Piper Jaffray Companies Reiterates Hold Rating for Commerce Bancshares, Inc. (NASDAQ:CBSH)

Commerce Bancshares, Inc. (NASDAQ:CBSH)‘s stock had its “hold” rating reissued by equities researchers at Piper Jaffray Companies in a report released on Friday. They presently have a $52.00 target price on the financial services provider’s stock. Piper Jaffray Companies’ target price would indicate a potential downside of 9.83% from the company’s previous close.

Several other research firms have also weighed in on CBSH. Barclays PLC boosted their price objective on shares of Commerce Bancshares from $54.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 19th. Zacks Investment Research upgraded shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Monday, July 10th. BidaskClub lowered shares of Commerce Bancshares from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Jefferies Group LLC reiterated a “hold” rating and issued a $61.00 price target on shares of Commerce Bancshares in a research note on Tuesday, April 4th. Finally, Wells Fargo & Company reiterated a “market perform” rating and issued a $53.00 price target (up previously from $51.00) on shares of Commerce Bancshares in a research note on Friday. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the stock. Commerce Bancshares has an average rating of “Hold” and an average target price of $55.00.

Shares of Commerce Bancshares (NASDAQ CBSH) opened at 57.67 on Friday. The company has a market cap of $5.90 billion, a PE ratio of 20.87 and a beta of 0.81. Commerce Bancshares has a 1-year low of $44.27 and a 1-year high of $60.61. The company has a 50 day moving average of $55.41 and a 200 day moving average of $56.46.

Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings data on Thursday, July 13th. The financial services provider reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.05. The company had revenue of $305.89 million for the quarter, compared to analyst estimates of $309.44 million. Commerce Bancshares had a net margin of 23.79% and a return on equity of 12.01%. Commerce Bancshares’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.70 EPS. Equities analysts expect that Commerce Bancshares will post $2.92 earnings per share for the current fiscal year.

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In other Commerce Bancshares news, insider Michael J. Petrie sold 1,379 shares of the business’s stock in a transaction dated Thursday, April 20th. The shares were sold at an average price of $56.64, for a total value of $78,106.56. Following the completion of the sale, the insider now owns 14,191 shares of the company’s stock, valued at approximately $803,778.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Patricia R. Kellerhals sold 604 shares of the business’s stock in a transaction dated Wednesday, April 19th. The shares were sold at an average price of $54.50, for a total transaction of $32,918.00. Following the completion of the sale, the insider now directly owns 5,563 shares of the company’s stock, valued at approximately $303,183.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 65,810 shares of company stock worth $3,583,265. 4.30% of the stock is owned by company insiders.

A number of hedge funds have recently bought and sold shares of the stock. Oregon Public Employees Retirement Fund increased its stake in Commerce Bancshares by 4.4% in the second quarter. Oregon Public Employees Retirement Fund now owns 31,926 shares of the financial services provider’s stock worth $1,814,000 after buying an additional 1,331 shares in the last quarter. Confluence Investment Management LLC increased its stake in Commerce Bancshares by 3.0% in the second quarter. Confluence Investment Management LLC now owns 274,060 shares of the financial services provider’s stock worth $15,575,000 after buying an additional 7,934 shares in the last quarter. Smith Shellnut Wilson LLC ADV increased its stake in Commerce Bancshares by 3.0% in the second quarter. Smith Shellnut Wilson LLC ADV now owns 13,386 shares of the financial services provider’s stock worth $641,000 after buying an additional 392 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in Commerce Bancshares by 5.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,288,663 shares of the financial services provider’s stock worth $72,371,000 after buying an additional 61,106 shares in the last quarter. Finally, Janus Capital Management LLC increased its stake in Commerce Bancshares by 11.1% in the first quarter. Janus Capital Management LLC now owns 160,573 shares of the financial services provider’s stock worth $9,018,000 after buying an additional 16,014 shares in the last quarter. 62.07% of the stock is owned by hedge funds and other institutional investors.

Commerce Bancshares Company Profile

Commerce Bancshares, Inc is a bank holding company of Commerce Bank (the Bank). The Bank is engaged in general banking business, providing a range of retail, mortgage banking, corporate, investment, trust and asset management products and services to individuals and businesses. The Company operates through three segments: Consumer, Commercial and Wealth.

Analyst Recommendations for Commerce Bancshares (NASDAQ:CBSH)

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