Commerce Bancshares, Inc. (NASDAQ:CBSH) Receives $65.60 Consensus Price Target from Analysts

Commerce Bancshares, Inc. (NASDAQ:CBSH) has been assigned a consensus recommendation of “Hold” from the six research firms that are currently covering the firm, MarketBeat Ratings reports. Six analysts have rated the stock with a hold rating. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $66.00.

Several equities research analysts recently commented on the company. Wall Street Zen cut Commerce Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, May 21st. Keefe, Bruyette & Woods lowered their price target on Commerce Bancshares from $74.00 to $70.00 and set a “market perform” rating for the company in a research note on Thursday, April 17th. Bank of America boosted their price target on Commerce Bancshares from $69.00 to $71.00 and gave the company a “neutral” rating in a research note on Tuesday, June 24th. Piper Sandler boosted their price target on Commerce Bancshares from $65.00 to $66.00 and gave the company a “neutral” rating in a research note on Thursday, April 17th. Finally, Morgan Stanley boosted their target price on Commerce Bancshares from $58.00 to $61.00 and gave the stock an “equal weight” rating in a report on Tuesday, June 17th.

Insiders Place Their Bets

In other news, Director June Mcallister Fowler sold 1,618 shares of the company’s stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $60.72, for a total transaction of $98,244.96. Following the completion of the transaction, the director directly owned 3,175 shares in the company, valued at $192,786. The trade was a 33.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 3.10% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Norges Bank acquired a new position in shares of Commerce Bancshares in the fourth quarter valued at $86,327,000. American Century Companies Inc. raised its stake in shares of Commerce Bancshares by 25.5% in the fourth quarter. American Century Companies Inc. now owns 3,675,031 shares of the financial services provider’s stock valued at $228,991,000 after purchasing an additional 745,661 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Commerce Bancshares by 5.1% in the fourth quarter. Vanguard Group Inc. now owns 13,225,491 shares of the financial services provider’s stock valued at $824,080,000 after purchasing an additional 642,401 shares in the last quarter. Invesco Ltd. raised its stake in shares of Commerce Bancshares by 136.0% in the first quarter. Invesco Ltd. now owns 848,442 shares of the financial services provider’s stock valued at $52,799,000 after purchasing an additional 488,960 shares in the last quarter. Finally, Nuveen LLC bought a new stake in Commerce Bancshares in the first quarter valued at $21,995,000. 70.26% of the stock is currently owned by institutional investors and hedge funds.

Commerce Bancshares Trading Up 1.2%

NASDAQ:CBSH opened at $66.09 on Tuesday. The stock has a market cap of $8.82 billion, a PE ratio of 16.00, a price-to-earnings-growth ratio of 2.88 and a beta of 0.59. The stock’s 50-day moving average is $63.16 and its two-hundred day moving average is $62.81. Commerce Bancshares has a fifty-two week low of $52.69 and a fifty-two week high of $72.75. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.76 and a quick ratio of 0.76.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings results on Wednesday, April 16th. The financial services provider reported $0.98 EPS for the quarter, beating the consensus estimate of $0.93 by $0.05. The business had revenue of $428.05 million during the quarter, compared to analysts’ expectations of $417.85 million. Commerce Bancshares had a return on equity of 16.23% and a net margin of 25.95%. As a group, equities research analysts forecast that Commerce Bancshares will post 3.94 earnings per share for the current fiscal year.

Commerce Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 24th. Investors of record on Friday, June 6th were issued a $0.275 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.10 annualized dividend and a yield of 1.66%. Commerce Bancshares’s dividend payout ratio (DPR) is currently 26.63%.

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.