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

Commerce Bancshares (NASDAQ:CBSH) had its price objective increased by Keefe, Bruyette & Woods from $60.00 to $62.00 in a report released on Monday morning,Benzinga reports. They currently have a market perform rating on the financial services provider’s stock.

CBSH has been the topic of a number of other reports. Stephens set a $64.00 price target on shares of Commerce Bancshares and gave the stock an “equal weight” rating in a research note on Friday. Wells Fargo & Company raised their price objective on shares of Commerce Bancshares from $53.00 to $57.00 and gave the company an “equal weight” rating in a research note on Monday, July 6th. Weiss Ratings upgraded shares of Commerce Bancshares from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, July 8th. TD Cowen reaffirmed a “hold” rating and set a $63.00 target price (up from $62.00) on shares of Commerce Bancshares in a research note on Friday. Finally, Piper Sandler reiterated a “neutral” rating and set a $66.00 target price (up from $59.00) on shares of Commerce Bancshares in a report on Friday. Two equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat, Commerce Bancshares currently has a consensus rating of “Hold” and a consensus price target of $62.43.

Commerce Bancshares Price Performance

CBSH stock opened at $58.78 on Monday. The business’s fifty day moving average price is $54.99 and its 200 day moving average price is $52.85. Commerce Bancshares has a 12-month low of $46.99 and a 12-month high of $62.42. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $8.57 billion, a PE ratio of 14.23, a P/E/G ratio of 3.00 and a beta of 0.58.

Commerce Bancshares (NASDAQ:CBSH) last announced its earnings results on Thursday, July 16th. The financial services provider reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.04 by $0.06. The company had revenue of $498.91 million during the quarter, compared to analysts’ expectations of $492.22 million. Commerce Bancshares had a return on equity of 14.31% and a net margin of 26.07%.During the same period last year, the business posted $1.14 EPS. On average, sell-side analysts anticipate that Commerce Bancshares will post 4.2 EPS for the current year.

Commerce Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 23rd. Shareholders of record on Friday, June 5th were issued a dividend of $0.275 per share. The ex-dividend date was Friday, June 5th. This represents a $1.10 annualized dividend and a yield of 1.9%. Commerce Bancshares’s dividend payout ratio is 26.63%.

Hedge Funds Weigh In On Commerce Bancshares

Several hedge funds and other institutional investors have recently made changes to their positions in CBSH. Daytona Street Capital LLC acquired a new position in shares of Commerce Bancshares during the fourth quarter worth about $25,000. Danske Bank A S purchased a new stake in shares of Commerce Bancshares during the third quarter worth approximately $25,000. Geneos Wealth Management Inc. raised its holdings in Commerce Bancshares by 85.4% in the first quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 216 shares in the last quarter. Root Financial Partners LLC raised its holdings in Commerce Bancshares by 104.9% in the first quarter. Root Financial Partners LLC now owns 623 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 319 shares in the last quarter. Finally, Laurel Wealth Advisors LLC purchased a new position in Commerce Bancshares in the fourth quarter worth approximately $34,000. Hedge funds and other institutional investors own 70.26% of the company’s stock.

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.