Commerce Bancshares (NASDAQ:CBSH) PT Raised to $54.00

Commerce Bancshares (NASDAQ:CBSH) had its price objective boosted by Piper Sandler from $53.00 to $54.00 in a report released on Wednesday morning, Benzinga reports. The firm currently has a neutral rating on the financial services provider’s stock.

A number of other research analysts have also issued reports on the company. Bank of America assumed coverage on Commerce Bancshares in a research report on Thursday, January 11th. They set a neutral rating and a $55.00 target price on the stock. Keefe, Bruyette & Woods increased their target price on Commerce Bancshares from $56.00 to $58.00 and gave the company a market perform rating in a research report on Wednesday. Morgan Stanley increased their target price on Commerce Bancshares from $46.00 to $55.00 and gave the company an equal weight rating in a research report on Wednesday, February 7th. Finally, Raymond James upgraded Commerce Bancshares from a market perform rating to an outperform rating and set a $61.00 price objective on the stock in a report on Wednesday. Six investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, Commerce Bancshares has an average rating of Hold and a consensus target price of $55.00.

Commerce Bancshares Price Performance

Shares of NASDAQ:CBSH opened at $53.07 on Wednesday. Commerce Bancshares has a 1 year low of $40.91 and a 1 year high of $56.75. The firm has a market capitalization of $6.89 billion, a price-to-earnings ratio of 14.80 and a beta of 0.79. The business’s 50 day moving average price is $51.97 and its 200-day moving average price is $50.92.

Commerce Bancshares (NASDAQ:CBSH) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.06. Commerce Bancshares had a return on equity of 16.78% and a net margin of 23.33%. The firm had revenue of $397.80 million for the quarter, compared to analyst estimates of $389.49 million. During the same quarter last year, the firm posted $0.90 EPS. The business’s revenue was up 2.2% on a year-over-year basis. On average, sell-side analysts expect 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 issued a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 2.04%. Commerce Bancshares’s payout ratio is currently 30.12%.

Insiders Place Their Bets

In other Commerce Bancshares news, SVP Patricia R. Kellerhals sold 730 shares of the firm’s stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $54.87, for a total value of $40,055.10. Following the completion of the sale, the senior vice president now directly owns 25,502 shares of the company’s stock, valued at approximately $1,399,294.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Commerce Bancshares news, EVP Robert S. Holmes sold 5,000 shares of the firm’s stock in a transaction 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 completion of the sale, the executive vice president now directly owns 50,293 shares of the company’s stock, valued at approximately $2,648,429.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Patricia R. Kellerhals sold 730 shares of the firm’s stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $54.87, for a total value of $40,055.10. Following the completion of the sale, the senior vice president now directly owns 25,502 shares of the company’s stock, valued at $1,399,294.74. The disclosure for this sale can be found here. Insiders sold 14,321 shares of company stock valued at $752,387 in the last three months. 3.20% of the stock is currently owned by insiders.

Institutional Trading of Commerce Bancshares

A number of hedge funds and other institutional investors have recently modified their holdings of CBSH. Moneta Group Investment Advisors LLC increased its position in shares of Commerce Bancshares by 102,920.9% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 133,790,172 shares of the financial services provider’s stock worth $9,107,097,000 after purchasing an additional 133,660,305 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Commerce Bancshares by 4.7% during the 4th quarter. Vanguard Group Inc. now owns 12,372,518 shares of the financial services provider’s stock worth $660,816,000 after purchasing an additional 558,017 shares during the last quarter. BlackRock Inc. increased its position in shares of Commerce Bancshares by 2.0% during the 1st quarter. BlackRock Inc. now owns 10,934,079 shares of the financial services provider’s stock worth $638,003,000 after purchasing an additional 217,024 shares during the last quarter. State Street Corp increased its position in shares of Commerce Bancshares by 18.9% during the 2nd quarter. State Street Corp now owns 7,736,375 shares of the financial services provider’s stock worth $376,761,000 after purchasing an additional 1,227,825 shares during the last quarter. Finally, Commerce Bank increased its position in shares of Commerce Bancshares by 2.8% during the 4th quarter. Commerce Bank now owns 7,222,818 shares of the financial services provider’s stock worth $385,771,000 after purchasing an additional 196,431 shares during the last quarter. 70.26% of the stock is owned by institutional investors and hedge funds.

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.