Brokerages Set Commerce Bancshares, Inc. (NASDAQ:CBSH) Target Price at $61.51

Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) have received a consensus recommendation of “Hold” from the nine research firms that are presently covering the company, MarketBeat.com reports. Eight research analysts have rated the stock with a hold recommendation and one has assigned a buy recommendation to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $61.5102.

A number of brokerages have weighed in on CBSH. TD Cowen decreased their price target on Commerce Bancshares from $61.00 to $55.00 and set a “hold” rating for the company in a report on Wednesday, January 7th. Weiss Ratings reissued a “hold (c)” rating on shares of Commerce Bancshares in a research note on Monday, December 29th. Zacks Research upgraded Commerce Bancshares from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 4th. Piper Sandler set a $62.00 target price on Commerce Bancshares and gave the stock a “neutral” rating in a research note on Monday, January 26th. Finally, Morgan Stanley lowered their target price on Commerce Bancshares from $67.00 to $65.00 and set an “equal weight” rating for the company in a report on Monday, March 2nd.

Commerce Bancshares Stock Performance

NASDAQ:CBSH opened at $47.82 on Friday. Commerce Bancshares has a 52 week low of $47.28 and a 52 week high of $63.19. The firm’s fifty day moving average is $52.66 and its 200-day moving average is $53.19. The firm has a market cap of $7.02 billion, a P/E ratio of 11.41, a P/E/G ratio of 2.40 and a beta of 0.61.

Commerce Bancshares (NASDAQ:CBSH) last announced its earnings results on Thursday, January 22nd. The financial services provider reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.02. The business had revenue of $449.36 million during the quarter, compared to the consensus estimate of $442.47 million. Commerce Bancshares had a net margin of 26.51% and a return on equity of 15.34%. Commerce Bancshares’s quarterly revenue was up 6.5% on a year-over-year basis. During the same quarter last year, the firm earned $1.01 earnings per share. As a group, sell-side analysts anticipate that Commerce Bancshares will post 3.94 earnings per share for the current year.

Commerce Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 24th. Stockholders of record on Friday, March 6th will be given a dividend of $0.275 per share. The ex-dividend date of this dividend is Friday, March 6th. This represents a $1.10 annualized dividend and a dividend yield of 2.3%. Commerce Bancshares’s dividend payout ratio (DPR) is 26.25%.

Insider Buying and Selling

In other Commerce Bancshares news, SVP Margaret M. Rowe sold 861 shares of the firm’s stock in a transaction 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. This trade represents a 13.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Kim L. Jakovich sold 949 shares of Commerce Bancshares stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $51.45, for a total transaction of $48,826.05. Following the completion of the sale, the senior vice president directly owned 12,741 shares of the company’s stock, valued at approximately $655,524.45. This trade represents a 6.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 29,477 shares of company stock worth $1,586,655 over the last ninety days. 3.10% of the stock is owned by company insiders.

Institutional Trading of Commerce Bancshares

Several large investors have recently made changes to their positions in the company. Rockefeller Capital Management L.P. grew its stake in shares of Commerce Bancshares by 64.0% in the 4th quarter. Rockefeller Capital Management L.P. now owns 12,414 shares of the financial services provider’s stock valued at $650,000 after buying an additional 4,846 shares during the period. Hsbc Holdings PLC raised its stake in 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 buying an additional 171,159 shares during the period. Waterford Advisors LLC bought a new position in Commerce Bancshares in the fourth quarter worth approximately $2,577,000. Invesco Ltd. boosted its holdings in Commerce Bancshares by 12.1% in the fourth quarter. Invesco Ltd. now owns 404,232 shares of the financial services provider’s stock worth $21,157,000 after acquiring an additional 43,608 shares in the last quarter. Finally, Axxcess Wealth Management LLC grew its stake in Commerce Bancshares by 5.5% in the fourth quarter. Axxcess Wealth Management LLC now owns 13,921 shares of the financial services provider’s stock valued at $729,000 after acquiring an additional 727 shares during the period. 70.26% of the stock is currently owned by institutional investors and hedge funds.

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.