at $42,000. Creative Financial Designs Inc. ADV acquired a new position in Commerce Bancshares during the fourth quarter valued at $35,000. Altshuler Shaham Ltd acquired a new position in Commerce Bancshares during the fourth quarter valued at $47,000. Finally, PCA Investment Advisory Services Inc. acquired a new position in Commerce Bancshares during the second quarter valued at $38,000. 70.26% of the stock is currently owned by institutional investors and hedge funds.

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.