Keefe, Bruyette & Woods Raises Commerce Bancshares (NASDAQ:CBSH) Price Target to $58.00

Commerce Bancshares (NASDAQ:CBSH) had its price objective raised by Keefe, Bruyette & Woods from $56.00 to $58.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have a market perform rating on the financial services provider’s stock.

Several other equities analysts have also recently issued reports on the stock. Morgan Stanley boosted their price objective on shares of Commerce Bancshares from $46.00 to $55.00 and gave the company an equal weight rating in a research note on Wednesday, February 7th. Bank of America started coverage on shares of Commerce Bancshares in a research note on Thursday, January 11th. They issued a neutral rating and a $55.00 price objective on the stock. Finally, Raymond James raised shares of Commerce Bancshares from a market perform rating to an outperform rating and set a $61.00 price objective on the stock in a research note on Wednesday. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of Hold and a consensus target price of $55.00.

Commerce Bancshares Price Performance

Shares of Commerce Bancshares stock opened at $53.85 on Wednesday. The firm’s fifty day simple moving average is $52.07 and its 200-day simple moving average is $50.98. The stock has a market capitalization of $6.99 billion, a price-to-earnings ratio of 15.02 and a beta of 0.79. Commerce Bancshares has a 12 month low of $40.91 and a 12 month high of $56.75.

Commerce Bancshares (NASDAQ:CBSH) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $0.86 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.06. The business had revenue of $397.80 million for the quarter, compared to analysts’ expectations of $389.49 million. Commerce Bancshares had a net margin of 23.33% and a return on equity of 16.78%. The company’s quarterly revenue was up 2.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.90 EPS. Analysts anticipate that Commerce Bancshares will post 3.39 earnings per share for the current year.

Commerce Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Wednesday, June 5th will be given a dividend of $0.27 per share. The ex-dividend date is Wednesday, June 5th. This represents a $1.08 annualized dividend and a dividend yield of 2.01%. Commerce Bancshares’s payout ratio is currently 30.12%.

Insiders Place Their Bets

In other Commerce Bancshares news, SVP Patricia R. Kellerhals sold 730 shares of the business’s stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $54.87, for a total transaction of $40,055.10. Following the sale, the senior vice president now directly owns 25,502 shares in the company, valued at approximately $1,399,294.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, SVP Patricia R. Kellerhals sold 730 shares of the business’s stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $54.87, for a total value of $40,055.10. Following the sale, the senior vice president now directly owns 25,502 shares in the company, valued at approximately $1,399,294.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP John K. Handy sold 1,508 shares of the business’s stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $54.79, for a total transaction of $82,623.32. Following the completion of the sale, the executive vice president now owns 46,524 shares in the company, valued at $2,549,049.96. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 14,321 shares of company stock worth $752,387. Corporate insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Commerce Bancshares

Several institutional investors and hedge funds have recently made changes to their positions in the business. First Republic Investment Management Inc. boosted its position in shares of Commerce Bancshares by 0.3% in the 2nd quarter. First Republic Investment Management Inc. now owns 53,245 shares of the financial services provider’s stock worth $3,496,000 after buying an additional 138 shares in the last quarter. Cetera Advisors LLC lifted its holdings in Commerce Bancshares by 3.6% in the 4th quarter. Cetera Advisors LLC now owns 5,099 shares of the financial services provider’s stock valued at $347,000 after purchasing an additional 179 shares in the last quarter. Capital Advisors Inc. OK lifted its holdings in Commerce Bancshares by 5.0% in the 4th quarter. Capital Advisors Inc. OK now owns 4,431 shares of the financial services provider’s stock valued at $237,000 after purchasing an additional 210 shares in the last quarter. Signaturefd LLC lifted its holdings in Commerce Bancshares by 14.4% in the 4th quarter. Signaturefd LLC now owns 1,694 shares of the financial services provider’s stock valued at $90,000 after purchasing an additional 213 shares in the last quarter. Finally, Angeles Investment Advisors LLC lifted its holdings in Commerce Bancshares by 5.0% in the 4th quarter. Angeles Investment Advisors LLC now owns 4,557 shares of the financial services provider’s stock valued at $243,000 after purchasing an additional 217 shares in the last quarter. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Commerce Bancshares Company Profile

Commerce Bancshares, Inc operates as the bank holding company for Commerce Bank that provides retail, mortgage banking, corporate, investment, trust, and asset management products and services to individuals and businesses in the United States. It operates through three segments: Consumer, Commercial, and Wealth.