Piper Sandler Boosts Commerce Bancshares (NASDAQ:CBSH) Price Target to $66.00

Commerce Bancshares (NASDAQ:CBSH) had its target price upped by equities researchers at Piper Sandler from $65.00 to $66.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s target price would suggest a potential upside of 10.18% from the company’s previous close.

A number of other equities analysts have also recently commented on CBSH. Wells Fargo & Company reduced their price target on Commerce Bancshares from $70.00 to $60.00 and set an “equal weight” rating for the company in a report on Wednesday, April 9th. StockNews.com downgraded Commerce Bancshares from a “hold” rating to a “sell” rating in a research note on Thursday. Keefe, Bruyette & Woods cut their price target on Commerce Bancshares from $74.00 to $70.00 and set a “market perform” rating for the company in a report on Thursday. Raymond James downgraded shares of Commerce Bancshares from an “outperform” rating to a “market perform” rating in a report on Thursday, December 19th. Finally, Morgan Stanley raised shares of Commerce Bancshares from an “underweight” rating to an “equal weight” rating and dropped their price objective for the company from $66.00 to $58.00 in a research report on Monday, April 7th. One analyst has rated the stock with a sell rating and six have assigned a hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $63.20.

Commerce Bancshares Stock Down 0.2 %

CBSH stock opened at $59.90 on Thursday. The company has a market cap of $8.03 billion, a price-to-earnings ratio of 14.94, a P/E/G ratio of 2.13 and a beta of 0.71. Commerce Bancshares has a twelve month low of $49.97 and a twelve month high of $72.75. The business has a 50 day moving average price of $61.53 and a two-hundred day moving average price of $64.09.

Commerce Bancshares (NASDAQ:CBSH) last issued its earnings results on Wednesday, April 16th. The financial services provider reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.05. Commerce Bancshares had a net margin of 25.24% and a return on equity of 16.31%. The business had revenue of $428.05 million for the quarter, compared to the consensus estimate of $417.85 million. On average, equities research analysts anticipate that Commerce Bancshares will post 3.94 EPS for the current fiscal year.

Insider Buying and Selling at Commerce Bancshares

In other news, CEO John W. Kemper sold 26,042 shares of the company’s stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $67.28, for a total transaction of $1,752,105.76. Following the completion of the sale, the chief executive officer now directly owns 211,929 shares in the company, valued at approximately $14,258,583.12. This represents a 10.94 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Charles G. Kim sold 13,493 shares of the stock in a transaction on Friday, February 7th. The stock was sold at an average price of $67.76, for a total value of $914,285.68. Following the sale, the chief financial officer now directly owns 86,246 shares in the company, valued at approximately $5,844,028.96. This trade represents a 13.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 78,434 shares of company stock valued at $5,248,272 in the last quarter. Company insiders own 3.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Kapitalo Investimentos Ltda acquired a new stake in shares of Commerce Bancshares in the 4th quarter valued at $26,000. CoreFirst Bank & Trust bought a new stake in shares of Commerce Bancshares during the 4th quarter worth $33,000. Marshall Investment Management LLC bought a new stake in shares of Commerce Bancshares during the 4th quarter worth $35,000. V Square Quantitative Management LLC boosted its stake in Commerce Bancshares by 84.0% in the fourth quarter. V Square Quantitative Management LLC now owns 791 shares of the financial services provider’s stock valued at $49,000 after buying an additional 361 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. grew its position in Commerce Bancshares by 46.9% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 839 shares of the financial services provider’s stock valued at $52,000 after acquiring an additional 268 shares during the last quarter. 70.26% of the stock is owned by 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 in the United States. It operates through three segments: Consumer, Commercial, and Wealth.