Wells Fargo & Company Forecasts Strong Price Appreciation for Commerce Bancshares (NASDAQ:CBSH) Stock

Commerce Bancshares (NASDAQ:CBSH) had its target price hoisted by equities research analysts at Wells Fargo & Company from $62.00 to $67.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s target price suggests a potential downside of 3.05% from the stock’s previous close.

Several other equities research analysts have also recently weighed in on CBSH. Piper Sandler set a $68.50 price objective on Commerce Bancshares and gave the company a “neutral” rating in a research report on Friday, October 18th. Morgan Stanley cut Commerce Bancshares from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $66.00 to $64.00 in a research report on Monday, September 30th. Finally, StockNews.com raised Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Seven investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, Commerce Bancshares currently has an average rating of “Hold” and an average target price of $65.07.

Commerce Bancshares Stock Up 0.5 %

Shares of Commerce Bancshares stock opened at $69.11 on Tuesday. The stock has a market capitalization of $8.86 billion, a P/E ratio of 17.95, a PEG ratio of 3.95 and a beta of 0.77. The stock has a 50 day moving average price of $65.05 and a two-hundred day moving average price of $61.17. Commerce Bancshares has a 12-month low of $47.09 and a 12-month high of $72.75.

Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings data on Thursday, October 17th. The financial services provider reported $1.07 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.07. Commerce Bancshares had a return on equity of 15.93% and a net margin of 24.15%. The company had revenue of $421.38 million during the quarter, compared to analysts’ expectations of $412.85 million. Sell-side analysts anticipate that Commerce Bancshares will post 4.02 earnings per share for the current year.

Insiders Place Their Bets

In other Commerce Bancshares news, Chairman David W. Kemper sold 30,000 shares of the stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $61.78, for a total transaction of $1,853,400.00. Following the completion of the transaction, the chairman now directly owns 1,151,994 shares in the company, valued at $71,170,189.32. This represents a 2.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Patricia R. Kellerhals sold 2,000 shares of the firm’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $62.23, for a total value of $124,460.00. Following the completion of the sale, the senior vice president now owns 23,381 shares of the company’s stock, valued at approximately $1,454,999.63. This trade represents a 7.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 33,778 shares of company stock worth $2,106,205 over the last three months. 3.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Commerce Bancshares

Hedge funds and other institutional investors have recently made changes to their positions in the business. Cambridge Investment Research Advisors Inc. boosted its holdings in Commerce Bancshares by 0.5% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 30,906 shares of the financial services provider’s stock valued at $1,724,000 after acquiring an additional 154 shares during the last quarter. Sound Stewardship LLC boosted its holdings in Commerce Bancshares by 3.9% in the third quarter. Sound Stewardship LLC now owns 4,339 shares of the financial services provider’s stock valued at $258,000 after acquiring an additional 163 shares during the last quarter. Allworth Financial LP boosted its holdings in Commerce Bancshares by 51.1% in the third quarter. Allworth Financial LP now owns 568 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 192 shares during the last quarter. Outlook Wealth Advisors LLC boosted its holdings in Commerce Bancshares by 3.6% in the third quarter. Outlook Wealth Advisors LLC now owns 6,303 shares of the financial services provider’s stock valued at $374,000 after acquiring an additional 217 shares during the last quarter. Finally, Marshall Financial Group LLC boosted its holdings in Commerce Bancshares by 1.2% in the third quarter. Marshall Financial Group LLC now owns 18,257 shares of the financial services provider’s stock valued at $1,084,000 after acquiring an additional 223 shares during the last quarter. 70.26% of the stock is currently owned by institutional investors and hedge funds.

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.