Commerce Bancshares (NASDAQ:CBSH) Cut to “Strong Sell” at Zacks Research

Zacks Research cut shares of Commerce Bancshares (NASDAQ:CBSH) from a hold rating to a strong sell rating in a report released on Thursday,Zacks.com reports.

A number of other brokerages have also recently weighed in on CBSH. Keefe, Bruyette & Woods reduced their price target on shares of Commerce Bancshares from $61.90 to $57.14 and set a “market perform” rating on the stock in a research report on Friday, October 17th. Weiss Ratings reiterated a “hold (c)” rating on shares of Commerce Bancshares in a report on Monday, December 29th. Morgan Stanley lifted their target price on Commerce Bancshares from $62.86 to $66.67 and gave the company an “underperform” rating in a research report on Monday, September 29th. TD Cowen cut their target price on Commerce Bancshares from $61.00 to $55.00 and set a “hold” rating on the stock in a research note on Wednesday. Finally, Piper Sandler reiterated a “neutral” rating and issued a $64.00 price objective (up from $60.00) on shares of Commerce Bancshares in a report on Friday. One research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Commerce Bancshares currently has an average rating of “Reduce” and an average target price of $62.03.

Commerce Bancshares Trading Down 2.1%

NASDAQ:CBSH opened at $53.85 on Thursday. The firm has a market capitalization of $7.13 billion, a price-to-earnings ratio of 12.85, a PEG ratio of 3.24 and a beta of 0.62. Commerce Bancshares has a 1-year low of $48.69 and a 1-year high of $65.59. The business’s 50-day moving average price is $52.11 and its two-hundred day moving average price is $55.55.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings results on Thursday, October 16th. The financial services provider reported $1.06 EPS for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.03). The company had revenue of $448.85 million during the quarter, compared to the consensus estimate of $447.04 million. Commerce Bancshares had a net margin of 26.48% and a return on equity of 15.73%. The business’s revenue was up 4.7% compared to the same quarter last year. During the same period last year, the company earned $1.02 earnings per share. Sell-side analysts predict that Commerce Bancshares will post 3.94 earnings per share for the current year.

Commerce Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Tuesday, December 2nd were given a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend was Tuesday, December 2nd. Commerce Bancshares’s payout ratio is 26.25%.

Institutional Trading of Commerce Bancshares

Hedge funds have recently modified their holdings of the stock. Danske Bank A S bought a new position in Commerce Bancshares in the 3rd quarter valued at about $25,000. Geneos Wealth Management Inc. lifted its holdings in Commerce Bancshares by 85.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 216 shares during the last quarter. Quent Capital LLC bought a new stake in Commerce Bancshares in the 3rd quarter valued at $31,000. CoreFirst Bank & Trust acquired a new position in Commerce Bancshares in the 2nd quarter valued at $33,000. Finally, Rothschild Investment LLC grew its holdings in Commerce Bancshares by 3,820.0% in the 3rd quarter. Rothschild Investment LLC now owns 588 shares of the financial services provider’s stock valued at $35,000 after buying an additional 573 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.