Piper Sandler Issues Positive Forecast for Commerce Bancshares (NASDAQ:CBSH) Stock Price

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

Other analysts have also recently issued research reports about the company. 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 report on Wednesday, December 4th. Wells Fargo & Company raised their target price on shares of Commerce Bancshares from $62.00 to $67.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 3rd. Morgan Stanley cut shares of Commerce Bancshares from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $66.00 to $64.00 in a research note on Monday, September 30th. StockNews.com upgraded shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Monday, January 13th. Finally, Raymond James lowered shares of Commerce Bancshares from an “outperform” rating to a “market perform” rating in a research report on Thursday, December 19th. Seven research analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $67.33.

Commerce Bancshares Trading Up 0.2 %

Shares of NASDAQ:CBSH opened at $65.76 on Thursday. The company has a 50 day moving average of $66.66 and a 200 day moving average of $63.63. The stock has a market cap of $8.43 billion, a P/E ratio of 16.40, a P/E/G ratio of 3.64 and a beta of 0.79. Commerce Bancshares has a 12 month low of $47.09 and a 12 month high of $72.75.

Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings results on Wednesday, January 22nd. The financial services provider reported $1.01 EPS 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 firm had revenue of $422.10 million during the quarter, compared to analyst estimates of $417,482 billion. During the same period in the previous year, the business earned $0.84 EPS. The business’s revenue for the quarter was up 7.3% on a year-over-year basis. On average, equities analysts forecast that Commerce Bancshares will post 3.73 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Kevin G. Barth sold 1,582 shares of the stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $67.54, for a total transaction of $106,848.28. Following the completion of the sale, the executive vice president now owns 65,409 shares of the company’s stock, valued at approximately $4,417,723.86. This represents a 2.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Patricia R. Kellerhals sold 500 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $68.55, for a total transaction of $34,275.00. Following the completion of the transaction, the senior vice president now owns 22,265 shares in the company, valued at $1,526,265.75. This represents a 2.20 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 9,398 shares of company stock valued at $651,265. Corporate insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Commerce Bancshares

Several institutional investors have recently added to or reduced their stakes in CBSH. OLD National Bancorp IN bought a new position in shares of Commerce Bancshares during the fourth quarter valued at about $213,000. Robeco Institutional Asset Management B.V. increased its holdings in Commerce Bancshares by 2.8% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 68,643 shares of the financial services provider’s stock valued at $4,277,000 after purchasing an additional 1,863 shares during the period. Sound Stewardship LLC raised its position in Commerce Bancshares by 5.0% during the 4th quarter. Sound Stewardship LLC now owns 4,555 shares of the financial services provider’s stock valued at $284,000 after purchasing an additional 216 shares during the last quarter. Pacer Advisors Inc. lifted its holdings in Commerce Bancshares by 6.7% in the 4th quarter. Pacer Advisors Inc. now owns 18,263 shares of the financial services provider’s stock worth $1,138,000 after buying an additional 1,142 shares during the period. Finally, Kavar Capital Partners Group LLC bought a new stake in shares of Commerce Bancshares in the 4th quarter worth approximately $261,000. Hedge funds and other institutional investors own 70.26% of the company’s stock.

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.