Keefe, Bruyette & Woods Cuts Commerce Bancshares (NASDAQ:CBSH) Price Target to $70.00

Commerce Bancshares (NASDAQ:CBSH) had its price objective dropped by investment analysts at Keefe, Bruyette & Woods from $74.00 to $70.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ target price points to a potential upside of 16.86% from the stock’s current price.

Other research analysts have also recently issued research reports about the stock. Wells Fargo & Company cut their price target on shares of Commerce Bancshares from $70.00 to $60.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 9th. Morgan Stanley upgraded Commerce Bancshares from an “underweight” rating to an “equal weight” rating and cut their target price for the stock from $66.00 to $58.00 in a research report on Monday, April 7th. Raymond James cut Commerce Bancshares from an “outperform” rating to a “market perform” rating in a research report on Thursday, December 19th. Piper Sandler lifted their price objective on Commerce Bancshares from $69.00 to $72.00 and gave the company a “neutral” rating in a report on Thursday, January 23rd. Finally, StockNews.com lowered shares of Commerce Bancshares from a “hold” rating to a “sell” rating in a report on Thursday. One analyst has rated the stock with a sell rating and six have assigned a hold rating to the stock. Based on data from MarketBeat, Commerce Bancshares has an average rating of “Hold” and an average price target of $63.20.

Commerce Bancshares Trading Down 0.2 %

CBSH opened at $59.90 on Thursday. The stock’s 50 day simple moving average is $61.53 and its 200-day simple moving average is $64.09. The stock has a market cap of $8.03 billion, a PE ratio of 14.94, a P/E/G ratio of 2.13 and a beta of 0.71. Commerce Bancshares has a 1 year low of $49.97 and a 1 year high of $72.75.

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

Insider Activity at Commerce Bancshares

In other news, SVP Patricia R. Kellerhals sold 1,719 shares of the stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $67.30, for a total transaction of $115,688.70. Following the sale, the senior vice president now directly owns 18,688 shares of the company’s stock, valued at $1,257,702.40. This represents a 8.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Charles G. Kim sold 13,493 shares of the business’s stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $67.76, for a total transaction of $914,285.68. Following the completion of the transaction, the chief financial officer now owns 86,246 shares of the company’s stock, valued at $5,844,028.96. This trade represents a 13.53 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 78,434 shares of company stock valued at $5,248,272 over the last ninety days. 3.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted 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 valued at $824,080,000 after acquiring an additional 642,401 shares during the period. Aristotle Capital Management LLC increased its position in Commerce Bancshares by 4.3% in the fourth quarter. Aristotle Capital Management LLC now owns 8,566,476 shares of the financial services provider’s stock worth $533,777,000 after purchasing an additional 351,406 shares during the period. American Century Companies Inc. raised its holdings in Commerce Bancshares by 25.5% during the 4th quarter. American Century Companies Inc. now owns 3,675,031 shares of the financial services provider’s stock worth $228,991,000 after purchasing an additional 745,661 shares during the last quarter. Geode Capital Management LLC lifted its position in Commerce Bancshares by 3.7% during the 4th quarter. Geode Capital Management LLC now owns 2,484,463 shares of the financial services provider’s stock valued at $155,756,000 after purchasing an additional 87,723 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Commerce Bancshares by 11.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,272,118 shares of the financial services provider’s stock valued at $141,584,000 after purchasing an additional 227,052 shares during the last quarter. 70.26% of the stock is currently 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.