Keefe, Bruyette & Woods Boosts Commerce Bancshares (NASDAQ:CBSH) Price Target to $58.00

Commerce Bancshares (NASDAQ:CBSH) had its target price increased by research analysts at Keefe, Bruyette & Woods from $56.00 to $58.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price objective indicates a potential upside of 9.39% from the stock’s current price.

A number of other brokerages also recently weighed in on CBSH. Morgan Stanley increased their price target on shares of Commerce Bancshares from $46.00 to $55.00 and gave the company an “equal weight” rating in a report on Wednesday, February 7th. Raymond James upgraded Commerce Bancshares from a “market perform” rating to an “outperform” rating and set a $61.00 target price for the company in a research note on Wednesday. Finally, Bank of America began coverage on shares of Commerce Bancshares in a report on Thursday, January 11th. They set a “neutral” rating and a $55.00 price objective on the stock. One analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, Commerce Bancshares presently has an average rating of “Hold” and a consensus target price of $55.00.

Commerce Bancshares Price Performance

Shares of NASDAQ CBSH traded up $1.01 during trading hours on Wednesday, hitting $53.02. 544,334 shares of the stock were exchanged, compared to its average volume of 485,062. Commerce Bancshares has a one year low of $40.91 and a one year high of $56.75. The company’s 50 day moving average is $51.92 and its 200 day moving average is $50.90. The firm has a market capitalization of $6.89 billion, a P/E ratio of 14.61 and a beta of 0.79.

Commerce Bancshares (NASDAQ:CBSH) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $0.86 earnings per share for the quarter, beating the consensus estimate of $0.80 by $0.06. The firm had revenue of $397.80 million during the quarter, compared to the consensus estimate of $389.49 million. Commerce Bancshares had a return on equity of 17.46% and a net margin of 24.41%. During the same quarter in the prior year, the company earned $0.90 EPS. The firm’s revenue for the quarter was up 2.2% compared to the same quarter last year. Research analysts anticipate that Commerce Bancshares will post 3.24 earnings per share for the current fiscal year.

Insider Transactions at Commerce Bancshares

In related news, EVP Robert S. Holmes sold 5,000 shares of the company’s stock in a transaction dated Monday, March 11th. The stock was 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 Securities & Exchange Commission, which is available at the SEC website. In other news, Director Benjamin F. Rassieur III sold 1,785 shares of Commerce Bancshares stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $53.83, for a total transaction of $96,086.55. Following the transaction, the director now owns 33,567 shares in the company, valued at approximately $1,806,911.61. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Robert S. Holmes sold 5,000 shares of Commerce Bancshares stock in a transaction that occurred on 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 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 have sold 14,321 shares of company stock worth $752,387 in the last three months. Insiders own 3.10% of the company’s stock.

Institutional Trading of Commerce Bancshares

A number of institutional investors have recently made changes to their positions in the business. Moneta Group Investment Advisors LLC grew its holdings in shares of Commerce Bancshares by 102,920.9% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 133,790,172 shares of the financial services provider’s stock valued at $9,107,097,000 after acquiring an additional 133,660,305 shares in the last quarter. Norges Bank acquired a new stake in shares of Commerce Bancshares in the 4th quarter valued at approximately $71,835,000. Morgan Stanley grew its stake in shares of Commerce Bancshares by 192.6% in the fourth quarter. Morgan Stanley now owns 1,995,152 shares of the financial services provider’s stock valued at $135,810,000 after buying an additional 1,313,291 shares in the last quarter. State Street Corp increased its holdings in Commerce Bancshares by 18.9% during the second quarter. State Street Corp now owns 7,736,375 shares of the financial services provider’s stock worth $376,761,000 after buying an additional 1,227,825 shares during the last quarter. Finally, Boston Trust Walden Corp raised its position in Commerce Bancshares by 147.4% during the third quarter. Boston Trust Walden Corp now owns 1,025,863 shares of the financial services provider’s stock worth $49,221,000 after acquiring an additional 611,172 shares in 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.