Commerce Bancshares (NASDAQ:CBSH) Given New $70.00 Price Target at Keefe, Bruyette & Woods

Commerce Bancshares (NASDAQ:CBSH) had its price target lowered by equities researchers at Keefe, Bruyette & Woods from $74.00 to $70.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price target indicates a potential upside of 16.63% from the company’s current price.

A number of other brokerages have also recently commented on CBSH. Wells Fargo & Company lowered their price target on 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. StockNews.com cut shares of Commerce Bancshares from a “hold” rating to a “sell” rating in a research report on Thursday. Raymond James cut Commerce Bancshares from an “outperform” rating to a “market perform” rating in a research note on Thursday, December 19th. Piper Sandler raised their price target on Commerce Bancshares from $69.00 to $72.00 and gave the stock a “neutral” rating in a research report on Thursday, January 23rd. Finally, Morgan Stanley upgraded 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 report on Monday, April 7th. One equities research analyst has rated the stock with a sell rating and six have issued a hold rating to the company’s stock. Based on data from MarketBeat, Commerce Bancshares currently has a consensus rating of “Hold” and a consensus target price of $63.83.

Commerce Bancshares Stock Performance

Shares of CBSH stock opened at $60.02 on Thursday. The firm’s 50 day moving average price is $61.81 and its two-hundred day moving average price is $64.07. Commerce Bancshares has a 52-week low of $49.81 and a 52-week high of $72.75. The stock has a market cap of $8.05 billion, a PE ratio of 14.97, a PEG ratio of 2.13 and a beta of 0.71.

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

Insider Buying and Selling

In related news, VP David L. Orf sold 1,036 shares of the stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $68.24, for a total transaction of $70,696.64. Following the completion of the transaction, the vice president now owns 22,175 shares in the company, valued at approximately $1,513,222. This represents a 4.46 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Patricia R. Kellerhals sold 1,719 shares of Commerce Bancshares stock in a transaction 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 completion of the sale, the senior vice president now owns 18,688 shares in the company, valued at $1,257,702.40. The trade was a 8.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 78,434 shares of company stock worth $5,248,272. 3.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Atria Wealth Solutions Inc. raised its stake in shares of Commerce Bancshares by 1.5% during the 4th quarter. Atria Wealth Solutions Inc. now owns 11,062 shares of the financial services provider’s stock worth $689,000 after purchasing an additional 166 shares in the last quarter. Canopy Partners LLC increased its holdings in Commerce Bancshares by 4.9% during the fourth quarter. Canopy Partners LLC now owns 3,609 shares of the financial services provider’s stock worth $225,000 after buying an additional 168 shares during the last quarter. Apriem Advisors raised its position in Commerce Bancshares by 5.0% during the fourth quarter. Apriem Advisors now owns 3,827 shares of the financial services provider’s stock worth $238,000 after acquiring an additional 182 shares in the last quarter. Fifth Third Wealth Advisors LLC lifted its stake in Commerce Bancshares by 4.9% in the fourth quarter. Fifth Third Wealth Advisors LLC now owns 3,908 shares of the financial services provider’s stock valued at $244,000 after acquiring an additional 183 shares during the last quarter. Finally, Verde Capital Management grew its position in shares of Commerce Bancshares by 5.4% in the 4th quarter. Verde Capital Management now owns 3,573 shares of the financial services provider’s stock valued at $223,000 after acquiring an additional 183 shares during the period. 70.26% of the stock is owned by institutional investors and hedge funds.

About Commerce Bancshares

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.