Wells Fargo & Company Raises Commerce Bancshares (NASDAQ:CBSH) Price Target to $62.00

Commerce Bancshares (NASDAQ:CBSH) had its price objective hoisted by Wells Fargo & Company from $52.00 to $62.00 in a research report released on Monday morning, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the financial services provider’s stock.

Several other research firms also recently weighed in on CBSH. Piper Sandler raised their price target 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. 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 note on Wednesday, April 17th. StockNews.com raised shares of Commerce Bancshares from a sell rating to a hold rating in a research note on Wednesday, April 17th. Jefferies Financial Group raised their price target on shares of Commerce Bancshares from $60.00 to $62.00 and gave the stock a hold rating in a research note on Wednesday, July 3rd. Finally, Keefe, Bruyette & Woods raised their price target on shares of Commerce Bancshares from $58.00 to $60.00 and gave the stock a market perform rating in a research note on Friday, May 10th. Seven investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of Hold and an average target price of $58.86.

Commerce Bancshares Stock Down 0.5 %

CBSH opened at $63.69 on Monday. The company has a market cap of $8.25 billion, a price-to-earnings ratio of 17.76 and a beta of 0.76. Commerce Bancshares has a 52-week low of $40.91 and a 52-week high of $64.91. The firm’s fifty day simple moving average is $56.21 and its two-hundred day simple moving average is $54.13.

Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings data on Thursday, July 18th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.90 by $0.17. The business had revenue of $414.90 million for the quarter, compared to the consensus estimate of $406.88 million. Commerce Bancshares had a net margin of 23.62% and a return on equity of 16.50%. The company’s revenue was up 4.5% compared to the same quarter last year. During the same period last year, the firm posted $0.97 earnings per share. On average, research analysts forecast that Commerce Bancshares will post 3.77 EPS for the current year.

Insider Buying and Selling

In related news, SVP David L. Roller sold 861 shares of the stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $64.30, for a total transaction of $55,362.30. Following the completion of the sale, the senior vice president now owns 30,949 shares in the company, valued at approximately $1,990,020.70. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Commerce Bancshares news, Director Jonathan M. Kemper sold 19,626 shares of the company’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $63.66, for a total transaction of $1,249,391.16. Following the completion of the transaction, the director now owns 997,112 shares in the company, valued at approximately $63,476,149.92. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP David L. Roller sold 861 shares of the company’s stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $64.30, for a total transaction of $55,362.30. Following the transaction, the senior vice president now owns 30,949 shares of the company’s stock, valued at approximately $1,990,020.70. The disclosure for this sale can be found here. Insiders sold a total of 47,068 shares of company stock worth $2,813,757 in the last 90 days. Company insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Commerce Bancshares

A number of large investors have recently made changes to their positions in the stock. &PARTNERS purchased a new position in Commerce Bancshares during the 2nd quarter valued at about $396,000. Elser Financial Planning Inc acquired a new stake in shares of Commerce Bancshares during the 2nd quarter worth about $229,000. Fifth Third Wealth Advisors LLC acquired a new stake in shares of Commerce Bancshares during the 2nd quarter worth about $197,000. Marshall Financial Group LLC acquired a new stake in shares of Commerce Bancshares during the 2nd quarter worth about $1,006,000. Finally, Raymond James & Associates boosted its stake in shares of Commerce Bancshares by 7.9% during the 2nd quarter. Raymond James & Associates now owns 135,534 shares of the financial services provider’s stock worth $7,560,000 after purchasing an additional 9,881 shares during the last quarter. 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.