Commerce Bancshares (NASDAQ:CBSH) PT Raised to $58.00 at Keefe, Bruyette & Woods

Commerce Bancshares (NASDAQ:CBSH) had its price objective hoisted by equities researchers at Keefe, Bruyette & Woods from $56.00 to $58.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ target price suggests a potential upside of 9.23% from the stock’s current price.

A number of other equities analysts also recently weighed in on CBSH. Bank of America assumed coverage on shares of Commerce Bancshares in a research note on Thursday, January 11th. They issued a “neutral” rating and a $55.00 price target on the stock. Morgan Stanley upped their price objective on shares of Commerce Bancshares from $46.00 to $55.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 7th. Finally, 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 report on Wednesday. Six analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, Commerce Bancshares currently has an average rating of “Hold” and a consensus target price of $55.00.

Commerce Bancshares Stock Performance

Shares of NASDAQ:CBSH opened at $53.10 on Wednesday. Commerce Bancshares has a one year low of $40.91 and a one year high of $56.75. The stock has a fifty day moving average of $52.02 and a 200-day moving average of $50.93. The company has a market capitalization of $6.90 billion, a PE ratio of 14.81 and a beta of 0.79.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.86 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.06. Commerce Bancshares had a return on equity of 16.78% and a net margin of 23.33%. The company had revenue of $397.80 million during the quarter, compared to the consensus estimate of $389.49 million. During the same quarter in the prior year, the firm earned $0.90 EPS. The company’s quarterly revenue was up 2.2% compared to the same quarter last year. As a group, research analysts forecast that Commerce Bancshares will post 3.24 EPS for the current fiscal year.

Insider Activity at Commerce Bancshares

In related news, EVP Robert S. Holmes sold 5,000 shares of the stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $52.66, for a total value of $263,300.00. Following the completion of the sale, the executive vice president now owns 50,293 shares in the company, valued at $2,648,429.38. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, SVP Douglas D. Neff sold 614 shares of the stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $50.25, for a total value of $30,853.50. Following the completion of the transaction, the senior vice president now owns 8,038 shares of the company’s stock, valued at $403,909.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Robert S. Holmes sold 5,000 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $2,648,429.38. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 14,321 shares of company stock worth $752,387. Company insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. State of Michigan Retirement System raised its position in Commerce Bancshares by 2.1% in the first quarter. State of Michigan Retirement System now owns 29,081 shares of the financial services provider’s stock worth $1,547,000 after purchasing an additional 600 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of Commerce Bancshares by 93.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,670 shares of the financial services provider’s stock worth $89,000 after buying an additional 805 shares in the last quarter. Oak Thistle LLC acquired a new stake in shares of Commerce Bancshares during the first quarter worth approximately $270,000. Fulton Bank N.A. acquired a new stake in shares of Commerce Bancshares during the first quarter worth approximately $270,000. Finally, PNC Financial Services Group Inc. increased its holdings in shares of 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 worth $10,341,000 after buying an additional 7,740 shares in the last quarter. Institutional investors and hedge funds 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.