Commerce Bancshares (NASDAQ:CBSH) Given New $78.00 Price Target at Keefe, Bruyette & Woods

Commerce Bancshares (NASDAQ:CBSH) had its price objective hoisted by investment analysts at Keefe, Bruyette & Woods from $66.00 to $78.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ target price suggests a potential upside of 13.16% from the company’s previous close.

A number of other equities research analysts have also issued reports on the company. Morgan Stanley lowered Commerce Bancshares from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $66.00 to $64.00 in a research report on Monday, September 30th. Piper Sandler set a $68.50 target price on Commerce Bancshares and gave the company a “neutral” rating in a report on Friday, October 18th. Wells Fargo & Company lifted their price target on Commerce Bancshares from $62.00 to $67.00 and gave the stock an “equal weight” rating in a report on Tuesday. Finally, StockNews.com raised shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $65.07.

Commerce Bancshares Price Performance

NASDAQ CBSH traded up $0.18 during mid-day trading on Wednesday, hitting $68.93. The stock had a trading volume of 65,644 shares, compared to its average volume of 555,774. The firm’s 50 day moving average is $65.05 and its 200 day moving average is $61.17. The stock has a market capitalization of $8.84 billion, a price-to-earnings ratio of 17.95, a PEG ratio of 3.95 and a beta of 0.77. Commerce Bancshares has a twelve month low of $47.09 and a twelve month high of $72.75.

Commerce Bancshares (NASDAQ:CBSH) last issued its earnings results on Thursday, October 17th. The financial services provider reported $1.07 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.07. The business had revenue of $421.38 million during the quarter, compared to analysts’ expectations of $412.85 million. Commerce Bancshares had a net margin of 24.15% and a return on equity of 15.93%. As a group, equities research analysts expect that Commerce Bancshares will post 4.02 earnings per share for the current year.

Insider Activity at Commerce Bancshares

In related news, Chairman David W. Kemper sold 30,000 shares of Commerce Bancshares stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $61.78, for a total value of $1,853,400.00. Following the completion of the transaction, the chairman now owns 1,151,994 shares in the company, valued at approximately $71,170,189.32. The trade was a 2.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP David L. Roller sold 890 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $72.27, for a total transaction of $64,320.30. Following the sale, the senior vice president now owns 30,949 shares in the company, valued at approximately $2,236,684.23. This trade represents a 2.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 33,778 shares of company stock worth $2,106,205. 3.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Commerce Bancshares

Several large investors have recently bought and sold shares of CBSH. Los Angeles Capital Management LLC boosted its stake in shares of Commerce Bancshares by 7,407.2% in the 3rd quarter. Los Angeles Capital Management LLC now owns 362,900 shares of the financial services provider’s stock valued at $21,556,000 after buying an additional 358,066 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Commerce Bancshares by 19.8% during the second quarter. Dimensional Fund Advisors LP now owns 2,069,924 shares of the financial services provider’s stock worth $115,453,000 after purchasing an additional 342,793 shares in the last quarter. American Century Companies Inc. boosted its position in shares of Commerce Bancshares by 7.4% during the 2nd quarter. American Century Companies Inc. now owns 3,509,796 shares of the financial services provider’s stock worth $195,776,000 after acquiring an additional 240,938 shares in the last quarter. Millennium Management LLC increased its stake in Commerce Bancshares by 168.3% in the second quarter. Millennium Management LLC now owns 342,084 shares of the financial services provider’s stock valued at $19,081,000 after purchasing an additional 214,582 shares during the last quarter. Finally, Boston Trust Walden Corp boosted its holdings in shares of Commerce Bancshares by 15.4% in the 2nd quarter. Boston Trust Walden Corp now owns 1,260,999 shares of the financial services provider’s stock valued at $70,339,000 after buying an additional 168,550 shares in the last quarter. Hedge funds and other institutional investors 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.