Commerce Bancshares (NASDAQ:CBSH) Cut to Sell at BidaskClub

BidaskClub cut shares of Commerce Bancshares (NASDAQ:CBSH) from a hold rating to a sell rating in a research note published on Wednesday, BidAskClub reports.

Several other equities research analysts have also recently issued reports on CBSH. Raymond James cut shares of First Midwest Bancorp to a hold rating in a research report on Monday, July 8th. DA Davidson lowered their price objective on shares of Commerce Bancshares to $60.00 and set a neutral rating for the company in a research report on Friday, April 12th. Stephens initiated coverage on shares of Falcon Minerals in a research report on Thursday, April 11th. They issued an overweight rating and a $12.00 price objective for the company. Finally, Zacks Investment Research raised shares of Eutelsat Communications from a hold rating to a strong-buy rating and set a $21.00 price objective for the company in a research report on Wednesday, June 12th. Three analysts have rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. Commerce Bancshares has an average rating of Hold and a consensus target price of $59.24.

Commerce Bancshares stock opened at $58.34 on Wednesday. The stock has a market cap of $6.45 billion, a PE ratio of 15.55, a price-to-earnings-growth ratio of 1.99 and a beta of 0.73. Commerce Bancshares has a 1 year low of $53.40 and a 1 year high of $72.55. The firm has a 50-day moving average of $58.82.

Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.94 by $0.02. The company had revenue of $338.90 million during the quarter, compared to analysts’ expectations of $339.94 million. Commerce Bancshares had a net margin of 29.90% and a return on equity of 15.02%. The firm’s quarterly revenue was up 4.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.96 EPS. As a group, analysts anticipate that Commerce Bancshares will post 3.66 EPS for the current year.

In other news, insider John K. Handy sold 3,541 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $61.79, for a total value of $218,798.39. Following the completion of the sale, the insider now owns 35,251 shares of the company’s stock, valued at approximately $2,178,159.29. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 3.60% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently made changes to their positions in CBSH. Norges Bank purchased a new stake in shares of Commerce Bancshares in the 4th quarter worth approximately $45,661,000. Acadian Asset Management LLC lifted its position in shares of Commerce Bancshares by 4,558.4% in the 1st quarter. Acadian Asset Management LLC now owns 204,550 shares of the financial services provider’s stock worth $11,877,000 after purchasing an additional 200,159 shares during the period. Lazard Asset Management LLC lifted its position in shares of Commerce Bancshares by 4.9% in the 1st quarter. Lazard Asset Management LLC now owns 3,903,818 shares of the financial services provider’s stock worth $226,653,000 after purchasing an additional 183,177 shares during the period. Commerce Bank lifted its position in shares of Commerce Bancshares by 2.5% in the 1st quarter. Commerce Bank now owns 7,240,002 shares of the financial services provider’s stock worth $420,355,000 after purchasing an additional 176,566 shares during the period. Finally, New York State Teachers Retirement System purchased a new stake in shares of Commerce Bancshares in the 1st quarter worth approximately $9,746,000. 63.08% 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. It operates through three segments: Consumer, Commercial, and Wealth. The Consumer segment offers various banking products and services, including consumer deposits; consumer loans, such as automobile, motorcycle, marine, tractor/trailer, recreational vehicle, fixed rate and revolving home equity, and other consumer loans; patient health care financing; real estate loans; indirect and other consumer financing; personal mortgage banking; consumer installment lending; and consumer debit and credit bank cards, as well as provides online banking services.

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Analyst Recommendations for Commerce Bancshares (NASDAQ:CBSH)

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