Keefe, Bruyette & Woods Boosts Commerce Bancshares (NASDAQ:CBSH) Price Target to $60.00

Commerce Bancshares (NASDAQ:CBSH) had its price objective boosted by stock analysts at Keefe, Bruyette & Woods from $58.00 to $60.00 in a research report issued on Friday, Benzinga reports. The firm presently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ target price points to a potential upside of 5.12% from the company’s previous close.

Several other research firms also recently weighed in on CBSH. Bank of America initiated coverage on shares of Commerce Bancshares in a research note on Thursday, January 11th. They set a “neutral” rating and a $55.00 price target for the company. 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. Morgan Stanley boosted their target price on shares of Commerce Bancshares from $46.00 to $55.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 7th. Piper Sandler lifted their price target on Commerce Bancshares from $53.00 to $54.00 and gave the company a “neutral” rating in a research note on Wednesday, April 17th. Finally, StockNews.com upgraded shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Wednesday, April 17th. Six equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $55.29.

Commerce Bancshares Stock Up 1.2 %

NASDAQ CBSH opened at $57.08 on Friday. The company has a fifty day moving average of $53.22 and a two-hundred day moving average of $51.77. The firm has a market capitalization of $7.41 billion, a price-to-earnings ratio of 15.92 and a beta of 0.76. Commerce Bancshares has a 52 week low of $40.91 and a 52 week high of $57.18.

Commerce Bancshares (NASDAQ:CBSH) last released its earnings results 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 firm had revenue of $397.80 million for the quarter, compared to analysts’ expectations of $389.49 million. During the same quarter in the prior year, the firm posted $0.90 earnings per share. The company’s quarterly revenue was up 2.2% on a year-over-year basis. Equities research analysts anticipate that Commerce Bancshares will post 3.48 EPS for the current year.

Insiders Place Their Bets

In other Commerce Bancshares news, SVP Douglas D. Neff sold 614 shares of the company’s 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 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 filing with the Securities & Exchange Commission, which is available at this link. In related news, SVP Douglas D. Neff sold 614 shares of the company’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $50.25, for a total transaction of $30,853.50. Following the sale, the senior vice president now directly owns 8,038 shares of the company’s stock, valued at approximately $403,909.50. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Robert S. Holmes sold 5,000 shares of Commerce Bancshares stock in a transaction 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 transaction, the executive vice president now owns 50,293 shares of the company’s stock, valued at $2,648,429.38. The disclosure for this sale can be found here. Corporate insiders own 3.10% of the company’s stock.

Institutional Trading of Commerce Bancshares

Hedge funds and other institutional investors have recently bought and sold shares of the business. BKM Wealth Management LLC acquired a new stake in shares of Commerce Bancshares during the 4th quarter worth about $29,000. Creative Financial Designs Inc. ADV acquired a new position in shares of Commerce Bancshares in the 4th quarter valued at $35,000. Clarity Asset Management Inc. purchased a new position in shares of Commerce Bancshares in the 4th quarter valued at $43,000. Adirondack Trust Co. acquired a new stake in Commerce Bancshares during the 3rd quarter worth $44,000. Finally, Exchange Traded Concepts LLC acquired a new stake in Commerce Bancshares during the 4th quarter worth $55,000. 70.26% of the stock is currently owned by institutional investors and hedge funds.

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.