Commerce Bancshares (NASDAQ:CBSH) Price Target Raised to $66.00 at Piper Sandler

Commerce Bancshares (NASDAQ:CBSH) had its price objective raised by analysts at Piper Sandler from $65.00 to $66.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s target price would indicate a potential upside of 8.71% from the stock’s previous close.

Several other brokerages also recently weighed in on CBSH. Morgan Stanley upgraded shares of Commerce Bancshares from an “underweight” rating to an “equal weight” rating and lowered their target price for the company from $66.00 to $58.00 in a research note on Monday, April 7th. Keefe, Bruyette & Woods cut their price objective on shares of Commerce Bancshares from $74.00 to $70.00 and set a “market perform” rating on the stock in a report on Thursday. Wells Fargo & Company dropped their target price on shares of Commerce Bancshares from $70.00 to $60.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 9th. Raymond James lowered shares of Commerce Bancshares from an “outperform” rating to a “market perform” rating in a report on Thursday, December 19th. Finally, StockNews.com lowered Commerce Bancshares from a “hold” rating to a “sell” rating in a report on Thursday. One equities research analyst has rated the stock with a sell rating and six have issued a hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $62.83.

Commerce Bancshares Stock Up 1.1 %

Shares of NASDAQ CBSH traded up $0.69 during midday trading on Thursday, reaching $60.71. 355,532 shares of the company’s stock traded hands, compared to its average volume of 587,155. The stock’s 50 day simple moving average is $61.81 and its 200-day simple moving average is $64.07. The company has a market cap of $8.14 billion, a price-to-earnings ratio of 15.14, a P/E/G ratio of 2.13 and a beta of 0.71. Commerce Bancshares has a one year low of $49.81 and a one year high of $72.75.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings data on Wednesday, April 16th. The financial services provider reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.05. The company had revenue of $428.05 million for the quarter, compared to the consensus estimate of $417.85 million. Commerce Bancshares had a return on equity of 16.31% and a net margin of 25.24%. Equities analysts predict that Commerce Bancshares will post 3.94 EPS for the current fiscal year.

Insider Activity

In other news, SVP Patricia R. Kellerhals sold 1,719 shares of the stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $67.30, for a total transaction of $115,688.70. Following the transaction, the senior vice president now owns 18,688 shares in the company, valued at $1,257,702.40. This trade represents a 8.42 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP David L. Orf sold 1,036 shares of the company’s stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $68.24, for a total transaction of $70,696.64. Following the transaction, the vice president now owns 22,175 shares of the company’s stock, valued at $1,513,222. This represents a 4.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 78,434 shares of company stock valued at $5,248,272 in the last three months. 3.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Commerce Bancshares

Several institutional investors have recently bought and sold shares of the company. Kapitalo Investimentos Ltda purchased a new stake in shares of Commerce Bancshares during the fourth quarter worth approximately $26,000. CoreFirst Bank & Trust acquired a new position in shares of Commerce Bancshares during the 4th quarter worth approximately $33,000. Marshall Investment Management LLC purchased a new stake in Commerce Bancshares in the 4th quarter valued at $35,000. V Square Quantitative Management LLC raised its stake in Commerce Bancshares by 84.0% during the fourth quarter. V Square Quantitative Management LLC now owns 791 shares of the financial services provider’s stock worth $49,000 after purchasing an additional 361 shares during the period. Finally, Nomura Asset Management Co. Ltd. grew its stake in shares of Commerce Bancshares by 46.9% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 839 shares of the financial services provider’s stock valued at $52,000 after buying an additional 268 shares during the period. 70.26% of the stock is currently owned by institutional investors and hedge funds.

About Commerce Bancshares

Commerce Bancshares, Inc operates as the bank holding company for Commerce Bank that provides retail, mortgage banking, corporate, investment, trust, and asset management products and services to individuals and businesses in the United States. It operates through three segments: Consumer, Commercial, and Wealth.