Commerce Bancshares (NASDAQ:CBSH) Given New $57.00 Price Target at Wells Fargo & Company

Commerce Bancshares (NASDAQ:CBSH) had its price target hoisted by analysts at Wells Fargo & Company from $53.00 to $57.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price target indicates a potential downside of 1.77% from the company’s current price.

Several other research firms also recently commented on CBSH. Wall Street Zen downgraded Commerce Bancshares from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. Piper Sandler upped their target price on shares of Commerce Bancshares from $58.50 to $59.00 and gave the stock a “neutral” rating in a report on Friday, June 26th. Keefe, Bruyette & Woods increased their target price on shares of Commerce Bancshares from $56.00 to $57.00 and gave the company a “market perform” rating in a research report on Wednesday, May 13th. Hovde Group decreased their price target on shares of Commerce Bancshares from $63.00 to $60.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 22nd. Finally, Morgan Stanley restated a “positive” rating and set a $65.00 price target (up from $61.00) on shares of Commerce Bancshares in a research report on Monday, June 29th. Two analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $58.67.

Commerce Bancshares Stock Performance

CBSH stock opened at $58.03 on Monday. Commerce Bancshares has a 12-month low of $46.99 and a 12-month high of $63.19. The stock has a market cap of $8.46 billion, a price-to-earnings ratio of 13.92, a PEG ratio of 3.92 and a beta of 0.58. The business’s 50-day moving average is $53.48 and its 200 day moving average is $52.42.

Commerce Bancshares (NASDAQ:CBSH) last announced its earnings results on Tuesday, April 21st. The financial services provider reported $0.96 EPS for the quarter, beating analysts’ consensus estimates of $0.94 by $0.02. The business had revenue of $475.69 million during the quarter, compared to analysts’ expectations of $481.94 million. Commerce Bancshares had a return on equity of 14.78% and a net margin of 26.37%.The business’s revenue was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.98 earnings per share. As a group, equities analysts forecast that Commerce Bancshares will post 4.14 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of CBSH. Daytona Street Capital LLC purchased a new position in Commerce Bancshares during the fourth quarter worth about $25,000. Danske Bank A S purchased a new stake in shares of Commerce Bancshares in the 3rd quarter valued at approximately $25,000. Geneos Wealth Management Inc. increased its holdings in shares of Commerce Bancshares by 85.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider’s stock worth $29,000 after buying an additional 216 shares during the last quarter. Root Financial Partners LLC raised its position in shares of Commerce Bancshares by 104.9% during the 1st quarter. Root Financial Partners LLC now owns 623 shares of the financial services provider’s stock valued at $31,000 after buying an additional 319 shares during the period. Finally, Laurel Wealth Advisors LLC purchased a new stake in shares of Commerce Bancshares during the 4th quarter valued at approximately $34,000. Institutional investors and hedge funds own 70.26% of the company’s stock.

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.