Commerce Bancshares (NASDAQ:CBSH) Sets New 1-Year High After Analyst Upgrade

Commerce Bancshares, Inc. (NASDAQ:CBSH)’s stock price hit a new 52-week high during mid-day trading on Wednesday after Wall Street Zen upgraded the stock from a sell rating to a hold rating. The stock traded as high as $60.82 and last traded at $60.8880, with a volume of 173783 shares. The stock had previously closed at $60.01.

Several other equities analysts also recently weighed in on CBSH. Wells Fargo & Company increased their price target on shares of Commerce Bancshares from $53.00 to $57.00 and gave the stock an “equal weight” rating in a report on Monday, July 6th. Morgan Stanley restated a “positive” rating and issued a $65.00 price objective (up from $61.00) on shares of Commerce Bancshares in a research report on Monday, June 29th. Piper Sandler reiterated a “neutral” rating and issued a $66.00 target price (up from $59.00) on shares of Commerce Bancshares in a research note on Friday, July 17th. Hovde Group decreased their price objective on shares of Commerce Bancshares from $63.00 to $60.00 and set an “outperform” rating for the company in a research report on Wednesday, April 22nd. Finally, Keefe, Bruyette & Woods raised their target price on Commerce Bancshares from $60.00 to $62.00 and gave the company a “market perform” rating in a research report on Monday, July 20th. Three analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Commerce Bancshares currently has an average rating of “Hold” and a consensus price target of $62.43.

Institutional Trading of Commerce Bancshares

Hedge funds have recently bought and sold shares of the business. Daytona Street Capital LLC purchased a new stake in shares of Commerce Bancshares in the fourth quarter valued at approximately $25,000. Danske Bank A S acquired a new stake in shares of Commerce Bancshares in the 3rd quarter worth $25,000. Geneos Wealth Management Inc. boosted its position in shares of Commerce Bancshares by 85.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 216 shares during the last quarter. Root Financial Partners LLC boosted its position in shares of Commerce Bancshares by 104.9% during the 1st quarter. Root Financial Partners LLC now owns 623 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 319 shares during the last quarter. Finally, Laurel Wealth Advisors LLC purchased a new stake in shares of Commerce Bancshares in the fourth quarter valued at about $34,000. Institutional investors and hedge funds own 70.26% of the company’s stock.

Commerce Bancshares Trading Up 1.4%

The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.01. The company’s 50-day moving average is $55.92 and its 200-day moving average is $53.11. The stock has a market capitalization of $8.87 billion, a price-to-earnings ratio of 14.73, a PEG ratio of 2.11 and a beta of 0.58.

Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings results on Thursday, July 16th. The financial services provider reported $1.10 EPS for the quarter, beating the consensus estimate of $1.04 by $0.06. The firm had revenue of $498.91 million for the quarter, compared to analyst estimates of $492.22 million. Commerce Bancshares had a net margin of 26.07% and a return on equity of 14.31%. During the same quarter in the previous year, the company earned $1.14 EPS. Research analysts anticipate that Commerce Bancshares, Inc. will post 4.22 earnings per share for the current fiscal year.

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.