Commerce Bancshares (NASDAQ:CBSH) Price Target Raised to $58.00

Commerce Bancshares (NASDAQ:CBSH) had its price target upped by Morgan Stanley from $55.00 to $58.00 in a report released on Monday, Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

Other equities research analysts also recently issued reports about the stock. Raymond James upgraded shares of Commerce Bancshares from a market perform rating to an outperform rating and set a $61.00 price target for the company in a research report on Wednesday, April 17th. Jefferies Financial Group lifted their price target on shares of Commerce Bancshares from $60.00 to $62.00 and gave the company a hold rating in a research report on Wednesday, July 3rd. Piper Sandler raised their price objective 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. StockNews.com raised shares of Commerce Bancshares from a sell rating to a hold rating in a research note on Wednesday, April 17th. Finally, Keefe, Bruyette & Woods raised their price objective 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 issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and a consensus price target of $58.86.

Commerce Bancshares Stock Performance

CBSH opened at $64.24 on Monday. The business’s 50 day moving average price is $56.37 and its 200 day moving average price is $54.20. Commerce Bancshares has a one year low of $40.91 and a one year high of $65.38. The stock has a market capitalization of $8.32 billion, a PE ratio of 17.92 and a beta of 0.76.

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

Insider Activity at Commerce Bancshares

In other Commerce Bancshares news, SVP David L. Roller sold 861 shares of the company’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $64.30, for a total value of $55,362.30. Following the transaction, the senior vice president now owns 30,949 shares in the company, valued at approximately $1,990,020.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CEO John W. Kemper sold 26,581 shares of the stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $56.77, for a total transaction of $1,509,003.37. Following the completion of the sale, the chief executive officer now owns 198,387 shares in the company, valued at approximately $11,262,429.99. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP David L. Roller sold 861 shares of the firm’s stock in a transaction dated 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 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 valued at $2,813,757 over the last ninety days. Insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Commerce Bancshares

A number of hedge funds have recently made changes to their positions in the stock. BKM Wealth Management LLC purchased a new position in shares of Commerce Bancshares in the 4th quarter worth about $29,000. Clarity Asset Management Inc. bought a new position in shares of Commerce Bancshares in the fourth quarter worth approximately $43,000. Bessemer Group Inc. increased its position in shares of Commerce Bancshares by 86.3% in the first quarter. Bessemer Group Inc. now owns 842 shares of the financial services provider’s stock worth $45,000 after purchasing an additional 390 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Commerce Bancshares by 156.5% in the second quarter. GAMMA Investing LLC now owns 854 shares of the financial services provider’s stock worth $48,000 after purchasing an additional 521 shares during the last quarter. Finally, LRI Investments LLC purchased a new stake in Commerce Bancshares in the first quarter worth approximately $90,000. 70.26% of the stock is currently owned by institutional investors and hedge funds.

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.