Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for Commerce Bancshares (NASDAQ:CBSH) Stock

Commerce Bancshares (NASDAQ:CBSH) had its price objective lifted by analysts at Keefe, Bruyette & Woods from $54.00 to $56.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price objective would indicate a potential upside of 10.76% from the stock’s current price.

Several other brokerages have also weighed in on CBSH. Hovde Group cut their price objective on shares of Commerce Bancshares from $63.00 to $60.00 and set an “outperform” rating on the stock in a report on Wednesday. Wells Fargo & Company cut their price objective on shares of Commerce Bancshares from $60.00 to $53.00 and set an “equal weight” rating on the stock in a report on Monday, March 30th. Zacks Research upgraded shares of Commerce Bancshares from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 4th. TD Cowen restated a “hold” rating and issued a $54.00 price objective (up from $53.00) on shares of Commerce Bancshares in a report on Thursday. Finally, Piper Sandler restated a “neutral” rating and issued a $58.50 price objective (up from $56.00) on shares of Commerce Bancshares in a report on Thursday. One analyst has rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, Commerce Bancshares currently has an average rating of “Hold” and an average target price of $59.16.

Commerce Bancshares Price Performance

Shares of NASDAQ CBSH opened at $50.56 on Thursday. The company’s 50 day simple moving average is $50.33 and its 200 day simple moving average is $51.82. Commerce Bancshares has a fifty-two week low of $46.99 and a fifty-two week high of $63.19. The firm has a market capitalization of $7.43 billion, a P/E ratio of 12.12, a P/E/G ratio of 3.73 and a beta of 0.60.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.94 by $0.02. Commerce Bancshares had a net margin of 26.37% and a return on equity of 14.78%. The business had revenue of $475.69 million for the quarter, compared to analyst estimates 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. Sell-side analysts expect that Commerce Bancshares will post 4.05 EPS for the current fiscal year.

Insider Transactions at Commerce Bancshares

In other news, Director Timothy S. Dunn bought 2,500 shares of the stock in a transaction on Friday, March 13th. The stock was purchased at an average price of $47.71 per share, with a total value of $119,275.00. Following the completion of the purchase, the director 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 purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. 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 transaction of $44,505.09. Following the completion of the sale, the senior vice president directly owned 5,742 shares of the company’s stock, valued at $296,803.98. The trade was a 13.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 29,477 shares of company stock valued at $1,586,655. Corporate insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Commerce Bancshares

Large investors have recently bought and sold shares of the company. Daytona Street Capital LLC bought a new stake in Commerce Bancshares in the fourth quarter valued at approximately $25,000. Danske Bank A S bought a new stake in shares of Commerce Bancshares during the third quarter worth $25,000. Geneos Wealth Management Inc. increased its position in shares of Commerce Bancshares by 85.4% during the first quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 216 shares in the last quarter. Quent Capital LLC bought a new stake in shares of Commerce Bancshares during the third quarter worth $31,000. Finally, Root Financial Partners LLC increased its position in shares of Commerce Bancshares by 104.9% during the first quarter. Root Financial Partners LLC now owns 623 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 319 shares in the last quarter. 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.