Piper Sandler Issues Positive Forecast for Commerce Bancshares (NASDAQ:CBSH) Stock Price

Commerce Bancshares (NASDAQ:CBSH) had its price objective upped by investment analysts at Piper Sandler from $65.00 to $66.00 in a report released on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s target price would suggest a potential upside of 8.71% from the stock’s previous close.

CBSH has been the subject of several other reports. StockNews.com lowered Commerce Bancshares from a “hold” rating to a “sell” rating in a research note on Thursday. Morgan Stanley raised Commerce Bancshares from an “underweight” rating to an “equal weight” rating and decreased their price objective for the stock from $66.00 to $58.00 in a research note on Monday, April 7th. Raymond James lowered shares of Commerce Bancshares from an “outperform” rating to a “market perform” rating in a report on Thursday, December 19th. Keefe, Bruyette & Woods dropped their price target on shares of Commerce Bancshares from $74.00 to $70.00 and set a “market perform” rating for the company in a research report on Thursday. Finally, Wells Fargo & Company decreased their price objective on shares of Commerce Bancshares from $70.00 to $60.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 9th. One equities research analyst has rated the stock with a sell rating and six have issued a hold rating to the company. According to MarketBeat.com, Commerce Bancshares currently has a consensus rating of “Hold” and a consensus target price of $62.83.

Commerce Bancshares Stock Performance

Shares of CBSH stock traded up $0.69 during trading hours on Thursday, reaching $60.71. The company had a trading volume of 355,532 shares, compared to its average volume of 587,155. The firm has a market cap of $8.14 billion, a PE ratio of 15.14, a price-to-earnings-growth ratio of 2.13 and a beta of 0.71. The business has a fifty day moving average price of $61.81 and a 200-day moving average price of $64.07. Commerce Bancshares has a one year low of $49.81 and a one year high of $72.75.

Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings results on Wednesday, April 16th. The financial services provider reported $0.98 EPS for the quarter, beating the consensus estimate of $0.93 by $0.05. The firm had revenue of $428.05 million during 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 research analysts forecast that Commerce Bancshares will post 3.94 EPS for the current year.

Insider Transactions at Commerce Bancshares

In other news, CFO Charles G. Kim sold 13,493 shares of the firm’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 value of $914,285.68. Following the completion of the sale, the chief financial officer now directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP David L. Orf sold 1,036 shares of the business’s 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 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. Insiders have sold 78,434 shares of company stock valued at $5,248,272 in the last ninety days. Corporate insiders own 3.10% of the company’s stock.

Hedge Funds Weigh In On Commerce Bancshares

Large investors have recently made changes to their positions in the company. Atria Wealth Solutions Inc. boosted its position in shares of Commerce Bancshares by 1.5% during the fourth quarter. Atria Wealth Solutions Inc. now owns 11,062 shares of the financial services provider’s stock valued at $689,000 after buying an additional 166 shares during the period. Canopy Partners LLC lifted its position in shares of 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 purchasing an additional 168 shares during the last quarter. Apriem Advisors boosted its stake in shares of Commerce Bancshares by 5.0% during the fourth quarter. Apriem Advisors now owns 3,827 shares of the financial services provider’s stock valued at $238,000 after purchasing an additional 182 shares during the period. Fifth Third Wealth Advisors LLC increased its stake in Commerce Bancshares by 4.9% in the 4th quarter. Fifth Third Wealth Advisors LLC now owns 3,908 shares of the financial services provider’s stock worth $244,000 after buying an additional 183 shares during the period. Finally, Verde Capital Management boosted its position in 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 buying an additional 183 shares during the period. 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.