Commerce Bancshares (NASDAQ:CBSH) Price Target Lowered to $53.00 at Wells Fargo & Company

Commerce Bancshares (NASDAQ:CBSH) had its price objective cut by Wells Fargo & Company from $60.00 to $53.00 in a report published on Monday,Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

CBSH has been the topic of a number of other reports. TD Cowen reduced their price target on shares of Commerce Bancshares from $61.00 to $55.00 and set a “hold” rating on the stock in a research report on Wednesday, January 7th. Piper Sandler set a $62.00 price objective on shares of Commerce Bancshares and gave the stock a “neutral” rating in a report on Monday, January 26th. Zacks Research raised Commerce Bancshares from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 4th. Weiss Ratings restated a “hold (c)” rating on shares of Commerce Bancshares in a research report on Friday. Finally, Morgan Stanley dropped their price target 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. One equities research analyst has rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $60.92.

Commerce Bancshares Price Performance

Commerce Bancshares stock opened at $48.22 on Monday. The stock has a fifty day moving average price of $51.59 and a two-hundred day moving average price of $52.56. Commerce Bancshares has a 52-week low of $46.99 and a 52-week high of $63.19. The firm has a market capitalization of $7.08 billion, a P/E ratio of 11.51, a P/E/G ratio of 2.41 and a beta of 0.61.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $442.47 million. During the same period last year, the business earned $1.01 earnings per share. The business’s revenue was up 6.5% on a year-over-year basis. On average, equities research analysts predict that Commerce Bancshares will post 3.94 EPS for the current fiscal year.

Commerce Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 24th. Shareholders of record on Friday, March 6th were paid a $0.275 dividend. The ex-dividend date of this dividend was Friday, March 6th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.3%. Commerce Bancshares’s payout ratio is currently 26.25%.

Insider Activity at Commerce Bancshares

In other Commerce Bancshares news, SVP David L. Roller sold 2,092 shares of the company’s stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $53.32, for a total transaction of $111,545.44. Following the transaction, the senior vice president owned 28,933 shares of the company’s stock, valued at approximately $1,542,707.56. This represents a 6.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO John W. Kemper sold 23,397 shares of the stock in a transaction on 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 completion of the transaction, the chief executive officer owned 206,528 shares in the company, valued at $11,150,446.72. The trade was a 10.18% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 29,477 shares of company stock valued at $1,586,655 in the last three months. 1.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Commerce Bancshares

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Apriem Advisors boosted its holdings in Commerce Bancshares by 5.0% in the fourth quarter. Apriem Advisors now owns 4,018 shares of the financial services provider’s stock valued at $210,000 after acquiring an additional 191 shares during the last quarter. Heartland Bank & Trust Co raised its holdings in Commerce Bancshares by 4.4% during the 4th quarter. Heartland Bank & Trust Co now owns 4,595 shares of the financial services provider’s stock worth $240,000 after purchasing an additional 192 shares during the last quarter. Profund Advisors LLC lifted its position in Commerce Bancshares by 4.4% during the 3rd quarter. Profund Advisors LLC now owns 4,682 shares of the financial services provider’s stock valued at $280,000 after purchasing an additional 197 shares during the period. Oregon Public Employees Retirement Fund lifted its position in Commerce Bancshares by 0.8% during the 3rd quarter. Oregon Public Employees Retirement Fund now owns 25,004 shares of the financial services provider’s stock valued at $1,494,000 after purchasing an additional 200 shares during the period. Finally, Outlook Wealth Advisors LLC boosted its stake in shares of Commerce Bancshares by 3.7% in the 4th quarter. Outlook Wealth Advisors LLC now owns 5,934 shares of the financial services provider’s stock valued at $311,000 after purchasing an additional 214 shares during 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.