TD Cowen Cuts Commerce Bancshares (NASDAQ:CBSH) Price Target to $55.00

Commerce Bancshares (NASDAQ:CBSH) had its price target lowered by TD Cowen from $61.00 to $55.00 in a report issued on Wednesday,Benzinga reports. TD Cowen currently has a hold rating on the financial services provider’s stock.

CBSH has been the topic of several other reports. Cowen reissued a “hold” rating on shares of Commerce Bancshares in a report on Tuesday, October 21st. Morgan Stanley lifted their price target on Commerce Bancshares from $62.86 to $66.67 and gave the stock an “underperform” rating in a research report on Monday, September 29th. Weiss Ratings reissued a “hold (c)” rating on shares of Commerce Bancshares in a research report on Monday, December 29th. Keefe, Bruyette & Woods reduced their price objective on shares of Commerce Bancshares from $61.90 to $57.14 and set a “market perform” rating for the company in a research note on Friday, October 17th. Finally, Wells Fargo & Company dropped their target price on shares of 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. One research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Commerce Bancshares currently has a consensus rating of “Hold” and an average price target of $62.03.

Commerce Bancshares Stock Performance

Shares of CBSH opened at $53.85 on Wednesday. Commerce Bancshares has a fifty-two week low of $48.69 and a fifty-two week high of $65.59. The firm’s 50-day simple moving average is $52.11 and its two-hundred day simple moving average is $55.57. The stock has a market cap of $7.13 billion, a PE ratio of 12.85, a price-to-earnings-growth ratio of 3.31 and a beta of 0.62.

Commerce Bancshares (NASDAQ:CBSH) last released its earnings results on Thursday, October 16th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.09 by ($0.03). The business had revenue of $448.85 million for the quarter, compared to analysts’ expectations of $447.04 million. Commerce Bancshares had a net margin of 26.48% and a return on equity of 15.73%. Commerce Bancshares’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.02 earnings per share. Equities research analysts predict that Commerce Bancshares will post 3.94 EPS for the current year.

Commerce Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Tuesday, December 2nd were given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 2.0%. The ex-dividend date was Tuesday, December 2nd. Commerce Bancshares’s payout ratio is 26.25%.

Institutional Trading of Commerce Bancshares

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in shares of Commerce Bancshares by 1.1% during the 3rd quarter. Vanguard Group Inc. now owns 13,591,897 shares of the financial services provider’s stock valued at $812,252,000 after purchasing an additional 151,785 shares during the period. State Street Corp increased its stake in Commerce Bancshares by 5.0% in the 3rd quarter. State Street Corp now owns 6,752,045 shares of the financial services provider’s stock worth $403,502,000 after buying an additional 319,137 shares in the last quarter. American Century Companies Inc. raised its holdings in Commerce Bancshares by 5.4% during the third quarter. American Century Companies Inc. now owns 3,972,884 shares of the financial services provider’s stock valued at $237,420,000 after acquiring an additional 202,758 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Commerce Bancshares by 7.2% in the third quarter. Dimensional Fund Advisors LP now owns 2,643,001 shares of the financial services provider’s stock valued at $157,942,000 after acquiring an additional 177,076 shares in the last quarter. Finally, Boston Trust Walden Corp lifted its position in shares of Commerce Bancshares by 28.3% in the third quarter. Boston Trust Walden Corp now owns 1,903,362 shares of the financial services provider’s stock valued at $113,745,000 after acquiring an additional 420,053 shares in 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.