Brokerages Set Commerce Bancshares, Inc. (NASDAQ:CBSH) Target Price at $59.16

Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) have received an average recommendation of “Hold” from the nine brokerages that are covering the company, MarketBeat.com reports. Eight analysts have rated the stock with a hold rating and one has issued a buy rating on the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $59.1599.

Several analysts recently commented on the stock. Keefe, Bruyette & Woods upped their price target on shares of Commerce Bancshares from $54.00 to $56.00 and gave the company a “market perform” rating in a research report on Thursday, April 23rd. Zacks Research upgraded shares of Commerce Bancshares from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 4th. Piper Sandler reiterated a “neutral” rating and issued a $58.50 price target (up from $56.00) on shares of Commerce Bancshares in a research report on Thursday, April 23rd. Morgan Stanley reduced their price target on shares of Commerce Bancshares from $67.00 to $65.00 and set an “equal weight” rating for the company in a research report on Monday, March 2nd. Finally, TD Cowen reiterated a “hold” rating and issued a $54.00 price target (up from $53.00) on shares of Commerce Bancshares in a research report on Thursday, April 23rd.

Commerce Bancshares Trading Down 1.1%

CBSH stock opened at $51.89 on Monday. The stock has a market cap of $7.62 billion, a P/E ratio of 12.44, a PEG ratio of 3.59 and a beta of 0.61. Commerce Bancshares has a twelve month low of $46.99 and a twelve month high of $63.19. The company’s 50 day moving average is $50.16 and its two-hundred day moving average is $51.67.

Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings results on Tuesday, April 21st. The financial services provider reported $0.96 EPS for the quarter, topping the consensus estimate of $0.94 by $0.02. Commerce Bancshares had a return on equity of 14.78% and a net margin of 26.37%.The company had revenue of $475.69 million for the quarter, compared to analyst estimates of $481.94 million. During the same quarter in the previous year, the company posted $0.98 earnings per share. The firm’s revenue was up 11.1% compared to the same quarter last year. On average, equities research analysts predict that Commerce Bancshares will post 4.1 earnings per share for the current year.

Commerce Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 23rd. Investors of record on Friday, June 5th will be given a $0.275 dividend. The ex-dividend date is Friday, June 5th. This represents a $1.10 annualized dividend and a yield of 2.1%. Commerce Bancshares’s dividend payout ratio is 26.38%.

Insider Activity at Commerce Bancshares

In other news, Director Timothy S. Dunn acquired 2,500 shares of the business’s stock in a transaction on Friday, March 13th. The stock was bought at an average price of $47.71 per share, for a total transaction of $119,275.00. Following the transaction, the director owned 5,403 shares in the company, valued at $257,777.13. This represents a 86.12% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Kim L. Jakovich sold 949 shares of the company’s stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $51.45, for a total transaction of $48,826.05. Following the transaction, the senior vice president owned 12,741 shares of the company’s stock, valued at approximately $655,524.45. The trade was a 6.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Commerce Bancshares

A number of large investors have recently bought and sold shares of CBSH. Daytona Street Capital LLC purchased a new position in Commerce Bancshares during the 4th quarter worth $25,000. Danske Bank A S purchased a new position in Commerce Bancshares during the 3rd quarter worth $25,000. Geneos Wealth Management Inc. raised its position in Commerce Bancshares by 85.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider’s stock worth $29,000 after buying an additional 216 shares during the last quarter. Quent Capital LLC purchased a new position in Commerce Bancshares during the 3rd quarter worth $31,000. Finally, Root Financial Partners LLC raised its position in Commerce Bancshares by 104.9% during the 1st quarter. Root Financial Partners LLC now owns 623 shares of the financial services provider’s stock worth $31,000 after buying an additional 319 shares during the last quarter. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Commerce Bancshares Company Profile

Commerce Bancshares, Inc is a bank holding company primarily engaged in providing a broad range of banking and financial services across the Midwest. Through its principal subsidiary, Commerce Bank, the company offers commercial and consumer banking, treasury management, trust and wealth advisory, and mortgage lending. Its diversified product suite includes deposit and loan products, cash management solutions, capital markets services, and private banking designed to meet the needs of individuals, small businesses, and large corporations.

The company’s commercial banking group delivers tailored credit facilities, equipment and inventory financing, asset-based lending, and merchant services.