Commerce Bancshares (NASDAQ:CBSH) Lowered to "Market Perform" Rating by Raymond James

Raymond James cut shares of Commerce Bancshares (NASDAQ:CBSH - Free Report) from an outperform rating to a market perform rating in a research note released on Thursday, Marketbeat reports.

CBSH has been the subject of a number of other research reports. Piper Sandler set a $68.50 price target on Commerce Bancshares and gave the company a "neutral" rating in a report on Friday, October 18th. Wells Fargo & Company upped their target price on Commerce Bancshares from $62.00 to $67.00 and gave the stock an "equal weight" rating in a report on Tuesday, December 3rd. StockNews.com raised Commerce Bancshares from a "sell" rating to a "hold" rating in a research report on Friday, October 18th. Morgan Stanley lowered shares of 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 note on Monday, September 30th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Commerce Bancshares from $66.00 to $78.00 and gave the company a "market perform" rating in a research report on Wednesday, December 4th. Eight research analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $65.07.

Commerce Bancshares Stock Performance

CBSH stock traded down $0.98 during midday trading on Thursday, reaching $62.89. The company's stock had a trading volume of 819,682 shares, compared to its average volume of 555,054. Commerce Bancshares has a 1 year low of $47.09 and a 1 year high of $72.75. The firm has a market capitalization of $8.06 billion, a price-to-earnings ratio of 16.38, a PEG ratio of 2.92 and a beta of 0.77. The stock has a fifty day simple moving average of $67.09 and a two-hundred day simple moving average of $62.07.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last posted its quarterly earnings results 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. The company had revenue of $421.38 million for the quarter, compared to the consensus estimate of $412.85 million. Commerce Bancshares had a net margin of 24.15% and a return on equity of 15.93%. As a group, analysts forecast that Commerce Bancshares will post 3.95 EPS for the current fiscal year.

Commerce Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 17th. Shareholders of record on Tuesday, December 3rd were issued a $0.27 dividend. The ex-dividend date was Tuesday, December 3rd. This represents a $1.08 dividend on an annualized basis and a yield of 1.72%. Commerce Bancshares's dividend payout ratio is presently 28.13%.

Insider Activity

In other news, Chairman David W. Kemper sold 30,000 shares of the business's stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $61.78, for a total transaction of $1,853,400.00. Following the sale, the chairman now owns 1,151,994 shares in the company, valued at approximately $71,170,189.32. The trade was a 2.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Patricia R. Kellerhals sold 500 shares of the stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $68.55, for a total transaction of $34,275.00. Following the completion of the transaction, the senior vice president now directly owns 22,265 shares of the company's stock, valued at $1,526,265.75. The trade was a 2.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 39,398 shares of company stock worth $2,504,665. Corporate insiders own 3.10% of the company's stock.

Institutional Investors Weigh In On Commerce Bancshares

A number of large investors have recently made changes to their positions in CBSH. V Square Quantitative Management LLC purchased a new position in Commerce Bancshares in the 3rd quarter worth $26,000. Allworth Financial LP increased its holdings in shares of Commerce Bancshares by 51.1% in the third quarter. Allworth Financial LP now owns 568 shares of the financial services provider's stock valued at $34,000 after purchasing an additional 192 shares during the period. Capital Performance Advisors LLP purchased a new position in shares of Commerce Bancshares in the third quarter worth about $39,000. True Wealth Design LLC purchased a new stake in Commerce Bancshares in the third quarter valued at approximately $47,000. Finally, Farther Finance Advisors LLC increased its holdings in Commerce Bancshares by 48.2% in the 3rd quarter. Farther Finance Advisors LLC now owns 882 shares of the financial services provider's stock worth $52,000 after buying an additional 287 shares during the period. 70.26% of the stock is owned by hedge funds and other 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.