Commerce Bancshares (NASDAQ:CBSH) PT Raised to $74.00

Commerce Bancshares (NASDAQ:CBSHGet Rating) had its price objective increased by Piper Sandler from $69.00 to $74.00 in a research note issued on Wednesday, The Fly reports. The firm presently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s target price would suggest a potential upside of 3.48% from the stock’s current price.

A number of other research firms also recently commented on CBSH. StockNews.com assumed coverage on shares of Commerce Bancshares in a research report on Wednesday, October 12th. They issued a “hold” rating on the stock. DA Davidson increased their target price on shares of Commerce Bancshares to $71.00 in a research report on Monday, July 25th.

Commerce Bancshares Trading Down 0.7 %

Shares of NASDAQ:CBSH opened at $71.51 on Wednesday. Commerce Bancshares has a 52 week low of $62.80 and a 52 week high of $74.72. The company’s 50 day moving average is $69.92 and its two-hundred day moving average is $68.86. The company has a market cap of $8.53 billion, a PE ratio of 18.38 and a beta of 0.77.

Commerce Bancshares (NASDAQ:CBSHGet Rating) last announced its quarterly earnings data on Tuesday, October 18th. The financial services provider reported $1.02 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.01). Commerce Bancshares had a net margin of 31.86% and a return on equity of 16.45%. The firm had revenue of $384.90 million during the quarter, compared to analysts’ expectations of $383.58 million. During the same period in the prior year, the company posted $1.00 earnings per share. The company’s revenue for the quarter was up 9.5% on a year-over-year basis. As a group, equities research analysts expect that Commerce Bancshares will post 4.01 EPS for the current year.

Insiders Place Their Bets

In other Commerce Bancshares news, Director David W. Kemper sold 10,000 shares of the firm’s stock in a transaction on Wednesday, October 19th. The shares were sold at an average price of $69.54, for a total transaction of $695,400.00. Following the transaction, the director now directly owns 1,151,838 shares of the company’s stock, valued at approximately $80,098,814.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Commerce Bancshares news, Director David W. Kemper sold 10,000 shares of the firm’s stock in a transaction on Wednesday, October 19th. The shares were sold at an average price of $69.54, for a total transaction of $695,400.00. Following the transaction, the director now directly owns 1,151,838 shares of the company’s stock, valued at approximately $80,098,814.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Thomas J. Noack sold 715 shares of the firm’s stock in a transaction on Friday, October 28th. The stock was sold at an average price of $70.35, for a total transaction of $50,300.25. Following the transaction, the executive vice president now directly owns 21,439 shares in the company, valued at $1,508,233.65. The disclosure for this sale can be found here. 3.20% of the stock is currently owned by insiders.

Institutional Trading of Commerce Bancshares

Hedge funds have recently made changes to their positions in the company. Tortoise Investment Management LLC acquired a new stake in shares of Commerce Bancshares in the 2nd quarter worth $26,000. Meeder Asset Management Inc. lifted its stake in shares of Commerce Bancshares by 66.1% in the second quarter. Meeder Asset Management Inc. now owns 455 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 181 shares during the period. Bessemer Group Inc. lifted its stake in shares of Commerce Bancshares by 143.2% in the third quarter. Bessemer Group Inc. now owns 484 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 285 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in shares of Commerce Bancshares by 942.9% in the third quarter. Allspring Global Investments Holdings LLC now owns 511 shares of the financial services provider’s stock valued at $33,000 after purchasing an additional 462 shares during the period. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA acquired a new stake in shares of Commerce Bancshares in the second quarter valued at about $36,000. Institutional investors and hedge funds own 68.76% of the company’s stock.

About Commerce Bancshares

(Get Rating)

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.

Further Reading

The Fly logo

Receive News & Ratings for Commerce Bancshares Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Commerce Bancshares and related companies with MarketBeat.com's FREE daily email newsletter.