Keefe, Bruyette & Woods Issues Pessimistic Forecast for Commerce Bancshares (NASDAQ:CBSH) Stock Price

Commerce Bancshares (NASDAQ:CBSH) had its target price reduced by investment analysts at Keefe, Bruyette & Woods from $56.00 to $54.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price target points to a potential upside of 6.97% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the company. TD Cowen lowered their price target on Commerce Bancshares from $61.00 to $55.00 and set a “hold” rating on the stock in a report on Wednesday, January 7th. Piper Sandler set a $62.00 price target on Commerce Bancshares and gave the stock a “neutral” rating in a report on Monday, January 26th. Weiss Ratings restated a “hold (c)” rating on shares of Commerce Bancshares in a report on Friday, March 27th. Wells Fargo & Company lowered their price target on Commerce Bancshares from $60.00 to $53.00 and set an “equal weight” rating on the stock in a report on Monday, March 30th. Finally, Morgan Stanley lowered their price target on Commerce Bancshares from $67.00 to $65.00 and set an “equal weight” rating on the stock in a report on Monday, March 2nd. One research analyst has rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $60.47.

Commerce Bancshares Trading Down 1.4%

NASDAQ CBSH opened at $50.48 on Thursday. The business’s 50 day moving average is $51.02 and its two-hundred day moving average is $52.21. Commerce Bancshares has a 12-month low of $46.99 and a 12-month high of $63.19. The stock has a market capitalization of $7.41 billion, a price-to-earnings ratio of 12.05, a PEG ratio of 3.69 and a beta of 0.60.

Commerce Bancshares (NASDAQ:CBSH) last released its earnings results on Thursday, January 22nd. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.99 by $0.02. Commerce Bancshares had a return on equity of 15.34% and a net margin of 26.51%.The company had revenue of $449.36 million for the quarter, compared to analysts’ expectations of $442.47 million. During the same quarter in the previous year, the firm posted $1.01 EPS. The firm’s quarterly revenue was up 6.5% on a year-over-year basis. Equities analysts forecast that Commerce Bancshares will post 3.94 earnings per share for the current fiscal year.

Insider Transactions at Commerce Bancshares

In related news, Director Timothy S. Dunn bought 2,500 shares of Commerce Bancshares stock in a transaction that occurred on Friday, March 13th. The shares were purchased at an average price of $47.71 per share, with a total value of $119,275.00. Following the purchase, the director owned 5,403 shares in the company, valued at $257,777.13. This represents a 86.12% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Margaret M. Rowe sold 861 shares of the company’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $51.69, for a total value of $44,505.09. Following the completion of the sale, the senior vice president directly owned 5,742 shares in the company, valued at approximately $296,803.98. The trade was a 13.04% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 29,477 shares of company stock worth $1,586,655 in the last quarter. Insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Rockefeller Capital Management L.P. lifted its stake in shares of Commerce Bancshares by 64.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 12,414 shares of the financial services provider’s stock worth $650,000 after purchasing an additional 4,846 shares during the period. Hsbc Holdings PLC lifted its stake in shares of Commerce Bancshares by 231.1% during the 4th quarter. Hsbc Holdings PLC now owns 245,229 shares of the financial services provider’s stock worth $12,871,000 after purchasing an additional 171,159 shares during the period. Waterford Advisors LLC purchased a new position in shares of Commerce Bancshares during the 4th quarter worth $2,577,000. Invesco Ltd. lifted its stake in shares of Commerce Bancshares by 12.1% during the 4th quarter. Invesco Ltd. now owns 404,232 shares of the financial services provider’s stock worth $21,157,000 after purchasing an additional 43,608 shares during the period. Finally, Axxcess Wealth Management LLC lifted its stake in shares of Commerce Bancshares by 5.5% during the 4th quarter. Axxcess Wealth Management LLC now owns 13,921 shares of the financial services provider’s stock worth $729,000 after purchasing an additional 727 shares during the period. Hedge funds and other institutional investors own 70.26% of the company’s stock.

About Commerce Bancshares

Commerce Bancshares, Inc is a bank holding company primarily engaged in providing a broad range of banking and financial services across the Midwest. Through its principal subsidiary, Commerce Bank, the company offers commercial and consumer banking, treasury management, trust and wealth advisory, and mortgage lending. Its diversified product suite includes deposit and loan products, cash management solutions, capital markets services, and private banking designed to meet the needs of individuals, small businesses, and large corporations.

The company’s commercial banking group delivers tailored credit facilities, equipment and inventory financing, asset-based lending, and merchant services.