Commerce Bancshares (NASDAQ:CBSH) Rating Lowered to "Sell" at StockNews.com

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) was downgraded by equities researchers at StockNews.com from a "hold" rating to a "sell" rating in a research note issued on Tuesday.

Other research analysts also recently issued reports about the stock. Piper Sandler set a $68.50 target price on shares of Commerce Bancshares and gave the company a "neutral" rating in a research report on Friday, October 18th. Raymond James downgraded Commerce Bancshares from an "outperform" rating to a "market perform" rating in a research note on Thursday, December 19th. Wells Fargo & Company boosted their price target on Commerce Bancshares from $62.00 to $67.00 and gave the company an "equal weight" rating in a report on Tuesday, December 3rd. Morgan Stanley lowered Commerce Bancshares from an "overweight" rating to an "equal weight" rating and lowered their price objective for the stock from $66.00 to $64.00 in a research report on Monday, September 30th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Commerce Bancshares from $66.00 to $78.00 and gave the company a "market perform" rating in a report on Wednesday, December 4th. One analyst has rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $65.07.

Commerce Bancshares Stock Performance

NASDAQ:CBSH traded down $0.22 during mid-day trading on Tuesday, hitting $62.31. 240,227 shares of the company's stock traded hands, compared to its average volume of 552,904. Commerce Bancshares has a twelve month low of $47.09 and a twelve month high of $72.75. The company has a market capitalization of $7.99 billion, a P/E ratio of 16.23, a P/E/G ratio of 2.92 and a beta of 0.77. The company has a fifty day moving average of $67.47 and a 200 day moving average of $62.63.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last posted its quarterly earnings data on Thursday, October 17th. The financial services provider reported $1.07 EPS for the quarter, topping the consensus estimate of $1.00 by $0.07. Commerce Bancshares had a net margin of 24.15% and a return on equity of 15.93%. The business had revenue of $421.38 million during the quarter, compared to the consensus estimate of $412.85 million. On average, research analysts expect that Commerce Bancshares will post 3.95 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, SVP David L. Roller sold 890 shares of the company's stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $72.27, for a total value of $64,320.30. Following the transaction, the senior vice president now directly owns 30,949 shares in the company, valued at approximately $2,236,684.23. This represents a 2.80 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Chairman David W. Kemper sold 30,000 shares of Commerce Bancshares stock in a transaction that occurred on Tuesday, October 22nd. The shares were 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 owns 1,151,994 shares of the company's stock, valued at $71,170,189.32. This trade represents a 2.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 39,398 shares of company stock valued at $2,504,665 over the last ninety days. Company insiders own 3.20% of the company's stock.

Institutional Investors Weigh In On Commerce Bancshares

Large investors have recently added to or reduced their stakes in the business. Cambridge Investment Research Advisors Inc. raised its position in Commerce Bancshares by 0.5% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 30,906 shares of the financial services provider's stock valued at $1,724,000 after purchasing an additional 154 shares in the last quarter. Summit Financial LLC lifted its stake in Commerce Bancshares by 13.6% in the second quarter. Summit Financial LLC now owns 4,305 shares of the financial services provider's stock worth $240,000 after acquiring an additional 516 shares during the last quarter. Natixis Advisors LLC grew its holdings in Commerce Bancshares by 21.5% during the 2nd quarter. Natixis Advisors LLC now owns 274,314 shares of the financial services provider's stock worth $15,301,000 after acquiring an additional 48,567 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of Commerce Bancshares by 10.8% in the 2nd quarter. Victory Capital Management Inc. now owns 103,649 shares of the financial services provider's stock valued at $5,782,000 after purchasing an additional 10,076 shares during the last quarter. Finally, Arizona State Retirement System increased its position in shares of Commerce Bancshares by 1.4% in the 2nd quarter. Arizona State Retirement System now owns 34,542 shares of the financial services provider's stock valued at $1,927,000 after purchasing an additional 470 shares during the last quarter. 70.26% of the stock is owned by hedge funds and other institutional investors.

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.

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