Wells Fargo & Company Increases Commerce Bancshares (NASDAQ:CBSH) Price Target to $62.00

Commerce Bancshares (NASDAQ:CBSH) had its target price upped by analysts at Wells Fargo & Company from $60.00 to $62.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price objective suggests a potential downside of 5.27% from the stock’s previous close.

Several other equities research analysts also recently issued reports on the company. Piper Sandler increased their price objective on Commerce Bancshares from $65.00 to $66.00 and gave the stock a “neutral” rating in a research note on Thursday, April 17th. Keefe, Bruyette & Woods reduced their price objective 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. Morgan Stanley increased their price objective on Commerce Bancshares from $58.00 to $61.00 and gave the stock an “equal weight” rating in a research note on Tuesday, June 17th. Bank of America increased their price objective on Commerce Bancshares from $69.00 to $71.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 24th. Finally, Wall Street Zen downgraded Commerce Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, May 21st. One research analyst has rated the stock with a sell rating and six have given a hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $66.00.

Commerce Bancshares Trading Down 1.0%

Shares of NASDAQ CBSH opened at $65.45 on Thursday. Commerce Bancshares has a 12 month low of $52.69 and a 12 month high of $72.75. The company has a market cap of $8.73 billion, a price-to-earnings ratio of 15.85, a P/E/G ratio of 2.92 and a beta of 0.59. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.01. The business has a fifty day simple moving average of $63.21 and a 200-day simple moving average of $62.82.

Commerce Bancshares (NASDAQ:CBSH) last announced its 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 the consensus estimate of $417.85 million. Commerce Bancshares had a return on equity of 16.23% and a net margin of 25.95%. Sell-side analysts predict that Commerce Bancshares will post 3.94 EPS for the current year.

Insider Buying and Selling at Commerce Bancshares

In other news, Director June Mcallister Fowler sold 1,618 shares of the firm’s stock in a transaction dated 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 sale, the director directly owned 3,175 shares of the company’s stock, valued at $192,786. This trade represents a 33.76% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 3.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Commerce Bancshares

Hedge funds and other institutional investors have recently made changes to their positions in the company. Financiere des Professionnels Fonds d investissement inc. acquired a new position in shares of Commerce Bancshares during the 2nd quarter valued at about $649,000. Thurston Springer Miller Herd & Titak Inc. increased its holdings in shares of Commerce Bancshares by 14.7% during the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 43,755 shares of the financial services provider’s stock valued at $2,720,000 after acquiring an additional 5,611 shares during the last quarter. Voya Investment Management LLC increased its holdings in shares of Commerce Bancshares by 11.0% during the 1st quarter. Voya Investment Management LLC now owns 198,901 shares of the financial services provider’s stock valued at $12,378,000 after acquiring an additional 19,776 shares during the last quarter. Modern Wealth Management LLC increased its holdings in shares of Commerce Bancshares by 1.3% during the 1st quarter. Modern Wealth Management LLC now owns 17,019 shares of the financial services provider’s stock valued at $1,059,000 after acquiring an additional 220 shares during the last quarter. Finally, Advisors Capital Management LLC acquired a new position in shares of Commerce Bancshares during the 1st quarter valued at about $481,000. 70.26% of the stock is owned by hedge funds and other institutional investors.

Commerce Bancshares Company Profile

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.