Commerce Bancshares (NASDAQ:CBSH) Stock Price Expected to Rise, Bank of America Analyst Says

Commerce Bancshares (NASDAQ:CBSH) had its target price boosted by Bank of America from $69.00 to $71.00 in a research report report published on Tuesday morning,Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

Several other brokerages also recently commented on CBSH. Wall Street Zen downgraded Commerce Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, May 21st. Keefe, Bruyette & Woods cut their price objective on Commerce Bancshares from $74.00 to $70.00 and set a “market perform” rating on the stock in a research report on Thursday, April 17th. Wells Fargo & Company lowered their target price on Commerce Bancshares from $70.00 to $60.00 and set an “equal weight” rating for the company in a report on Wednesday, April 9th. Piper Sandler upped their target price on Commerce Bancshares from $65.00 to $66.00 and gave the stock a “neutral” rating in a report on Thursday, April 17th. Finally, Morgan Stanley upped their target price on Commerce Bancshares from $58.00 to $61.00 and gave the stock an “equal weight” rating in a report on Tuesday, June 17th. One equities research analyst has rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $65.00.

Commerce Bancshares Stock Performance

Shares of Commerce Bancshares stock opened at $62.23 on Tuesday. The stock’s fifty day moving average is $62.41 and its two-hundred day moving average is $62.92. The company has a market capitalization of $8.30 billion, a PE ratio of 15.07, a price-to-earnings-growth ratio of 2.70 and a beta of 0.60. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.01. Commerce Bancshares has a 52 week low of $51.37 and a 52 week high of $72.75.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings data on Wednesday, April 16th. The financial services provider reported $0.98 EPS for the quarter, beating the consensus estimate of $0.93 by $0.05. The company had revenue of $428.05 million for the quarter, compared to the consensus estimate of $417.85 million. Commerce Bancshares had a return on equity of 16.23% and a net margin of 25.95%. As a group, analysts expect that Commerce Bancshares will post 3.94 earnings per share for the current year.

Commerce Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 24th. Investors of record on Friday, June 6th were paid a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.77%. The ex-dividend date of this dividend was Friday, June 6th. Commerce Bancshares’s dividend payout ratio (DPR) is currently 26.63%.

Insider Buying and Selling

In related news, Director June Mcallister Fowler sold 1,618 shares of the company’s stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $60.72, for a total transaction of $98,244.96. Following the completion of the sale, the director now directly owns 3,175 shares in the company, valued at $192,786. This represents a 33.76% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 3.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Commerce Bancshares

A number of hedge funds have recently made changes to their positions in the stock. Voya Investment Management LLC raised its stake in Commerce Bancshares by 11.0% in the first quarter. Voya Investment Management LLC now owns 198,901 shares of the financial services provider’s stock valued at $12,378,000 after buying an additional 19,776 shares during the last quarter. Modern Wealth Management LLC raised its stake in Commerce Bancshares by 1.3% in the first quarter. Modern Wealth Management LLC now owns 17,019 shares of the financial services provider’s stock valued at $1,059,000 after buying an additional 220 shares during the last quarter. Advisors Capital Management LLC purchased a new stake in Commerce Bancshares in the first quarter valued at about $481,000. Geneos Wealth Management Inc. raised its stake in Commerce Bancshares by 85.4% in the first quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider’s stock valued at $29,000 after buying an additional 216 shares during the last quarter. Finally, Bayforest Capital Ltd raised its stake in Commerce Bancshares by 203.0% in the first quarter. Bayforest Capital Ltd now owns 3,381 shares of the financial services provider’s stock valued at $210,000 after buying an additional 2,265 shares during the last quarter. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Commerce Bancshares Company Profile

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.