Commerce Bancshares (NASDAQ:CBSH) Price Target Raised to $61.00

Commerce Bancshares (NASDAQ:CBSH) had its price objective raised by Morgan Stanley from $58.00 to $61.00 in a research note issued to investors on Tuesday morning,Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

A number of other equities analysts have also commented on the stock. Keefe, Bruyette & Woods cut their price objective on shares of Commerce Bancshares from $74.00 to $70.00 and set a “market perform” rating for the company in a research report on Thursday, April 17th. Wall Street Zen downgraded shares of Commerce Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, May 21st. Piper Sandler boosted their price target on shares of Commerce Bancshares from $65.00 to $66.00 and gave the company a “neutral” rating in a research report on Thursday, April 17th. Finally, Wells Fargo & Company lowered their price objective on Commerce Bancshares from $70.00 to $60.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 9th. One research analyst has rated the stock with a sell rating and six have issued a hold rating to the stock. According to MarketBeat.com, Commerce Bancshares currently has a consensus rating of “Hold” and a consensus target price of $63.80.

Commerce Bancshares Price Performance

Commerce Bancshares stock opened at $60.43 on Tuesday. The firm has a market capitalization of $8.06 billion, a P/E ratio of 14.63, a PEG ratio of 4.00 and a beta of 0.60. Commerce Bancshares has a one year low of $50.65 and a one year high of $72.75. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.76 and a quick ratio of 0.76. The business has a fifty day moving average price of $62.16 and a 200-day moving average price of $63.17.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings data on Wednesday, April 16th. The financial services provider reported $0.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.05. The business had revenue of $428.05 million for the quarter, compared to analysts’ expectations of $417.85 million. Commerce Bancshares had a return on equity of 16.23% and a net margin of 25.95%. As a group, equities research analysts forecast that Commerce Bancshares will post 3.94 EPS for the current year.

Commerce Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 24th. Stockholders of record on Friday, June 6th will be issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.82%. The ex-dividend date is Friday, June 6th. Commerce Bancshares’s payout ratio is 26.63%.

Insider Activity

In other news, Director June Mcallister Fowler sold 1,618 shares of the stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $60.72, for a total transaction of $98,244.96. Following the transaction, the director now directly owns 3,175 shares in the company, valued at approximately $192,786. This represents a 33.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 3.10% of the company’s stock.

Institutional Trading of Commerce Bancshares

Several hedge funds and other institutional investors have recently bought and sold shares of CBSH. Norges Bank purchased a new position in shares of Commerce Bancshares during the fourth quarter worth approximately $86,327,000. American Century Companies Inc. raised its position in Commerce Bancshares by 25.5% in the 4th quarter. American Century Companies Inc. now owns 3,675,031 shares of the financial services provider’s stock worth $228,991,000 after purchasing an additional 745,661 shares during the period. Vanguard Group Inc. lifted its stake in Commerce Bancshares by 5.1% in the fourth quarter. Vanguard Group Inc. now owns 13,225,491 shares of the financial services provider’s stock worth $824,080,000 after purchasing an additional 642,401 shares during the last quarter. Invesco Ltd. boosted its position in Commerce Bancshares by 136.0% during the first quarter. Invesco Ltd. now owns 848,442 shares of the financial services provider’s stock valued at $52,799,000 after buying an additional 488,960 shares during the period. Finally, Nuveen LLC purchased a new stake in Commerce Bancshares during the first quarter valued at about $21,995,000. 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.