Commerce Bancshares (NASDAQ:CBSH) Price Target Raised to $62.00

Commerce Bancshares (NASDAQ:CBSH) had its price target boosted by Jefferies Financial Group from $60.00 to $62.00 in a research note issued to investors on Wednesday, Benzinga reports. They currently have a hold rating on the financial services provider’s stock.

Other analysts also recently issued reports about the stock. Piper Sandler lifted their target price on shares of Commerce Bancshares from $53.00 to $54.00 and gave the company a neutral rating in a research note on Wednesday, April 17th. Keefe, Bruyette & Woods boosted their price objective on Commerce Bancshares from $58.00 to $60.00 and gave the company a market perform rating in a research report on Friday, May 10th. Raymond James raised Commerce Bancshares from a market perform rating to an outperform rating and set a $61.00 price objective for the company in a research note on Wednesday, April 17th. Finally, StockNews.com raised Commerce Bancshares from a sell rating to a hold rating in a research note on Wednesday, April 17th. Seven investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of Hold and an average price target of $56.71.

Commerce Bancshares Stock Down 0.7 %

Shares of CBSH opened at $55.47 on Wednesday. The business has a 50-day simple moving average of $55.11 and a two-hundred day simple moving average of $53.51. Commerce Bancshares has a 52 week low of $40.91 and a 52 week high of $57.48. The stock has a market cap of $7.19 billion, a price-to-earnings ratio of 15.47, a PEG ratio of 1.81 and a beta of 0.76.

Commerce Bancshares (NASDAQ:CBSH) last released its earnings results on Tuesday, April 16th. The financial services provider reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.06. Commerce Bancshares had a net margin of 23.33% and a return on equity of 16.78%. The company had revenue of $397.80 million during the quarter, compared to analyst estimates of $389.49 million. During the same period in the prior year, the firm posted $0.90 EPS. The firm’s quarterly revenue was up 2.2% compared to the same quarter last year. On average, equities analysts anticipate that Commerce Bancshares will post 3.57 earnings per share for the current fiscal year.

Commerce Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 18th. Investors of record on Wednesday, June 5th were given a $0.27 dividend. The ex-dividend date of this dividend was Wednesday, June 5th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.95%. Commerce Bancshares’s dividend payout ratio is currently 30.12%.

Insider Buying and Selling at Commerce Bancshares

In other news, CEO John W. Kemper sold 26,581 shares of the company’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $56.77, for a total transaction of $1,509,003.37. Following the sale, the chief executive officer now directly owns 198,387 shares of the company’s stock, valued at approximately $11,262,429.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Commerce Bancshares

A number of hedge funds have recently bought and sold shares of CBSH. BKM Wealth Management LLC bought a new stake in shares of Commerce Bancshares in the 4th quarter worth about $29,000. Creative Financial Designs Inc. ADV bought a new stake in Commerce Bancshares during the fourth quarter worth approximately $35,000. Clarity Asset Management Inc. bought a new stake in Commerce Bancshares during the fourth quarter worth approximately $43,000. Bessemer Group Inc. raised its position in Commerce Bancshares by 86.3% during the first quarter. Bessemer Group Inc. now owns 842 shares of the financial services provider’s stock valued at $45,000 after purchasing an additional 390 shares during the period. Finally, GAMMA Investing LLC lifted its stake in shares of Commerce Bancshares by 156.5% in the 2nd quarter. GAMMA Investing LLC now owns 854 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 521 shares during the last quarter. Hedge funds and other 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.