Commerce Bancshares (NASDAQ:CBSH) Given New $54.00 Price Target at Piper Sandler

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

Other equities research analysts also recently issued reports about the company. Morgan Stanley lifted 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. Bank of America assumed coverage on Commerce Bancshares in a research note on Thursday, January 11th. They set a “neutral” rating and a $55.00 price target for the company. Keefe, Bruyette & Woods boosted their price target on Commerce Bancshares from $56.00 to $58.00 and gave the company a “market perform” rating in a research note on Wednesday. Finally, Raymond James upgraded Commerce Bancshares from a “market perform” rating to an “outperform” rating and set a $61.00 price target for the company in a research note on Wednesday. Six investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, Commerce Bancshares has an average rating of “Hold” and a consensus target price of $55.00.

Commerce Bancshares Price Performance

CBSH opened at $53.10 on Wednesday. Commerce Bancshares has a 1 year low of $40.91 and a 1 year high of $56.75. The stock has a 50-day moving average price of $52.02 and a 200-day moving average price of $50.93. The firm has a market cap of $6.90 billion, a PE ratio of 14.81 and a beta of 0.79.

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

Insider Activity at Commerce Bancshares

In related news, Director Benjamin F. Rassieur III sold 1,785 shares of the business’s stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $53.83, for a total transaction of $96,086.55. Following the completion of the transaction, the director now directly owns 33,567 shares in the company, valued at approximately $1,806,911.61. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, EVP Robert S. Holmes sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $52.66, for a total value of $263,300.00. Following the transaction, the executive vice president now directly owns 50,293 shares of the company’s stock, valued at approximately $2,648,429.38. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Benjamin F. Rassieur III sold 1,785 shares of the business’s stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $53.83, for a total value of $96,086.55. Following the completion of the transaction, the director now directly owns 33,567 shares in the company, valued at $1,806,911.61. The disclosure for this sale can be found here. In the last ninety days, insiders sold 14,321 shares of company stock worth $752,387. 3.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CBSH. First Republic Investment Management Inc. raised its holdings in shares of Commerce Bancshares by 0.3% during the 2nd quarter. First Republic Investment Management Inc. now owns 53,245 shares of the financial services provider’s stock worth $3,496,000 after acquiring an additional 138 shares in the last quarter. Cetera Advisors LLC raised its holdings in shares of Commerce Bancshares by 3.6% during the 4th quarter. Cetera Advisors LLC now owns 5,099 shares of the financial services provider’s stock worth $347,000 after acquiring an additional 179 shares in the last quarter. Capital Advisors Inc. OK raised its holdings in shares of Commerce Bancshares by 5.0% during the 4th quarter. Capital Advisors Inc. OK now owns 4,431 shares of the financial services provider’s stock worth $237,000 after acquiring an additional 210 shares in the last quarter. Signaturefd LLC raised its holdings in shares of Commerce Bancshares by 14.4% during the 4th quarter. Signaturefd LLC now owns 1,694 shares of the financial services provider’s stock worth $90,000 after acquiring an additional 213 shares in the last quarter. Finally, Angeles Investment Advisors LLC raised its holdings in shares of Commerce Bancshares by 5.0% during the 4th quarter. Angeles Investment Advisors LLC now owns 4,557 shares of the financial services provider’s stock worth $243,000 after acquiring an additional 217 shares in the last quarter. 70.26% of the stock is owned by hedge funds and other 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.