Commerce Bancshares (NASDAQ:CBSH) Price Target Raised to $70.00

Commerce Bancshares (NASDAQ:CBSH) had its target price upped by Wells Fargo & Company from $67.00 to $70.00 in a research report report published on Wednesday,Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

Other research analysts have also issued reports about the stock. Raymond James lowered shares of Commerce Bancshares from an “outperform” rating to a “market perform” rating in a research note on Thursday, December 19th. Keefe, Bruyette & Woods raised their price target on Commerce Bancshares from $66.00 to $78.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Piper Sandler lifted their price objective on Commerce Bancshares from $69.00 to $72.00 and gave the stock a “neutral” rating in a research report on Thursday, January 23rd. Finally, StockNews.com raised shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Monday, January 13th. Seven research analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $67.83.

Commerce Bancshares Price Performance

NASDAQ CBSH opened at $66.09 on Wednesday. The company has a market capitalization of $8.47 billion, a PE ratio of 16.48, a P/E/G ratio of 3.64 and a beta of 0.79. Commerce Bancshares has a 1 year low of $47.09 and a 1 year high of $72.75. The company has a fifty day moving average of $66.25 and a two-hundred day moving average of $63.95.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings results on Wednesday, January 22nd. The financial services provider reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.06. Commerce Bancshares had a net margin of 25.24% and a return on equity of 16.31%. The firm had revenue of $422.10 million during the quarter, compared to analysts’ expectations of $417.48 million. During the same quarter in the prior year, the business earned $0.84 EPS. Commerce Bancshares’s quarterly revenue was up 7.3% compared to the same quarter last year. On average, research analysts expect that Commerce Bancshares will post 3.73 earnings per share for the current year.

Insider Activity

In related news, SVP Patricia R. Kellerhals sold 500 shares of the stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $68.55, for a total transaction of $34,275.00. Following the completion of the sale, the senior vice president now owns 22,265 shares of the company’s stock, valued at approximately $1,526,265.75. This represents a 2.20 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP David L. Roller sold 890 shares of Commerce Bancshares stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $72.27, for a total transaction of $64,320.30. Following the transaction, the senior vice president now directly owns 30,949 shares in the company, valued at approximately $2,236,684.23. This trade represents a 2.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 36,990 shares of company stock valued at $2,475,680 in the last ninety days. Company insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Hsbc Holdings PLC acquired a new position in Commerce Bancshares in the 2nd quarter worth $207,000. Bank of Montreal Can lifted its stake in shares of Commerce Bancshares by 76.8% in the second quarter. Bank of Montreal Can now owns 66,701 shares of the financial services provider’s stock worth $3,724,000 after acquiring an additional 28,969 shares in the last quarter. AQR Capital Management LLC boosted its holdings in Commerce Bancshares by 18.4% in the second quarter. AQR Capital Management LLC now owns 154,828 shares of the financial services provider’s stock valued at $8,548,000 after purchasing an additional 24,101 shares during the last quarter. Millennium Management LLC grew its stake in Commerce Bancshares by 168.3% during the 2nd quarter. Millennium Management LLC now owns 342,084 shares of the financial services provider’s stock valued at $19,081,000 after purchasing an additional 214,582 shares in the last quarter. Finally, Algert Global LLC purchased a new stake in Commerce Bancshares during the 2nd quarter worth approximately $693,000. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

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.