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

Commerce Bancshares (NASDAQ:CBSH) was upgraded by stock analysts at Raymond James from a “market perform” rating to an “outperform” rating in a research note issued to investors on Wednesday, MarketBeat Ratings reports. The brokerage presently has a $61.00 price objective on the financial services provider’s stock. Raymond James’ price target indicates a potential upside of 14.88% from the company’s current price.

A number of other analysts have also commented on the stock. Morgan Stanley lifted their target price on shares of Commerce Bancshares from $46.00 to $55.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 7th. Bank of America initiated coverage on shares of Commerce Bancshares in a research report on Thursday, January 11th. They issued a “neutral” rating and a $55.00 price objective on the stock. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Commerce Bancshares from $54.00 to $56.00 and gave the company a “market perform” rating in a research report on Friday, January 19th. Six equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $55.00.

Commerce Bancshares Stock Performance

NASDAQ CBSH opened at $53.10 on Wednesday. The stock has a market cap of $6.90 billion, a PE ratio of 14.81 and a beta of 0.79. Commerce Bancshares has a twelve month low of $40.91 and a twelve month high of $56.75. The firm has a 50-day simple moving average of $52.02 and a 200 day simple moving average of $50.93.

Commerce Bancshares (NASDAQ:CBSH) last posted its earnings results on Tuesday, April 16th. The financial services provider reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.06. Commerce Bancshares had a net margin of 23.33% and a return on equity of 16.78%. The company had revenue of $397.80 million during the quarter, compared to analysts’ expectations of $389.49 million. During the same quarter in the previous year, the company posted $0.90 earnings per share. Commerce Bancshares’s quarterly revenue was up 2.2% compared to the same quarter last year. Research analysts forecast that Commerce Bancshares will post 3.24 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, EVP Robert S. Holmes sold 5,000 shares of the firm’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $52.66, for a total transaction of $263,300.00. Following the completion of the transaction, the executive vice president now owns 50,293 shares of the company’s stock, valued at $2,648,429.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Benjamin F. Rassieur III sold 1,785 shares of the stock in a transaction on Monday, January 29th. The shares were sold at an average price of $53.83, for a total transaction of $96,086.55. Following the completion of the sale, the director now directly owns 33,567 shares in the company, valued at $1,806,911.61. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Robert S. Holmes sold 5,000 shares of the stock in a transaction on Monday, March 11th. The stock was sold at an average price of $52.66, for a total transaction of $263,300.00. Following the sale, the executive vice president now owns 50,293 shares of the company’s stock, valued at $2,648,429.38. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 14,321 shares of company stock worth $752,387. Corporate insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Commerce Bancshares

A number of large investors have recently bought and sold shares of the stock. BKM Wealth Management LLC acquired a new position in shares of Commerce Bancshares during the fourth quarter valued at about $29,000. Quantbot Technologies LP bought a new position in shares of Commerce Bancshares during the second quarter valued at about $42,000. Creative Financial Designs Inc. ADV bought a new stake in Commerce Bancshares in the fourth quarter worth about $35,000. Altshuler Shaham Ltd bought a new stake in Commerce Bancshares in the fourth quarter worth about $47,000. Finally, PCA Investment Advisory Services Inc. bought a new stake in Commerce Bancshares in the second quarter worth about $38,000. 70.26% of the stock is currently owned by institutional investors and hedge funds.

Commerce Bancshares Company Profile

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.