Wells Fargo & Company Issues Pessimistic Forecast for Commerce Bancshares (NASDAQ:CBSH) Stock Price

Commerce Bancshares (NASDAQ:CBSH) had its target price cut by stock analysts at Wells Fargo & Company from $61.00 to $60.00 in a research report issued on Monday, Benzinga reports. The firm presently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 7.70% from the stock’s previous close.

Other equities analysts have also recently issued reports about the company. Piper Sandler set a $60.50 price objective on Commerce Bancshares and gave the stock a “neutral” rating in a research note on Wednesday, October 21st. Morgan Stanley boosted their target price on shares of Commerce Bancshares from $76.00 to $77.00 and gave the company an “overweight” rating in a research note on Monday, September 28th. Keefe, Bruyette & Woods boosted their target price on shares of Commerce Bancshares from $60.00 to $62.00 and gave the company a “market perform” rating in a research note on Monday, July 20th. Wall Street Zen cut shares of Commerce Bancshares from a “hold” rating to a “sell” rating in a report on Saturday. Finally, TD Cowen restated a “hold” rating and issued a $63.00 price target (up from $62.00) on shares of Commerce Bancshares in a research report on Friday, July 17th. Three research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat, Commerce Bancshares presently has an average rating of “Hold” and an average price target of $63.50.

Commerce Bancshares Stock Performance

NASDAQ:CBSH opened at $55.71 on Monday. The company has a market capitalization of $7.99 billion, a price-to-earnings ratio of 13.44, a price-to-earnings-growth ratio of 2.31 and a beta of 0.61. Commerce Bancshares has a one year low of $46.99 and a one year high of $60.92. The stock has a 50-day simple moving average of $56.12 and a 200 day simple moving average of $54.48.

Commerce Bancshares’s stock is scheduled to split before the market opens on Tuesday, December 1st. The 1.05-1 split was recently announced. The newly minted shares will be issued to shareholders after the market closes on Monday, November 30th.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings data on Tuesday, October 20th. The financial services provider reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.07 by $0.01. The firm had revenue of $494.34 million for the quarter, compared to analysts’ expectations of $496.75 million. Commerce Bancshares had a return on equity of 14.27% and a net margin of 26.06%. During the same quarter in the prior year, the firm posted $1.06 earnings per share. On average, equities research analysts forecast that Commerce Bancshares will post 4.27 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, VP David Orf sold 642 shares of the business’s stock in a transaction on Friday, August 14th. The shares were sold at an average price of $60.35, for a total transaction of $38,744.70. Following the completion of the transaction, the vice president owned 24,962 shares of the company’s stock, valued at approximately $1,506,456.70. The trade was a 2.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Douglas Neff sold 666 shares of the company’s stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $58.15, for a total transaction of $38,727.90. Following the transaction, the senior vice president owned 11,746 shares of the company’s stock, valued at $683,029.90. This represents a 5.37% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Commerce Bancshares

Several hedge funds and other institutional investors have recently made changes to their positions in CBSH. Keating Financial Advisory Services Inc. acquired a new stake in shares of Commerce Bancshares during the second quarter valued at about $29,000. Versant Capital Management Inc increased its stake in shares of Commerce Bancshares by 146.6% in the third quarter. Versant Capital Management Inc now owns 508 shares of the financial services provider’s stock valued at $28,000 after buying an additional 302 shares during the period. Laurel Wealth Advisors LLC bought a new position in Commerce Bancshares in the 3rd quarter valued at approximately $35,000. Provenance Wealth Advisors LLC bought a new position in Commerce Bancshares in the 3rd quarter valued at approximately $56,000. Finally, Continuum Advisory LLC acquired a new position in Commerce Bancshares in the 2nd quarter valued at approximately $64,000. 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 headquartered in Kansas City, Missouri. Founded in 1865, it provides banking and financial services through its principal subsidiary, Commerce Bank.

The company serves consumers, businesses, institutions and public-sector organizations. Its services include checking and savings accounts, lending, mortgage banking, treasury management, payment processing, and wealth management and trust services.

Commerce Bank operates across several Midwestern and neighboring states, including Missouri, Kansas, Illinois, Oklahoma and Colorado.