Commerce Bancshares (NASDAQ:CBSH) Price Target Increased to $54.00 by Analysts at Piper Sandler

Commerce Bancshares (NASDAQ:CBSH) had its price target increased by Piper Sandler from $53.00 to $54.00 in a report issued on Wednesday, Benzinga reports. Piper Sandler currently has a neutral rating on the financial services provider’s stock.

A number of other analysts have also weighed in on CBSH. Morgan Stanley raised their price objective on shares of Commerce Bancshares from $46.00 to $55.00 and gave the company an equal weight rating in a research note on Wednesday, February 7th. Raymond James upgraded shares of Commerce Bancshares from a market perform rating to an outperform rating and set a $61.00 price objective for the company in a research note on Wednesday. Keefe, Bruyette & Woods raised their price objective on shares of Commerce Bancshares from $56.00 to $58.00 and gave the company a market perform rating in a research note on Wednesday. Finally, Bank of America started coverage on shares of Commerce Bancshares in a research note on Thursday, January 11th. They set a neutral rating and a $55.00 price objective for the company. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $55.00.

Commerce Bancshares Price Performance

Shares of Commerce Bancshares stock opened at $53.07 on Wednesday. The company has a 50-day moving average of $51.97 and a 200 day moving average of $50.92. The firm has a market cap of $6.89 billion, a price-to-earnings ratio of 14.80 and a beta of 0.79. Commerce Bancshares has a 1 year low of $40.91 and a 1 year high of $56.75.

Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.06. The business had revenue of $397.80 million during the quarter, compared to analyst estimates of $389.49 million. Commerce Bancshares had a net margin of 23.33% and a return on equity of 16.78%. Commerce Bancshares’s revenue was up 2.2% compared to the same quarter last year. During the same period last year, the business earned $0.90 EPS. On average, equities analysts anticipate that Commerce Bancshares will post 3.24 EPS for the current year.

Commerce Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Stockholders of record on Wednesday, June 5th will be paid a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.04%. Commerce Bancshares’s dividend payout ratio is presently 30.12%.

Insider Transactions at Commerce Bancshares

In other news, Director Benjamin F. Rassieur III sold 1,785 shares of Commerce Bancshares stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $53.83, for a total value of $96,086.55. Following the completion of the sale, the director now directly owns 33,567 shares in the company, valued at $1,806,911.61. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Benjamin F. Rassieur III sold 1,785 shares of the firm’s stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $53.83, for a total value of $96,086.55. Following the transaction, the director now owns 33,567 shares of the company’s stock, valued at $1,806,911.61. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Robert S. Holmes sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $52.66, for a total transaction of $263,300.00. Following the completion of the transaction, the executive vice president now directly owns 50,293 shares in the company, valued at approximately $2,648,429.38. The disclosure for this sale can be found here. Insiders sold 14,321 shares of company stock worth $752,387 over the last three months. 3.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Commerce Bancshares

A number of institutional investors and hedge funds have recently made changes to their positions in CBSH. Fulton Bank N.A. purchased a new position in Commerce Bancshares during the first quarter valued at approximately $270,000. PNC Financial Services Group Inc. lifted its holdings in Commerce Bancshares by 4.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 193,619 shares of the financial services provider’s stock valued at $10,341,000 after purchasing an additional 7,740 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Commerce Bancshares by 4.7% during the fourth quarter. Vanguard Group Inc. now owns 12,372,518 shares of the financial services provider’s stock valued at $660,816,000 after purchasing an additional 558,017 shares in the last quarter. Fisher Asset Management LLC lifted its holdings in Commerce Bancshares by 46.8% during the fourth quarter. Fisher Asset Management LLC now owns 6,227 shares of the financial services provider’s stock valued at $333,000 after purchasing an additional 1,984 shares in the last quarter. Finally, Thomas Story & Son LLC lifted its holdings in Commerce Bancshares by 5.0% during the fourth quarter. Thomas Story & Son LLC now owns 6,637 shares of the financial services provider’s stock valued at $354,000 after purchasing an additional 315 shares in the last quarter. 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.