Piper Sandler Forecasts Strong Price Appreciation for Commerce Bancshares (NASDAQ:CBSH) Stock

Commerce Bancshares (NASDAQ:CBSH) had its price objective upped by research analysts at Piper Sandler from $69.00 to $72.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s target price indicates a potential upside of 9.09% from the stock’s current price.

Several other brokerages also recently weighed in on CBSH. Raymond James downgraded Commerce Bancshares from an “outperform” rating to a “market perform” rating in a research note on Thursday, December 19th. Keefe, Bruyette & Woods upped their price objective on shares of 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 lifted their target price on shares of Commerce Bancshares from $62.00 to $67.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 3rd. StockNews.com upgraded shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Monday, January 13th. Finally, Morgan Stanley downgraded shares of Commerce Bancshares from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $66.00 to $64.00 in a research note on Monday, September 30th. Seven equities research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, Commerce Bancshares currently has an average rating of “Hold” and an average target price of $67.33.

Commerce Bancshares Price Performance

Shares of CBSH stock opened at $66.00 on Thursday. The company has a market cap of $8.46 billion, a P/E ratio of 16.46, a PEG ratio of 3.64 and a beta of 0.79. The stock’s 50-day moving average is $66.55 and its 200 day moving average is $63.71. Commerce Bancshares has a 1-year low of $47.09 and a 1-year high of $72.75.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings data on Wednesday, January 22nd. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.06. The firm had revenue of $422.10 million for the quarter, compared to the consensus estimate of $417,482 billion. Commerce Bancshares had a net margin of 25.24% and a return on equity of 16.31%. The company’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.84 EPS. On average, analysts anticipate that Commerce Bancshares will post 3.73 EPS for the current year.

Insider Buying and Selling at Commerce Bancshares

In other news, SVP David L. Roller sold 890 shares of Commerce Bancshares stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $72.27, for a total transaction of $64,320.30. Following the completion of the transaction, the senior vice president now directly owns 30,949 shares of the company’s stock, valued at $2,236,684.23. The trade was a 2.80 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman David W. Kemper sold 4,500 shares of the stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $69.22, for a total transaction of $311,490.00. Following the sale, the chairman now directly owns 23,725 shares in the company, valued at $1,642,244.50. This trade represents a 15.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 9,398 shares of company stock worth $651,265. Insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Commerce Bancshares

A number of large investors have recently bought and sold shares of CBSH. Virtu Financial LLC acquired a new position in shares of Commerce Bancshares during the 3rd quarter worth approximately $566,000. Procyon Advisors LLC purchased a new stake in Commerce Bancshares in the 4th quarter worth $200,000. Centiva Capital LP acquired a new position in Commerce Bancshares during the third quarter worth $581,000. PFW Advisors LLC purchased a new position in Commerce Bancshares during the fourth quarter valued at $1,336,000. Finally, Barclays PLC grew its position in shares of Commerce Bancshares by 19.4% in the third quarter. Barclays PLC now owns 106,934 shares of the financial services provider’s stock valued at $6,353,000 after purchasing an additional 17,400 shares during the period. Institutional investors and hedge funds own 70.26% of the company’s stock.

Commerce Bancshares Company Profile

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.