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

Commerce Bancshares (NASDAQ:CBSH) was downgraded by research analysts at Raymond James from an “outperform” rating to a “market perform” rating in a report released on Thursday,Finviz reports.

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

Commerce Bancshares Trading Down 4.3 %

CBSH opened at $63.87 on Thursday. The firm’s fifty day simple moving average is $67.09 and its 200 day simple moving average is $62.07. The stock has a market capitalization of $8.19 billion, a P/E ratio of 16.63, a P/E/G ratio of 2.92 and a beta of 0.77. Commerce Bancshares has a 12 month low of $47.09 and a 12 month high of $72.75.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings results 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. The company had revenue of $421.38 million for the quarter, compared to analyst estimates of $412.85 million. Commerce Bancshares had a return on equity of 15.93% and a net margin of 24.15%. On average, equities research analysts predict that Commerce Bancshares will post 3.95 EPS for the current fiscal year.

Insiders Place Their Bets

In other Commerce Bancshares news, Chairman David W. Kemper sold 30,000 shares of the company’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $61.78, for a total value of $1,853,400.00. Following the transaction, the chairman now directly owns 1,151,994 shares in the company, valued at $71,170,189.32. The trade was a 2.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP David L. Roller sold 890 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $72.27, for a total transaction of $64,320.30. Following the sale, the senior vice president now owns 30,949 shares of the company’s stock, valued at approximately $2,236,684.23. This represents a 2.80 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 37,816 shares of company stock valued at $2,397,816 over the last 90 days. 3.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Commerce Bancshares

Several institutional investors have recently made changes to their positions in CBSH. Virtu Financial LLC acquired a new position in shares of Commerce Bancshares during the 3rd quarter worth $566,000. Centiva Capital LP acquired a new position in shares of Commerce Bancshares during the third quarter worth $581,000. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Commerce Bancshares in the second quarter worth $436,000. Dark Forest Capital Management LP acquired a new stake in Commerce Bancshares in the second quarter valued at $522,000. Finally, &PARTNERS bought a new position in Commerce Bancshares during the 2nd quarter worth $396,000. 70.26% of the stock is currently owned by institutional investors.

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.