Commerce Bancshares (NASDAQ:CBSH) Price Target Raised to $72.00

Commerce Bancshares (NASDAQ:CBSH) had its target price boosted by Piper Sandler from $69.00 to $72.00 in a research report sent to investors on Thursday,Benzinga reports. The firm currently has a neutral rating on the financial services provider’s stock.

Several other research analysts have also recently issued reports on CBSH. Morgan Stanley cut Commerce Bancshares from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $66.00 to $64.00 in a report on Monday, September 30th. Wells Fargo & Company boosted their target price on Commerce Bancshares from $62.00 to $67.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 3rd. Keefe, Bruyette & Woods increased 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. StockNews.com raised shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Monday, January 13th. Finally, Raymond James downgraded shares of Commerce Bancshares from an “outperform” rating to a “market perform” rating in a research report on Thursday, December 19th. Seven investment analysts have rated the stock with a hold rating, According to data from MarketBeat, Commerce Bancshares currently has an average rating of “Hold” and a consensus price target of $67.33.

Commerce Bancshares Stock Performance

CBSH opened at $66.00 on Thursday. The stock’s fifty day moving average is $66.55 and its 200-day moving average is $63.76. Commerce Bancshares has a one year low of $47.09 and a one year high of $72.75. The company has a market capitalization of $8.46 billion, a PE ratio of 16.46, a P/E/G ratio of 3.64 and a beta of 0.79.

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, beating 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 company had revenue of $422.10 million during the quarter, compared to the consensus estimate of $417,482 billion. During the same period in the prior year, the company earned $0.84 EPS. Commerce Bancshares’s revenue was up 7.3% on a year-over-year basis. On average, equities research analysts forecast that Commerce Bancshares will post 3.73 EPS for the current fiscal year.

Insider Transactions at Commerce Bancshares

In other Commerce Bancshares news, SVP Patricia R. Kellerhals sold 500 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $68.55, for a total value of $34,275.00. Following the transaction, the senior vice president now owns 22,265 shares in the company, valued at approximately $1,526,265.75. This represents a 2.20 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kevin G. Barth sold 1,582 shares of Commerce Bancshares stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $67.54, for a total transaction of $106,848.28. Following the sale, the executive vice president now directly owns 65,409 shares of the company’s stock, valued at $4,417,723.86. This trade represents a 2.36 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 9,398 shares of company stock valued at $651,265 over the last three months. 3.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Commerce Bancshares

Hedge funds and other institutional investors have recently made changes to their positions in the company. V Square Quantitative Management LLC bought a new stake in shares of Commerce Bancshares in the 3rd quarter valued at approximately $26,000. Allworth Financial LP grew its position in Commerce Bancshares by 51.1% in the third quarter. Allworth Financial LP now owns 568 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 192 shares in the last quarter. Capital Performance Advisors LLP acquired a new position in shares of Commerce Bancshares during the 3rd quarter worth $39,000. True Wealth Design LLC bought a new position in shares of Commerce Bancshares during the 3rd quarter valued at $47,000. Finally, Farther Finance Advisors LLC lifted its stake in shares of Commerce Bancshares by 48.2% in the 3rd quarter. Farther Finance Advisors LLC now owns 882 shares of the financial services provider’s stock valued at $52,000 after purchasing an additional 287 shares during the last quarter. 70.26% of the stock is owned by hedge funds and other institutional investors.

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.