Commerce Bancshares (NASDAQ:CBSH) Price Target Raised to $54.00

Commerce Bancshares (NASDAQ:CBSH) had its price target upped by stock analysts at Piper Sandler from $53.00 to $54.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s price objective indicates a potential upside of 1.85% from the company’s previous close.

Other analysts have also recently issued reports about the company. Bank of America started coverage on Commerce Bancshares in a report on Thursday, January 11th. They issued a “neutral” rating and a $55.00 target price on the stock. Morgan Stanley increased their price objective on shares of Commerce Bancshares from $46.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 7th. Raymond James raised 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. Finally, Keefe, Bruyette & Woods lifted their price objective on Commerce Bancshares from $56.00 to $58.00 and gave the stock a “market perform” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $55.00.

Commerce Bancshares Trading Up 1.9 %

NASDAQ:CBSH traded up $1.01 during mid-day trading on Wednesday, hitting $53.02. 544,334 shares of the company’s stock were exchanged, compared to its average volume of 485,062. Commerce Bancshares has a fifty-two week low of $40.91 and a fifty-two week high of $56.75. The company has a 50 day simple moving average of $51.92 and a 200-day simple moving average of $50.90. The firm has a market capitalization of $6.89 billion, a P/E ratio of 14.61 and a beta of 0.79.

Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.06. The business had revenue of $397.80 million during the quarter, compared to the consensus estimate of $389.49 million. Commerce Bancshares had a return on equity of 17.46% and a net margin of 24.41%. Commerce Bancshares’s quarterly revenue was up 2.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.90 earnings per share. As a group, analysts expect that Commerce Bancshares will post 3.24 earnings per share for the current year.

Insider Transactions at Commerce Bancshares

In related news, SVP Patricia R. Kellerhals sold 730 shares of the business’s stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $54.87, for a total value of $40,055.10. Following the completion of the sale, the senior vice president now directly owns 25,502 shares of the company’s stock, valued at approximately $1,399,294.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Robert S. Holmes sold 5,000 shares of the business’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $52.66, for a total transaction of $263,300.00. Following the completion of the sale, the executive vice president now directly owns 50,293 shares of the company’s stock, valued at $2,648,429.38. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Patricia R. Kellerhals sold 730 shares of Commerce Bancshares 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 transaction, the senior vice president now owns 25,502 shares of the company’s stock, valued at approximately $1,399,294.74. The disclosure for this sale can be found here. Insiders have sold 14,321 shares of company stock valued at $752,387 in the last 90 days. 3.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. BKM Wealth Management LLC purchased a new position in Commerce Bancshares during the fourth quarter worth about $29,000. Creative Financial Designs Inc. ADV bought a new position in shares of Commerce Bancshares in the fourth quarter valued at approximately $35,000. PCA Investment Advisory Services Inc. purchased a new stake in shares of Commerce Bancshares during the second quarter valued at approximately $38,000. Quantbot Technologies LP bought a new stake in Commerce Bancshares during the second quarter worth $42,000. Finally, Clarity Asset Management Inc. purchased a new position in Commerce Bancshares in the fourth quarter worth $43,000. Hedge funds and other institutional investors own 70.26% of the company’s stock.

About Commerce Bancshares

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.