Commerce Bancshares (NASDAQ:CBSH) Rating Increased to Hold at Raymond James Financial

Raymond James Financial upgraded shares of Commerce Bancshares (NASDAQ:CBSH) to a hold rating in a research report report published on Thursday morning,Zacks.com reports.

CBSH has been the topic of several other research reports. 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. Piper Sandler reiterated a “neutral” rating and set a $66.00 target price (up from $59.00) on shares of Commerce Bancshares in a research report on Friday, July 17th. Wells Fargo & Company set a $63.00 price target on shares of Commerce Bancshares and gave the company an “equal weight” rating in a report on Monday, August 10th. Finally, Stephens set a $64.00 price objective on shares of Commerce Bancshares and gave the stock an “equal weight” rating in a research report on Friday, July 17th. Three investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, Commerce Bancshares has an average rating of “Hold” and a consensus target price of $63.29.

Commerce Bancshares Trading Down 0.0%

Shares of Commerce Bancshares stock opened at $58.04 on Thursday. Commerce Bancshares has a 1 year low of $46.99 and a 1 year high of $60.92. The company’s fifty day simple moving average is $58.64 and its 200-day simple moving average is $53.98. The company has a market cap of $8.32 billion, a price-to-earnings ratio of 14.05, a PEG ratio of 2.07 and a beta of 0.59. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.01.

Commerce Bancshares (NASDAQ:CBSH) last issued its earnings results on Thursday, July 16th. The financial services provider reported $1.10 EPS for the quarter, topping the consensus estimate 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 last year, the business earned $1.14 earnings per share. As a group, sell-side analysts expect that Commerce Bancshares will post 4.25 EPS for the current year.

Commerce Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 22nd. Shareholders of record on Friday, September 4th will be issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Friday, September 4th. Commerce Bancshares’s payout ratio is currently 26.63%.

Insider Activity at Commerce Bancshares

In related news, CEO John W. Kemper sold 5,830 shares of the company’s stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $60.58, for a total value of $353,181.40. Following the completion of the sale, the chief executive officer owned 206,528 shares in the company, valued at approximately $12,511,466.24. This represents a 2.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Charles G. Kim sold 19,771 shares of the stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $59.18, for a total value of $1,170,047.78. Following the completion of the transaction, the chief financial officer directly owned 119,410 shares in the company, valued at $7,066,683.80. The trade was a 14.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 32,484 shares of company stock worth $1,936,055. 1.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of CBSH. Danske Bank A S bought a new position in shares of Commerce Bancshares during the third quarter worth $25,000. Keating Financial Advisory Services Inc. acquired a new position in shares of Commerce Bancshares in the second quarter valued at approximately $29,000. Geneos Wealth Management Inc. increased its position in shares of Commerce Bancshares by 85.4% during the first 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 in the last quarter. Root Financial Partners LLC raised its holdings in shares of Commerce Bancshares by 104.9% during the first quarter. Root Financial Partners LLC now owns 623 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 319 shares during the period. Finally, Laurel Wealth Advisors LLC bought a new stake in Commerce Bancshares in the 4th quarter valued at $34,000. 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.