Commerce Bancshares (NASDAQ:CBSH) Given New $71.00 Price Target at Bank of America

Commerce Bancshares (NASDAQ:CBSH) had its target price boosted by investment analysts at Bank of America from $69.00 to $71.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. Bank of America‘s price target suggests a potential upside of 16.30% from the stock’s previous close.

A number of other brokerages have also issued reports on CBSH. Morgan Stanley increased their target price on shares of Commerce Bancshares from $58.00 to $61.00 and gave the stock an “equal weight” rating in a research report on Tuesday, June 17th. Piper Sandler increased their price target on Commerce Bancshares from $65.00 to $66.00 and gave the stock a “neutral” rating in a research report on Thursday, April 17th. Wells Fargo & Company lowered their price objective on Commerce Bancshares from $70.00 to $60.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 9th. Wall Street Zen cut Commerce Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, May 21st. Finally, Keefe, Bruyette & Woods reduced their target price on Commerce Bancshares from $74.00 to $70.00 and set a “market perform” rating on the stock in a report on Thursday, April 17th. One analyst has rated the stock with a sell rating and seven have assigned a hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $65.00.

Commerce Bancshares Stock Performance

CBSH opened at $61.05 on Tuesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.76 and a quick ratio of 0.76. The business has a fifty day simple moving average of $62.37 and a 200 day simple moving average of $62.96. Commerce Bancshares has a 1 year low of $50.95 and a 1 year high of $72.75. The company has a market capitalization of $8.15 billion, a PE ratio of 14.78, a price-to-earnings-growth ratio of 4.06 and a beta of 0.60.

Commerce Bancshares (NASDAQ:CBSH) last announced its earnings results on Wednesday, April 16th. The financial services provider reported $0.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.05. Commerce Bancshares had a net margin of 25.95% and a return on equity of 16.23%. The company had revenue of $428.05 million during the quarter, compared to analysts’ expectations of $417.85 million. Research analysts expect that Commerce Bancshares will post 3.94 EPS for the current year.

Insider Buying and Selling at Commerce Bancshares

In related news, Director June Mcallister Fowler sold 1,618 shares of the firm’s stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $60.72, for a total value of $98,244.96. Following the sale, the director now directly owns 3,175 shares of the company’s stock, valued at $192,786. This trade represents a 33.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 3.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of CBSH. Principal Financial Group Inc. grew its holdings in shares of Commerce Bancshares by 3.4% during the 4th quarter. Principal Financial Group Inc. now owns 281,040 shares of the financial services provider’s stock valued at $17,512,000 after purchasing an additional 9,362 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new stake in Commerce Bancshares in the fourth quarter valued at approximately $842,000. Vanguard Group Inc. grew its stake in shares of Commerce Bancshares by 5.1% during the fourth quarter. Vanguard Group Inc. now owns 13,225,491 shares of the financial services provider’s stock worth $824,080,000 after buying an additional 642,401 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Commerce Bancshares by 5.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 232,767 shares of the financial services provider’s stock worth $14,504,000 after buying an additional 11,227 shares during the last quarter. Finally, Los Angeles Capital Management LLC increased its holdings in shares of Commerce Bancshares by 8.0% during the fourth quarter. Los Angeles Capital Management LLC now owns 391,932 shares of the financial services provider’s stock worth $24,421,000 after buying an additional 29,032 shares in the last quarter. Institutional investors and hedge funds own 70.26% of the company’s stock.

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.