Commerce Bancshares, Inc. (NASDAQ:CBSH) Stock Has Average Price Target of $64.71

Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) have received an average recommendation of “Hold” from the ten research firms that are presently covering the stock, MarketBeat Ratings reports. Seven investment analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $64.71.

CBSH has been the subject of several analyst reports. Raymond James Financial raised shares of Commerce Bancshares to a “hold” rating in a research note on Thursday, August 27th. Wells Fargo & Company set a $61.00 price target on shares of Commerce Bancshares and gave the company an “equal weight” rating in a research note on Tuesday. Stephens set a $64.00 price target on shares of Commerce Bancshares and gave the company an “equal weight” rating in a research note on Friday, July 17th. Piper Sandler reissued a “neutral” rating and issued a $66.00 price objective (up from $59.00) on shares of Commerce Bancshares in a research report on Friday, July 17th. Finally, TD Cowen reaffirmed a “hold” rating and issued a $63.00 target price (up from $62.00) on shares of Commerce Bancshares in a report on Friday, July 17th.

Commerce Bancshares Stock Up 0.8%

CBSH stock opened at $55.28 on Thursday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.01. The business has a 50 day moving average price of $58.12 and a two-hundred day moving average price of $54.86. The company has a market cap of $7.93 billion, a price-to-earnings ratio of 13.38, a P/E/G ratio of 1.98 and a beta of 0.60. Commerce Bancshares has a twelve month low of $46.99 and a twelve month high of $60.92.

Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings results on Thursday, July 16th. The financial services provider reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.06. Commerce Bancshares had a return on equity of 14.31% and a net margin of 26.07%.The firm had revenue of $498.91 million for the quarter, compared to analyst estimates of $492.22 million. During the same quarter in the previous year, the firm earned $1.14 EPS. Analysts anticipate that Commerce Bancshares will post 4.23 EPS for the current fiscal year.

Commerce Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 22nd. Shareholders of record on Friday, September 4th were given a dividend of $0.2750 per share. This represents a $1.10 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend was Friday, September 4th. Commerce Bancshares’s payout ratio is 26.63%.

Insider Transactions at Commerce Bancshares

In other news, EVP Robert S. Holmes sold 5,000 shares of Commerce Bancshares stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $60.20, for a total transaction of $301,000.00. Following the completion of the transaction, the executive vice president directly owned 55,962 shares in the company, valued at approximately $3,368,912.40. The trade was a 8.20% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP David L. Orf sold 642 shares of the business’s stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $60.35, for a total value of $38,744.70. Following the transaction, the vice president directly owned 24,962 shares in the company, valued at $1,506,456.70. The trade was a 2.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 32,950 shares of company stock valued at $1,963,777. Company insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Commerce Bancshares

A number of large investors have recently added to or reduced their stakes in the business. Versant Capital Management Inc boosted its position in Commerce Bancshares by 146.6% during the third quarter. Versant Capital Management Inc now owns 508 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 302 shares during the period. Stonebridge Financial Group LLC increased its holdings in shares of Commerce Bancshares by 2.0% in the third quarter. Stonebridge Financial Group LLC now owns 82,931 shares of the financial services provider’s stock valued at $4,540,000 after purchasing an additional 1,643 shares during the last quarter. Sequoia Financial Advisors LLC raised its position in shares of Commerce Bancshares by 196.4% in the second quarter. Sequoia Financial Advisors LLC now owns 12,189 shares of the financial services provider’s stock valued at $704,000 after purchasing an additional 8,076 shares during the period. Integrated Wealth Concepts LLC raised its position in shares of Commerce Bancshares by 48.2% in the second quarter. Integrated Wealth Concepts LLC now owns 27,560 shares of the financial services provider’s stock valued at $1,592,000 after purchasing an additional 8,958 shares during the period. Finally, NewEdge Advisors LLC raised its position in shares of Commerce Bancshares by 95.0% in the second quarter. NewEdge Advisors LLC now owns 19,581 shares of the financial services provider’s stock valued at $1,131,000 after purchasing an additional 9,537 shares during the period. Institutional investors own 70.26% of the company’s stock.

About Commerce Bancshares

Commerce Bancshares, Inc is a financial holding company headquartered in Kansas City, Missouri. Its principal subsidiary, Commerce Bank, provides banking and financial services to businesses, institutions and individuals through a network of branches and digital channels.

The company’s offerings include commercial and consumer lending, deposit accounts, treasury and payment services, credit and debit cards, investment services, brokerage, trust administration and wealth management. Commerce also provides specialized services for businesses, including cash management, merchant processing and other payment solutions.

Commerce Bank traces its history to 1865 and primarily serves customers in Missouri, Kansas, Illinois, Oklahoma and Colorado.