Commerce Bancshares (NASDAQ:CBSH) Cut to “Sell” at Wall Street Zen

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

A number of other brokerages have also recently issued reports on CBSH. Morgan Stanley lowered their target price on Commerce Bancshares from $67.00 to $65.00 and set an “equal weight” rating for the company in a report on Monday, March 2nd. Hovde Group lowered their target price on Commerce Bancshares from $63.00 to $60.00 and set an “outperform” rating for the company in a report on Wednesday, April 22nd. Wells Fargo & Company lowered their target price on Commerce Bancshares from $60.00 to $53.00 and set an “equal weight” rating for the company in a report on Monday, March 30th. Piper Sandler reissued a “neutral” rating and issued a $58.50 price target (up from $56.00) on shares of Commerce Bancshares in a research note on Thursday, April 23rd. Finally, Keefe, Bruyette & Woods increased their price target on Commerce Bancshares from $56.00 to $57.00 and gave the company a “market perform” rating in a research note on Wednesday, May 13th. One equities research analyst has rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $59.30.

Commerce Bancshares Stock Up 1.3%

Shares of CBSH opened at $55.82 on Friday. Commerce Bancshares has a 12-month low of $46.99 and a 12-month high of $63.19. The business has a 50-day simple moving average of $51.70 and a two-hundred day simple moving average of $51.96. The stock has a market cap of $8.14 billion, a PE ratio of 13.39, a PEG ratio of 3.74 and a beta of 0.60.

Commerce Bancshares (NASDAQ:CBSH) last issued its earnings results on Tuesday, April 21st. The financial services provider reported $0.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.94 by $0.02. Commerce Bancshares had a return on equity of 14.78% and a net margin of 26.37%.The business had revenue of $475.69 million during the quarter, compared to analysts’ expectations of $481.94 million. During the same quarter in the prior year, the firm earned $0.98 EPS. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. On average, equities research analysts expect that Commerce Bancshares will post 4.12 EPS for the current year.

Institutional Investors Weigh In On Commerce Bancshares

Several institutional investors and hedge funds have recently made changes to their positions in the stock. FAS Wealth Partners Inc. increased its stake in shares of Commerce Bancshares by 19.3% in the first quarter. FAS Wealth Partners Inc. now owns 19,214 shares of the financial services provider’s stock valued at $945,000 after buying an additional 3,102 shares during the period. Bank of America Corp DE increased its stake in shares of Commerce Bancshares by 62.9% in the first quarter. Bank of America Corp DE now owns 1,032,011 shares of the financial services provider’s stock valued at $50,775,000 after buying an additional 398,670 shares during the period. Edgestream Partners L.P. increased its stake in shares of Commerce Bancshares by 49.1% in the first quarter. Edgestream Partners L.P. now owns 94,994 shares of the financial services provider’s stock valued at $4,674,000 after buying an additional 31,270 shares during the period. Janus Henderson Group PLC increased its stake in shares of Commerce Bancshares by 8.4% in the first quarter. Janus Henderson Group PLC now owns 61,742 shares of the financial services provider’s stock valued at $3,038,000 after buying an additional 4,800 shares during the period. Finally, EverSource Wealth Advisors LLC grew its stake in Commerce Bancshares by 2.9% during the first quarter. EverSource Wealth Advisors LLC now owns 12,360 shares of the financial services provider’s stock worth $608,000 after purchasing an additional 348 shares during the period. Institutional investors and hedge funds own 70.26% of the company’s stock.

About Commerce Bancshares

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.