Commerce Bancshares (NASDAQ:CBSH) Stock Price Expected to Rise, Keefe, Bruyette & Woods Analyst Says

Commerce Bancshares (NASDAQ:CBSH) had its price target upped by investment analysts at Keefe, Bruyette & Woods from $66.00 to $78.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price target would indicate a potential upside of 13.47% from the stock’s previous close.

Other research analysts have also issued research reports about the company. Piper Sandler set a $68.50 target price on Commerce Bancshares and gave the company a “neutral” rating in a research report on Friday, October 18th. StockNews.com upgraded Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Morgan Stanley downgraded Commerce Bancshares from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $66.00 to $64.00 in a research report on Monday, September 30th. Finally, Wells Fargo & Company lifted their target price on Commerce Bancshares from $62.00 to $67.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Seven equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $65.07.

Commerce Bancshares Stock Down 0.5 %

Shares of CBSH opened at $68.74 on Wednesday. The business has a fifty day moving average of $65.24 and a 200 day moving average of $61.22. The company has a market cap of $8.81 billion, a PE ratio of 17.90, a P/E/G ratio of 3.71 and a beta of 0.77. Commerce Bancshares has a 52-week low of $47.09 and a 52-week high of $72.75.

Commerce Bancshares (NASDAQ:CBSH) last released its earnings results on Thursday, October 17th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.07. The firm had revenue of $421.38 million during the quarter, compared to analyst estimates of $412.85 million. Commerce Bancshares had a net margin of 24.15% and a return on equity of 15.93%. As a group, research analysts anticipate that Commerce Bancshares will post 4.02 earnings per share for the current fiscal year.

Insider Transactions at Commerce Bancshares

In other news, SVP David L. Roller sold 890 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $72.27, for a total value of $64,320.30. Following the completion of the sale, the senior vice president now owns 30,949 shares of the company’s stock, valued at approximately $2,236,684.23. This represents a 2.80 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Patricia R. Kellerhals sold 2,000 shares of Commerce Bancshares stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $62.23, for a total transaction of $124,460.00. Following the transaction, the senior vice president now directly owns 23,381 shares in the company, valued at approximately $1,454,999.63. The trade was a 7.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 33,816 shares of company stock valued at $2,108,821. 3.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Commerce Bancshares

A number of hedge funds have recently made changes to their positions in CBSH. Los Angeles Capital Management LLC raised its holdings in Commerce Bancshares by 7,407.2% in the third quarter. Los Angeles Capital Management LLC now owns 362,900 shares of the financial services provider’s stock worth $21,556,000 after purchasing an additional 358,066 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Commerce Bancshares by 19.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,069,924 shares of the financial services provider’s stock worth $115,453,000 after acquiring an additional 342,793 shares in the last quarter. American Century Companies Inc. raised its stake in shares of Commerce Bancshares by 7.4% during the 2nd quarter. American Century Companies Inc. now owns 3,509,796 shares of the financial services provider’s stock worth $195,776,000 after acquiring an additional 240,938 shares in the last quarter. Millennium Management LLC lifted its position in Commerce Bancshares by 168.3% during the second quarter. Millennium Management LLC now owns 342,084 shares of the financial services provider’s stock valued at $19,081,000 after acquiring an additional 214,582 shares during the last quarter. Finally, Boston Trust Walden Corp boosted its stake in Commerce Bancshares by 15.4% in the second quarter. Boston Trust Walden Corp now owns 1,260,999 shares of the financial services provider’s stock valued at $70,339,000 after acquiring an additional 168,550 shares in the last quarter. 70.26% of the stock is currently owned by hedge funds and other 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.