Piper Sandler Boosts Commerce Bancshares (NASDAQ:CBSH) Price Target to $72.00

Commerce Bancshares (NASDAQ:CBSH) had its price target lifted by Piper Sandler from $69.00 to $72.00 in a report issued on Thursday,Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

Several other brokerages have also issued reports on CBSH. Wells Fargo & Company increased their price target on shares of Commerce Bancshares from $62.00 to $67.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 3rd. Morgan Stanley cut Commerce Bancshares from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $66.00 to $64.00 in a research report on Monday, September 30th. Keefe, Bruyette & Woods raised their price objective on Commerce Bancshares from $66.00 to $78.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. StockNews.com raised Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Monday, January 13th. Finally, Raymond James downgraded Commerce Bancshares from an “outperform” rating to a “market perform” rating in a report on Thursday, December 19th. Seven analysts have rated the stock with a hold rating, According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $67.33.

Commerce Bancshares Stock Performance

Commerce Bancshares stock opened at $65.76 on Thursday. Commerce Bancshares has a fifty-two week low of $47.09 and a fifty-two week high of $72.75. The stock’s 50 day simple moving average is $66.66 and its two-hundred day simple moving average is $63.63. The stock has a market cap of $8.43 billion, a price-to-earnings ratio of 16.40, a PEG ratio of 3.64 and a beta of 0.79.

Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings results on Wednesday, January 22nd. The financial services provider reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.06. The company had revenue of $422.10 million for the quarter, compared to analyst estimates of $417,482 billion. Commerce Bancshares had a return on equity of 16.31% and a net margin of 25.24%. The firm’s revenue was up 7.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.84 earnings per share. On average, analysts predict that Commerce Bancshares will post 3.73 earnings per share for the current year.

Insiders Place Their Bets

In related news, SVP Patricia R. Kellerhals sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $67.69, for a total value of $67,690.00. Following the sale, the senior vice president now owns 21,265 shares in the company, valued at approximately $1,439,427.85. This trade represents a 4.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Kevin G. Barth sold 1,582 shares of the business’s stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $67.54, for a total transaction of $106,848.28. Following the sale, the executive vice president now owns 65,409 shares of the company’s stock, valued at approximately $4,417,723.86. This represents a 2.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 9,398 shares of company stock valued at $651,265. Corporate insiders own 3.20% of the company’s stock.

Institutional Trading of Commerce Bancshares

Several large investors have recently modified their holdings of the company. Vanguard Personalized Indexing Management LLC lifted its holdings in Commerce Bancshares by 18.1% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 10,353 shares of the financial services provider’s stock valued at $540,000 after acquiring an additional 1,588 shares during the period. Hsbc Holdings PLC bought a new position in shares of Commerce Bancshares in the 2nd quarter worth approximately $207,000. Benjamin F. Edwards & Company Inc. boosted its holdings in shares of Commerce Bancshares by 591.4% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 6,243 shares of the financial services provider’s stock worth $348,000 after buying an additional 5,340 shares during the last quarter. Frank Rimerman Advisors LLC bought a new stake in Commerce Bancshares during the second quarter valued at approximately $212,000. Finally, Evergreen Capital Management LLC purchased a new stake in Commerce Bancshares during the second quarter valued at approximately $271,000. Institutional investors own 70.26% of the company’s stock.

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.