Commerce Bancshares (NASDAQ:CBSH) Stock Rating Lowered by Raymond James

Raymond James downgraded shares of Commerce Bancshares (NASDAQ:CBSH) from an outperform rating to a market perform rating in a research note released on Thursday, MarketBeat Ratings reports.

Several other brokerages have also recently issued reports on CBSH. Wells Fargo & Company raised their price objective on Commerce Bancshares from $62.00 to $67.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 3rd. Keefe, Bruyette & Woods raised their target price on Commerce Bancshares from $66.00 to $78.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. StockNews.com raised Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Morgan Stanley cut shares of Commerce Bancshares from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $66.00 to $64.00 in a research note on Monday, September 30th. Finally, Piper Sandler set a $68.50 price target on shares of Commerce Bancshares and gave the company a “neutral” rating in a research report on Friday, October 18th. Eight research analysts have rated the stock with a hold rating, Based on data from MarketBeat, Commerce Bancshares presently has a consensus rating of “Hold” and an average target price of $65.07.

Commerce Bancshares Stock Up 0.2 %

Shares of Commerce Bancshares stock opened at $63.03 on Thursday. The firm has a market capitalization of $8.08 billion, a P/E ratio of 16.41, a PEG ratio of 2.92 and a beta of 0.77. Commerce Bancshares has a 52 week low of $47.09 and a 52 week high of $72.75. The company has a 50 day moving average price of $67.24 and a 200 day moving average price of $62.13.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings data on Thursday, October 17th. The financial services provider reported $1.07 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.07. The firm had revenue of $421.38 million for the quarter, compared to analyst estimates of $412.85 million. Commerce Bancshares had a net margin of 24.15% and a return on equity of 15.93%. As a group, research analysts anticipate that Commerce Bancshares will post 3.95 earnings per share for the current fiscal year.

Commerce Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 17th. Stockholders of record on Tuesday, December 3rd were paid a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 1.71%. The ex-dividend date was Tuesday, December 3rd. Commerce Bancshares’s dividend payout ratio is currently 28.13%.

Insider Transactions at Commerce Bancshares

In related news, SVP Patricia R. Kellerhals sold 500 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $68.55, for a total value of $34,275.00. Following the completion of the transaction, the senior vice president now directly owns 22,265 shares in the company, valued at approximately $1,526,265.75. This represents a 2.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman David W. Kemper sold 30,000 shares of Commerce Bancshares stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $61.78, for a total transaction of $1,853,400.00. Following the sale, the chairman now owns 1,151,994 shares of the company’s stock, valued at approximately $71,170,189.32. This represents a 2.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 39,398 shares of company stock worth $2,504,665 in the last ninety days. Insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Commerce Bancshares

Several institutional investors have recently bought and sold shares of the company. American Century Companies Inc. grew its holdings in shares of Commerce Bancshares by 7.4% in the second quarter. American Century Companies Inc. now owns 3,509,796 shares of the financial services provider’s stock valued at $195,776,000 after purchasing an additional 240,938 shares in the last quarter. Geode Capital Management LLC boosted its position in Commerce Bancshares by 7.3% in the 3rd quarter. Geode Capital Management LLC now owns 2,396,740 shares of the financial services provider’s stock valued at $142,951,000 after buying an additional 163,782 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Commerce Bancshares by 19.8% in the second quarter. Dimensional Fund Advisors LP now owns 2,069,924 shares of the financial services provider’s stock worth $115,453,000 after acquiring an additional 342,793 shares in the last quarter. NFJ Investment Group LLC increased its position in shares of Commerce Bancshares by 17.7% during the third quarter. NFJ Investment Group LLC now owns 707,168 shares of the financial services provider’s stock worth $42,006,000 after acquiring an additional 106,316 shares during the period. Finally, Sei Investments Co. raised its stake in shares of Commerce Bancshares by 0.5% in the second quarter. Sei Investments Co. now owns 624,715 shares of the financial services provider’s stock valued at $34,846,000 after acquiring an additional 3,391 shares in the last quarter. 70.26% of the stock is 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.