Commerce Bancshares (NASDAQ:CBSH) Upgraded at Raymond James

Commerce Bancshares (NASDAQ:CBSH) was upgraded by investment analysts at Raymond James from a “market perform” rating to an “outperform” rating in a note issued to investors on Wednesday, Marketbeat reports. The brokerage currently has a $61.00 price objective on the financial services provider’s stock. Raymond James’ price objective suggests a potential upside of 15.05% from the company’s previous close.

CBSH has been the topic of several other research reports. Keefe, Bruyette & Woods boosted their price target on Commerce Bancshares from $54.00 to $56.00 and gave the stock a “market perform” rating in a research report on Friday, January 19th. Morgan Stanley increased their price target on shares of Commerce Bancshares from $46.00 to $55.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 7th. Finally, Bank of America began coverage on Commerce Bancshares in a report on Thursday, January 11th. They set a “neutral” rating and a $55.00 price target for the company. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, Commerce Bancshares currently has an average rating of “Hold” and a consensus price target of $55.00.

Commerce Bancshares Stock Performance

NASDAQ CBSH traded up $1.01 during trading on Wednesday, hitting $53.02. The stock had a trading volume of 544,334 shares, compared to its average volume of 485,062. Commerce Bancshares has a 12 month low of $40.91 and a 12 month high of $56.75. The company’s 50-day moving average price is $51.92 and its two-hundred day moving average price is $50.90. The company has a market capitalization of $6.89 billion, a PE ratio of 14.61 and a beta of 0.79.

Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings data 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 24.41% and a return on equity of 17.46%. The company had revenue of $397.80 million for the quarter, compared to the consensus estimate of $389.49 million. During the same period last year, the company earned $0.90 earnings per share. The firm’s revenue was up 2.2% compared to the same quarter last year. As a group, equities analysts anticipate that Commerce Bancshares will post 3.24 earnings per share for the current fiscal year.

Insider Transactions at Commerce Bancshares

In other news, EVP Robert S. Holmes sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $52.66, for a total value of $263,300.00. Following the completion of the transaction, the executive vice president now directly owns 50,293 shares in the company, valued at approximately $2,648,429.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Benjamin F. Rassieur III sold 1,785 shares of the stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $53.83, for a total value of $96,086.55. Following the completion of the transaction, the director now owns 33,567 shares of the company’s stock, valued at $1,806,911.61. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Robert S. Holmes sold 5,000 shares of the company’s stock in a transaction that occurred 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 transaction, 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 three months, insiders have sold 14,321 shares of company stock valued at $752,387. 3.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. BKM Wealth Management LLC acquired a new position in Commerce Bancshares in the 4th quarter worth about $29,000. Creative Financial Designs Inc. ADV acquired a new position in shares of Commerce Bancshares in the fourth quarter valued at approximately $35,000. PCA Investment Advisory Services Inc. acquired a new position in shares of Commerce Bancshares in the second quarter valued at approximately $38,000. Quantbot Technologies LP acquired a new stake in Commerce Bancshares during the 2nd quarter worth approximately $42,000. Finally, Clarity Asset Management Inc. acquired a new stake in Commerce Bancshares during the 4th quarter worth approximately $43,000. 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.