Commerce Bancshares (NASDAQ:CBSH) Price Target Raised to $62.00

Commerce Bancshares (NASDAQ:CBSH) had its target price raised by Jefferies Financial Group from $60.00 to $62.00 in a research report sent to investors on Wednesday morning, Benzinga reports. Jefferies Financial Group currently has a hold rating on the financial services provider’s stock.

A number of other equities analysts also recently weighed in on CBSH. Raymond James raised Commerce Bancshares from a market perform rating to an outperform rating and set a $61.00 price target for the company in a research report on Wednesday, April 17th. StockNews.com raised shares of Commerce Bancshares from a sell rating to a hold rating in a research report on Wednesday, April 17th. Piper Sandler lifted their price target on shares of Commerce Bancshares from $53.00 to $54.00 and gave the company a neutral rating in a research note on Wednesday, April 17th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Commerce Bancshares from $58.00 to $60.00 and gave the stock a market perform rating in a research note on Friday, May 10th. Seven research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, Commerce Bancshares presently has a consensus rating of Hold and an average target price of $56.71.

Commerce Bancshares Stock Performance

CBSH opened at $55.02 on Wednesday. Commerce Bancshares has a twelve month low of $40.91 and a twelve month high of $57.48. The firm has a market cap of $7.13 billion, a PE ratio of 15.34, a price-to-earnings-growth ratio of 1.79 and a beta of 0.76. The firm’s fifty day moving average is $55.10 and its two-hundred day moving average is $53.53.

Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.06. The company had revenue of $397.80 million for the quarter, compared to analyst estimates of $389.49 million. Commerce Bancshares had a return on equity of 16.78% and a net margin of 23.33%. Commerce Bancshares’s revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.90 earnings per share. Equities analysts forecast that Commerce Bancshares will post 3.59 EPS for the current fiscal year.

Commerce Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 18th. Investors of record on Wednesday, June 5th were issued a dividend of $0.27 per share. The ex-dividend date was Wednesday, June 5th. This represents a $1.08 annualized dividend and a yield of 1.96%. Commerce Bancshares’s payout ratio is currently 30.12%.

Insiders Place Their Bets

In other Commerce Bancshares news, CEO John W. Kemper sold 26,581 shares of Commerce Bancshares stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $56.77, for a total value of $1,509,003.37. Following the completion of the sale, the chief executive officer now owns 198,387 shares in the company, valued at approximately $11,262,429.99. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 3.10% of the company’s stock.

Institutional Investors Weigh In On Commerce Bancshares

Institutional investors and hedge funds have recently bought and sold shares of the company. BKM Wealth Management LLC acquired a new stake in shares of Commerce Bancshares in the 4th quarter valued at $29,000. Creative Financial Designs Inc. ADV acquired a new position in Commerce Bancshares during the fourth quarter worth about $35,000. Clarity Asset Management Inc. bought a new position in shares of Commerce Bancshares in the fourth quarter worth about $43,000. Bessemer Group Inc. boosted its stake in shares of Commerce Bancshares by 86.3% in the 1st quarter. Bessemer Group Inc. now owns 842 shares of the financial services provider’s stock valued at $45,000 after purchasing an additional 390 shares in the last quarter. Finally, GAMMA Investing LLC grew its holdings in shares of Commerce Bancshares by 156.5% during the 2nd quarter. GAMMA Investing LLC now owns 854 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 521 shares during the last quarter. 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.