Keefe, Bruyette & Woods Raises Commerce Bancshares (NASDAQ:CBSH) Price Target to $60.00

Commerce Bancshares (NASDAQ:CBSH) had its price objective upped by research analysts at Keefe, Bruyette & Woods from $58.00 to $60.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ target price indicates a potential upside of 5.12% from the company’s previous close.

A number of other equities research analysts have also commented on the company. Bank of America assumed coverage on Commerce Bancshares in a research report on Thursday, January 11th. They set a “neutral” rating and a $55.00 price target on the stock. Morgan Stanley raised their target price on Commerce Bancshares from $46.00 to $55.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 7th. Raymond James upgraded shares of Commerce Bancshares from a “market perform” rating to an “outperform” rating and set a $61.00 price target on the stock in a research report on Wednesday, April 17th. Piper Sandler boosted their target price on shares of Commerce Bancshares from $53.00 to $54.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 17th. Finally, StockNews.com raised shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Wednesday, April 17th. Six analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, Commerce Bancshares presently has an average rating of “Hold” and an average target price of $55.29.

Commerce Bancshares Stock Performance

CBSH opened at $57.08 on Friday. The firm has a market cap of $7.41 billion, a price-to-earnings ratio of 15.92 and a beta of 0.76. The firm’s 50-day simple moving average is $53.22 and its 200-day simple moving average is $51.77. Commerce Bancshares has a twelve month low of $40.91 and a twelve month high of $57.18.

Commerce Bancshares (NASDAQ:CBSH) last released its quarterly 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 firm had revenue of $397.80 million for the quarter, compared to analyst estimates of $389.49 million. Commerce Bancshares had a net margin of 23.33% and a return on equity of 16.78%. The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.90 earnings per share. As a group, sell-side analysts anticipate that Commerce Bancshares will post 3.48 EPS for the current fiscal year.

Insider Transactions at Commerce Bancshares

In other news, SVP Douglas D. Neff sold 614 shares of the business’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $50.25, for a total value of $30,853.50. Following the completion of the sale, the senior vice president now owns 8,038 shares of the company’s stock, valued at $403,909.50. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, EVP Robert S. Holmes sold 5,000 shares of the stock in a transaction on Monday, March 11th. The stock was sold at an average price of $52.66, for a total transaction of $263,300.00. Following the sale, the executive vice president now directly owns 50,293 shares of the company’s stock, valued at approximately $2,648,429.38. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Douglas D. Neff sold 614 shares of the business’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $50.25, for a total value of $30,853.50. Following the completion of the transaction, the senior vice president now directly owns 8,038 shares of the company’s stock, valued at approximately $403,909.50. The disclosure for this sale can be found here. 3.10% of the stock is owned by corporate insiders.

Institutional Trading of Commerce Bancshares

Institutional investors and hedge funds have recently made changes to their positions in the company. Victory Capital Management Inc. lifted its position in shares of Commerce Bancshares by 16.5% during the 3rd quarter. Victory Capital Management Inc. now owns 130,936 shares of the financial services provider’s stock worth $6,282,000 after buying an additional 18,535 shares during the last quarter. Mutual Advisors LLC lifted its stake in shares of Commerce Bancshares by 3.9% in the 3rd quarter. Mutual Advisors LLC now owns 417,063 shares of the financial services provider’s stock valued at $20,011,000 after acquiring an additional 15,508 shares during the last quarter. Handelsinvest Investeringsforvaltning acquired a new stake in shares of Commerce Bancshares during the 4th quarter valued at $526,000. Stifel Financial Corp grew its position in Commerce Bancshares by 23.0% during the 3rd quarter. Stifel Financial Corp now owns 110,881 shares of the financial services provider’s stock worth $5,322,000 after acquiring an additional 20,737 shares during the last quarter. Finally, Eukles Asset Management increased its holdings in Commerce Bancshares by 4.0% in the 4th quarter. Eukles Asset Management now owns 8,986 shares of the financial services provider’s stock worth $480,000 after purchasing an additional 345 shares in the last quarter. Institutional investors own 70.26% of the company’s stock.

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.