Commerce Bancshares (NASDAQ:CBSH) Downgraded to Market Perform Rating by Raymond James

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

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

Commerce Bancshares Trading Down 1.5 %

NASDAQ:CBSH opened at $62.89 on Thursday. The company has a market cap of $8.06 billion, a PE ratio of 16.38, a price-to-earnings-growth ratio of 2.92 and a beta of 0.77. The company has a 50 day simple moving average of $67.18 and a two-hundred day simple moving average of $62.07. Commerce Bancshares has a 12 month low of $47.09 and a 12 month high of $72.75.

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

Commerce Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 17th. Shareholders of record on Tuesday, December 3rd were given a dividend of $0.27 per share. The ex-dividend date was Tuesday, December 3rd. This represents a $1.08 annualized dividend and a yield of 1.72%. Commerce Bancshares’s dividend payout ratio (DPR) is presently 28.13%.

Insider Buying and Selling

In related news, SVP Patricia R. Kellerhals sold 500 shares of the firm’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $68.55, for a total transaction of $34,275.00. Following the sale, the senior vice president now owns 22,265 shares in the company, valued at approximately $1,526,265.75. This trade represents a 2.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman David W. Kemper sold 30,000 shares of the business’s stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $61.78, for a total transaction of $1,853,400.00. Following the completion of the sale, the chairman now directly owns 1,151,994 shares of the company’s stock, valued at approximately $71,170,189.32. The trade was a 2.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 39,398 shares of company stock worth $2,504,665 in the last three months. 3.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. boosted its position in Commerce Bancshares by 0.5% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 30,906 shares of the financial services provider’s stock worth $1,724,000 after acquiring an additional 154 shares during the last quarter. Sound Stewardship LLC lifted its stake in Commerce Bancshares by 3.9% in the 3rd quarter. Sound Stewardship LLC now owns 4,339 shares of the financial services provider’s stock worth $258,000 after purchasing an additional 163 shares in the last quarter. Allworth Financial LP boosted its holdings in shares of Commerce Bancshares by 51.1% during the 3rd quarter. Allworth Financial LP now owns 568 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 192 shares during the last quarter. Outlook Wealth Advisors LLC grew its position in shares of Commerce Bancshares by 3.6% in the third quarter. Outlook Wealth Advisors LLC now owns 6,303 shares of the financial services provider’s stock valued at $374,000 after purchasing an additional 217 shares in the last quarter. Finally, Marshall Financial Group LLC lifted its position in Commerce Bancshares by 1.2% during the third quarter. Marshall Financial Group LLC now owns 18,257 shares of the financial services provider’s stock worth $1,084,000 after buying an additional 223 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.