Piper Sandler Increases Commerce Bancshares (NASDAQ:CBSH) Price Target to $54.00

Commerce Bancshares (NASDAQ:CBSH) had its price objective raised by analysts at Piper Sandler from $53.00 to $54.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s target price points to a potential upside of 1.69% from the stock’s previous close.

Several other analysts also recently issued reports on CBSH. Keefe, Bruyette & Woods boosted their price objective on Commerce Bancshares from $56.00 to $58.00 and gave the stock a “market perform” rating in a report on Wednesday. Bank of America initiated coverage on Commerce Bancshares in a report on Thursday, January 11th. They set a “neutral” rating and a $55.00 price objective on the stock. Raymond James upgraded Commerce Bancshares from a “market perform” rating to an “outperform” rating and set a $61.00 price objective on the stock in a report on Wednesday. Finally, Morgan Stanley boosted their price objective on Commerce Bancshares from $46.00 to $55.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 7th. Six equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $55.00.

Commerce Bancshares Stock Performance

Commerce Bancshares stock opened at $53.10 on Wednesday. The company has a 50-day simple moving average of $52.02 and a 200-day simple moving average of $50.93. The firm has a market capitalization of $6.90 billion, a P/E ratio of 14.81 and a beta of 0.79. Commerce Bancshares has a one year low of $40.91 and a one year high of $56.75.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.06. Commerce Bancshares had a net margin of 23.33% and a return on equity of 16.78%. The company had revenue of $397.80 million during the quarter, compared to the consensus estimate of $389.49 million. During the same period in the prior year, the company earned $0.90 EPS. Commerce Bancshares’s revenue was up 2.2% on a year-over-year basis. As a group, sell-side analysts forecast that Commerce Bancshares will post 3.24 earnings per share for the current year.

Insider Buying and Selling

In other Commerce Bancshares news, SVP Patricia R. Kellerhals sold 730 shares of the company’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $54.87, for a total transaction of $40,055.10. Following the completion of the sale, the senior vice president now owns 25,502 shares of the company’s stock, valued at $1,399,294.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP John K. Handy sold 1,508 shares of the stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $54.79, for a total value of $82,623.32. Following the completion of the sale, the executive vice president now directly owns 46,524 shares of the company’s stock, valued at $2,549,049.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Patricia R. Kellerhals sold 730 shares of the firm’s stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $54.87, for a total value of $40,055.10. Following the completion of the transaction, the senior vice president now directly owns 25,502 shares of the company’s stock, valued at $1,399,294.74. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 14,321 shares of company stock worth $752,387. Insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Moneta Group Investment Advisors LLC raised its stake in Commerce Bancshares by 102,920.9% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 133,790,172 shares of the financial services provider’s stock worth $9,107,097,000 after acquiring an additional 133,660,305 shares in the last quarter. Vanguard Group Inc. raised its stake in Commerce Bancshares by 4.7% during the fourth quarter. Vanguard Group Inc. now owns 12,372,518 shares of the financial services provider’s stock worth $660,816,000 after acquiring an additional 558,017 shares in the last quarter. BlackRock Inc. increased its stake in shares of Commerce Bancshares by 2.0% in the first quarter. BlackRock Inc. now owns 10,934,079 shares of the financial services provider’s stock valued at $638,003,000 after buying an additional 217,024 shares in the last quarter. State Street Corp increased its stake in shares of Commerce Bancshares by 18.9% in the second quarter. State Street Corp now owns 7,736,375 shares of the financial services provider’s stock valued at $376,761,000 after buying an additional 1,227,825 shares in the last quarter. Finally, Commerce Bank increased its stake in shares of Commerce Bancshares by 2.8% in the fourth quarter. Commerce Bank now owns 7,222,818 shares of the financial services provider’s stock valued at $385,771,000 after buying an additional 196,431 shares in the last quarter. 70.26% of the stock is owned by institutional investors.

Commerce Bancshares Company Profile

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.