Commerce Bancshares (NASDAQ:CBSH) PT Raised to $62.00

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

A number of other equities research analysts have also weighed in on the stock. Piper Sandler upped their target price on shares of Commerce Bancshares from $53.00 to $54.00 and gave the stock a neutral rating in a report on Wednesday, April 17th. Keefe, Bruyette & Woods increased their price objective on shares of Commerce Bancshares from $58.00 to $60.00 and gave the company a market perform rating in a research note on Friday, May 10th. StockNews.com upgraded shares of Commerce Bancshares from a sell rating to a hold rating in a research note on Wednesday, April 17th. Raymond James upgraded shares of 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, Jefferies Financial Group increased their price objective on shares of Commerce Bancshares from $60.00 to $62.00 and gave the company a hold rating in a research note on Wednesday, July 3rd. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Hold and a consensus target price of $58.86.

Commerce Bancshares Price Performance

CBSH opened at $64.24 on Monday. Commerce Bancshares has a fifty-two week low of $40.91 and a fifty-two week high of $65.38. The firm has a market capitalization of $8.32 billion, a PE ratio of 17.92 and a beta of 0.76. The company’s 50-day moving average is $56.37 and its 200 day moving average is $54.20.

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

Insider Activity

In other news, SVP David L. Roller sold 861 shares of the stock in a transaction that occurred 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 transaction, the senior vice president now directly owns 30,949 shares of the company’s stock, valued at approximately $1,990,020.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, SVP David L. Roller sold 861 shares of the stock in a transaction that occurred 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 transaction, the senior vice president now directly owns 30,949 shares of the company’s stock, valued at approximately $1,990,020.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO John W. Kemper sold 26,581 shares of the stock in a transaction that occurred on 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 transaction, the chief executive officer now directly owns 198,387 shares of the company’s stock, valued at $11,262,429.99. The disclosure for this sale can be found here. Insiders sold 47,068 shares of company stock valued at $2,813,757 in the last three months. Company insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of CBSH. Raymond James Trust N.A. bought a new position in Commerce Bancshares in the 4th quarter worth approximately $222,000. BKM Wealth Management LLC purchased a new stake in Commerce Bancshares in the 4th quarter worth approximately $29,000. Advisor Resource Council purchased a new stake in Commerce Bancshares in the 4th quarter worth approximately $258,000. Pacer Advisors Inc. lifted its stake in Commerce Bancshares by 86.8% in the 4th quarter. Pacer Advisors Inc. now owns 17,846 shares of the financial services provider’s stock worth $953,000 after purchasing an additional 8,292 shares in the last quarter. Finally, Meyer Handelman Co. lifted its stake in Commerce Bancshares by 5.0% in the 4th quarter. Meyer Handelman Co. now owns 33,309 shares of the financial services provider’s stock worth $1,779,000 after purchasing an additional 1,585 shares in the last quarter. 70.26% of the stock is owned by 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.