Commerce Bancshares (NASDAQ:CBSH) Rating Increased to Hold at Wall Street Zen

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

A number of other equities analysts also recently commented on the stock. Wells Fargo & Company boosted their target price on shares of Commerce Bancshares from $53.00 to $57.00 and gave the stock an “equal weight” rating in a report on Monday, July 6th. Piper Sandler restated a “neutral” rating and issued a $66.00 price target (up from $59.00) on shares of Commerce Bancshares in a report on Friday, July 17th. Morgan Stanley reaffirmed a “positive” rating and issued a $65.00 price objective (up from $61.00) on shares of Commerce Bancshares in a research report on Monday, June 29th. Keefe, Bruyette & Woods boosted their price objective on shares of Commerce Bancshares from $60.00 to $62.00 and gave the stock a “market perform” rating in a research note on Monday, July 20th. Finally, TD Cowen reissued a “hold” rating and set a $63.00 target price (up from $62.00) on shares of Commerce Bancshares in a research report on Friday, July 17th. Three research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, Commerce Bancshares currently has a consensus rating of “Hold” and an average price target of $62.43.

Commerce Bancshares Trading Down 0.2%

Shares of NASDAQ:CBSH opened at $59.00 on Tuesday. Commerce Bancshares has a 12-month low of $46.99 and a 12-month high of $60.76. The business’s fifty day simple moving average is $55.76 and its 200-day simple moving average is $53.06. The company has a market capitalization of $8.60 billion, a PE ratio of 14.29, a P/E/G ratio of 2.12 and a beta of 0.58. 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 quarterly earnings data on Thursday, July 16th. The financial services provider reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates 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 in the prior year, the business posted $1.14 EPS. As a group, equities research analysts predict that Commerce Bancshares will post 4.22 earnings per share for the current fiscal year.

Institutional Trading of Commerce Bancshares

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Commerce Bancshares during the fourth quarter valued at approximately $85,282,000. Champlain Investment Partners LLC acquired a new stake in shares of Commerce Bancshares in the fourth quarter worth approximately $58,830,000. Vanguard Group Inc. increased its position in shares of Commerce Bancshares by 8.1% during the fourth quarter. Vanguard Group Inc. now owns 14,690,039 shares of the financial services provider’s stock worth $768,877,000 after purchasing an additional 1,098,142 shares in the last quarter. Victory Capital Management Inc. raised its stake in Commerce Bancshares by 1,433.7% in the 4th quarter. Victory Capital Management Inc. now owns 1,145,683 shares of the financial services provider’s stock valued at $59,965,000 after purchasing an additional 1,070,980 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Commerce Bancshares by 29.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,943,247 shares of the financial services provider’s stock valued at $193,999,000 after purchasing an additional 894,183 shares in the last quarter. 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.