Commerce Bancshares (NASDAQ:CBSH) Price Target Lowered to $60.00 at Wells Fargo & Company

Commerce Bancshares (NASDAQ:CBSH) had its price objective reduced by Wells Fargo & Company from $70.00 to $60.00 in a report published on Wednesday morning,Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

CBSH has been the topic of several other research reports. Raymond James lowered shares of Commerce Bancshares from an “outperform” rating to a “market perform” rating in a research note on Thursday, December 19th. StockNews.com raised Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Wednesday. Piper Sandler increased their price target on Commerce Bancshares from $69.00 to $72.00 and gave the stock a “neutral” rating in a research note on Thursday, January 23rd. Finally, Morgan Stanley upgraded shares of Commerce Bancshares from an “underweight” rating to an “equal weight” rating and cut their price objective for the company from $66.00 to $58.00 in a research note on Monday. Seven analysts have rated the stock with a hold rating, Based on data from MarketBeat, Commerce Bancshares currently has a consensus rating of “Hold” and an average price target of $65.17.

Commerce Bancshares Trading Down 6.5 %

NASDAQ CBSH traded down $3.82 during trading hours on Wednesday, reaching $54.91. The company’s stock had a trading volume of 163,136 shares, compared to its average volume of 581,223. The stock has a market cap of $7.36 billion, a PE ratio of 13.83, a PEG ratio of 2.13 and a beta of 0.71. The business has a 50-day simple moving average of $62.77 and a 200 day simple moving average of $64.17. Commerce Bancshares has a 52 week low of $48.49 and a 52 week high of $72.75.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings data on Wednesday, January 22nd. The financial services provider reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.06. Commerce Bancshares had a return on equity of 16.31% and a net margin of 25.24%. The firm had revenue of $422.10 million during the quarter, compared to the consensus estimate of $417.48 million. During the same period in the prior year, the business earned $0.84 EPS. The firm’s revenue was up 7.3% on a year-over-year basis. As a group, equities analysts predict that Commerce Bancshares will post 3.94 EPS for the current year.

Commerce Bancshares Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 25th. Stockholders of record on Friday, March 7th were issued a dividend of $0.275 per share. This is an increase from Commerce Bancshares’s previous quarterly dividend of $0.27. The ex-dividend date was Friday, March 7th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.00%. Commerce Bancshares’s payout ratio is currently 27.43%.

Insider Buying and Selling

In related news, EVP Kevin G. Barth sold 24,870 shares of the stock in a transaction on Friday, January 24th. The stock was sold at an average price of $66.06, for a total transaction of $1,642,912.20. Following the completion of the sale, the executive vice president now directly owns 45,511 shares in the company, valued at approximately $3,006,456.66. This trade represents a 35.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP David L. Orf sold 1,036 shares of the business’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $68.24, for a total value of $70,696.64. Following the completion of the transaction, the vice president now owns 22,175 shares in the company, valued at $1,513,222. This trade represents a 4.46 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 78,434 shares of company stock valued at $5,248,272. Corporate insiders own 3.10% of the company’s stock.

Institutional Investors Weigh In On Commerce Bancshares

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in Commerce Bancshares by 5.1% in 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 last quarter. Aristotle Capital Management LLC lifted its stake in shares of Commerce Bancshares by 4.3% in the 4th quarter. Aristotle Capital Management LLC now owns 8,566,476 shares of the financial services provider’s stock valued at $533,777,000 after purchasing an additional 351,406 shares during the last quarter. American Century Companies Inc. boosted its holdings in Commerce Bancshares by 25.5% in the fourth 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 in the last quarter. Geode Capital Management LLC boosted its holdings in Commerce Bancshares by 3.7% in the fourth quarter. Geode Capital Management LLC now owns 2,484,463 shares of the financial services provider’s stock worth $155,756,000 after purchasing an additional 87,723 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Commerce Bancshares by 11.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,272,118 shares of the financial services provider’s stock worth $141,584,000 after buying an additional 227,052 shares during the last quarter. 70.26% of the stock is currently owned by institutional investors and hedge funds.

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.