Brokerages Set Commerce Bancshares, Inc. (NASDAQ:CBSH) Target Price at $62.18

Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) have earned an average recommendation of “Hold” from the ten analysts that are currently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, eight have issued a hold recommendation and one has assigned a buy recommendation to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $62.1769.

A number of analysts recently weighed in on the stock. TD Cowen began coverage on shares of Commerce Bancshares in a report on Thursday, September 25th. They issued a “hold” rating and a $60.00 price target for the company. Morgan Stanley increased their price objective on Commerce Bancshares from $62.86 to $66.67 and gave the company an “underperform” rating in a research report on Monday, September 29th. Piper Sandler dropped their target price on Commerce Bancshares from $66.67 to $60.00 and set a “neutral” rating for the company in a research report on Friday, October 17th. Wells Fargo & Company cut their price target on Commerce Bancshares from $61.90 to $57.14 and set an “equal weight” rating on the stock in a research note on Tuesday, October 21st. Finally, Wall Street Zen cut Commerce Bancshares from a “hold” rating to a “sell” rating in a report on Saturday, October 18th.

Commerce Bancshares Stock Up 2.0%

Commerce Bancshares stock opened at $53.26 on Tuesday. The stock has a 50-day simple moving average of $51.79 and a 200 day simple moving average of $55.65. The stock has a market capitalization of $7.05 billion, a price-to-earnings ratio of 12.71, a P/E/G ratio of 4.46 and a beta of 0.62. Commerce Bancshares has a 12-month low of $48.69 and a 12-month high of $65.59.

Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings data on Thursday, October 16th. The financial services provider reported $1.06 earnings per share for the quarter, missing the consensus estimate of $1.09 by ($0.03). Commerce Bancshares had a net margin of 26.48% and a return on equity of 15.73%. The company had revenue of $448.85 million during the quarter, compared to analyst estimates of $447.04 million. During the same quarter in the previous year, the business posted $1.02 EPS. The company’s revenue was up 4.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Commerce Bancshares will post 3.94 EPS for the current year.

Commerce Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Tuesday, December 2nd were paid a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend was Tuesday, December 2nd. Commerce Bancshares’s dividend payout ratio (DPR) is 26.25%.

Hedge Funds Weigh In On Commerce Bancshares

Several large investors have recently bought and sold shares of the business. Danske Bank A S acquired a new stake in shares of Commerce Bancshares during the third quarter worth $25,000. Geneos Wealth Management Inc. lifted 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 period. Quent Capital LLC bought a new position in Commerce Bancshares during the third quarter worth about $31,000. CoreFirst Bank & Trust acquired a new position in shares of Commerce Bancshares during the 2nd quarter worth about $33,000. Finally, Rothschild Investment LLC increased its stake in shares of Commerce Bancshares by 3,820.0% in the 3rd quarter. Rothschild Investment LLC now owns 588 shares of the financial services provider’s stock valued at $35,000 after acquiring an additional 573 shares during the last quarter. 70.26% of the stock is currently owned by institutional investors and hedge funds.

About Commerce Bancshares

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.