Commerce Bancshares (NASDAQ:CBSH) Price Target Lowered to $60.00 at Hovde Group

Commerce Bancshares (NASDAQ:CBSH) had its price target lowered by Hovde Group from $63.00 to $60.00 in a research note published on Wednesday morning, Marketbeat.com reports. The firm currently has an outperform rating on the financial services provider’s stock.

Several other analysts also recently issued reports on the company. Weiss Ratings restated a “hold (c)” rating on shares of Commerce Bancshares in a report on Friday, March 27th. Piper Sandler set a $62.00 target price on shares of Commerce Bancshares and gave the stock a “neutral” rating in a research report on Monday, January 26th. Morgan Stanley cut their price target on shares of Commerce Bancshares from $67.00 to $65.00 and set an “equal weight” rating on the stock in a report on Monday, March 2nd. Keefe, Bruyette & Woods reduced their price target on shares of Commerce Bancshares from $56.00 to $54.00 and set a “market perform” rating for the company in a research report on Thursday, April 9th. Finally, Wells Fargo & Company decreased their price objective on shares of Commerce Bancshares from $60.00 to $53.00 and set an “equal weight” rating for the company in a research note on Monday, March 30th. One investment analyst has rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat, Commerce Bancshares currently has a consensus rating of “Hold” and an average target price of $59.52.

Commerce Bancshares Stock Up 0.0%

Shares of NASDAQ CBSH opened at $50.60 on Wednesday. The stock’s fifty day simple moving average is $50.44 and its 200 day simple moving average is $51.87. The stock has a market capitalization of $7.43 billion, a price-to-earnings ratio of 12.13, a PEG ratio of 3.64 and a beta of 0.60. Commerce Bancshares has a 52-week low of $46.99 and a 52-week high of $63.19.

Commerce Bancshares (NASDAQ:CBSH) last announced its earnings results on Tuesday, April 21st. The financial services provider reported $0.96 EPS for the quarter, beating the consensus estimate of $0.94 by $0.02. Commerce Bancshares had a return on equity of 14.78% and a net margin of 26.37%.The business had revenue of $475.69 million during the quarter, compared to the consensus estimate of $481.94 million. During the same period in the prior year, the business posted $0.98 earnings per share. Commerce Bancshares’s revenue was up 11.1% compared to the same quarter last year. As a group, analysts anticipate that Commerce Bancshares will post 4.07 earnings per share for the current year.

Commerce Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 24th. Investors of record on Friday, March 6th were given a dividend of $0.275 per share. The ex-dividend date of this dividend was Friday, March 6th. This represents a $1.10 dividend on an annualized basis and a yield of 2.2%. Commerce Bancshares’s dividend payout ratio (DPR) is presently 26.25%.

Insider Buying and Selling

In other news, Director Timothy S. Dunn purchased 2,500 shares of the business’s stock in a transaction dated Friday, March 13th. The stock was bought at an average cost of $47.71 per share, with a total value of $119,275.00. Following the purchase, the director directly owned 5,403 shares of the company’s stock, valued at approximately $257,777.13. This trade represents a 86.12% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO John W. Kemper sold 23,397 shares of Commerce Bancshares stock in a transaction dated Thursday, February 5th. The shares were sold at an average price of $53.99, for a total value of $1,263,204.03. Following the sale, the chief executive officer owned 206,528 shares of the company’s stock, valued at approximately $11,150,446.72. This represents a 10.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 29,477 shares of company stock worth $1,586,655. Insiders own 1.80% of the company’s stock.

Institutional Trading of Commerce Bancshares

A number of institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in shares of Commerce Bancshares by 8.1% during the 4th quarter. Vanguard Group Inc. now owns 14,690,039 shares of the financial services provider’s stock valued at $768,877,000 after purchasing an additional 1,098,142 shares in the last quarter. State Street Corp boosted its holdings in Commerce Bancshares by 8.4% in the fourth quarter. State Street Corp now owns 7,318,898 shares of the financial services provider’s stock worth $383,071,000 after purchasing an additional 566,853 shares in the last quarter. Commerce Bank boosted its holdings in Commerce Bancshares by 7.0% in the fourth quarter. Commerce Bank now owns 5,660,823 shares of the financial services provider’s stock worth $296,287,000 after purchasing an additional 369,636 shares in the last quarter. American Century Companies Inc. increased its position in Commerce Bancshares by 5.4% during the third quarter. American Century Companies Inc. now owns 3,972,884 shares of the financial services provider’s stock worth $237,420,000 after buying an additional 202,758 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Commerce Bancshares by 15.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,049,064 shares of the financial services provider’s stock worth $159,597,000 after buying an additional 406,063 shares during the last quarter. 70.26% of the stock is currently owned by institutional investors and hedge funds.

Commerce Bancshares News Summary

Here are the key news stories impacting Commerce Bancshares this week:

• Positive Sentiment: Wealth-management growth: trust fees surged ~26% year-over-year (+$14.5M) after the FineMark acquisition, supporting higher-fee, recurring revenue and validating the firm’s wealth push. Commerce Bancshares Wealth Bet Pays Off as Trust Fees Surge
• Positive Sentiment: Q1 earnings beat: EPS of $0.96 topped consensus ($0.94) and net income rose year-over-year; revenue grew ~11% YoY, showing core top-line momentum. Commerce Bancshares First Quarter Results (BusinessWire)
• Neutral Sentiment: Analyst stance remains constructive despite haircut: Hovde Group lowered its price target from $63 to $60 but kept an Outperform rating, signaling continued long-term support even as upside estimates were trimmed.
• Negative Sentiment: Rising costs and weaker profitability: higher operating expenses and softer profitability ratios were flagged by analysts and coverage, prompting downward pressure on the shares after the print. CBSH Q1 Earnings Beat as Revenues Rise Y/Y, Stock Dips on Higher Costs
• Negative Sentiment: Slight revenue miss vs. consensus: reported revenue of $475.7M was below the $481.9M consensus, a detail investors may treat negatively even with YoY growth. Commerce (CBSH) Reports Q1 Earnings: What Key Metrics Have to Say

Commerce Bancshares Company Profile

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.