Commerce Bancshares (NASDAQ:CBSH) Price Target Raised to $58.00 at Keefe, Bruyette & Woods

Commerce Bancshares (NASDAQ:CBSH) had its target price boosted by Keefe, Bruyette & Woods from $56.00 to $58.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The brokerage currently has a market perform rating on the financial services provider’s stock.

A number of other analysts have also issued reports on the company. Morgan Stanley raised their target price on Commerce Bancshares from $46.00 to $55.00 and gave the company an equal weight rating in a report on Wednesday, February 7th. Raymond James raised Commerce Bancshares from a market perform rating to an outperform rating and set a $61.00 target price on the stock in a report on Wednesday. Finally, Bank of America started coverage on Commerce Bancshares in a report on Thursday, January 11th. They issued a neutral rating and a $55.00 target price on the stock. Six analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of Hold and an average price target of $55.00.

Commerce Bancshares Stock Performance

CBSH opened at $53.07 on Wednesday. The company has a market cap of $6.89 billion, a PE ratio of 14.80 and a beta of 0.79. The stock has a 50-day moving average of $51.97 and a 200-day moving average of $50.92. Commerce Bancshares has a 52-week low of $40.91 and a 52-week high of $56.75.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.86 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.06. The business had revenue of $397.80 million for the quarter, compared to analyst estimates of $389.49 million. Commerce Bancshares had a return on equity of 16.78% and a net margin of 23.33%. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.90 EPS. On average, research analysts predict that Commerce Bancshares will post 3.24 earnings per share for the current year.

Commerce Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Wednesday, June 5th will be given a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.04%. Commerce Bancshares’s dividend payout ratio is currently 30.12%.

Insiders Place Their Bets

In other Commerce Bancshares news, SVP Douglas D. Neff sold 614 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $50.25, for a total value of $30,853.50. Following the completion of the sale, the senior vice president now owns 8,038 shares in the company, valued at approximately $403,909.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, SVP Douglas D. Neff sold 614 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $50.25, for a total transaction of $30,853.50. Following the completion of the transaction, the senior vice president now owns 8,038 shares in the company, valued at approximately $403,909.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Robert S. Holmes sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $52.66, for a total value of $263,300.00. Following the transaction, the executive vice president now owns 50,293 shares of the company’s stock, valued at approximately $2,648,429.38. The disclosure for this sale can be found here. In the last quarter, insiders sold 14,321 shares of company stock worth $752,387. 3.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Commerce Bancshares

Hedge funds and other institutional investors have recently modified their holdings of the stock. BKM Wealth Management LLC bought a new position in shares of Commerce Bancshares during the 4th quarter worth approximately $29,000. Quantbot Technologies LP bought a new position in Commerce Bancshares in the 2nd quarter valued at $42,000. Creative Financial Designs Inc. ADV bought a new position in Commerce Bancshares in the 4th quarter valued at $35,000. Altshuler Shaham Ltd bought a new position in Commerce Bancshares in the 4th quarter valued at $47,000. Finally, PCA Investment Advisory Services Inc. bought a new position in Commerce Bancshares in the 2nd quarter valued at $38,000. Institutional investors own 70.26% of the company’s stock.

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.