Commerce Bancshares (NASDAQ:CBSH) Price Target Lowered to $55.00 at TD Cowen

Commerce Bancshares (NASDAQ:CBSH) had its price target lowered by investment analysts at TD Cowen from $61.00 to $55.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “hold” rating on the financial services provider’s stock. TD Cowen’s price target points to a potential upside of 2.19% from the stock’s previous close.

Several other research analysts also recently weighed in on CBSH. Wall Street Zen downgraded shares of Commerce Bancshares from a “hold” rating to a “sell” rating in a report on Saturday, October 18th. Weiss Ratings reiterated a “hold (c)” rating on shares of Commerce Bancshares in a research report on Monday, December 29th. Wells Fargo & Company decreased their target price on Commerce Bancshares from $61.90 to $57.14 and set an “equal weight” rating on the stock in a research note on Tuesday, October 21st. Hovde Group started coverage on Commerce Bancshares in a research note on Monday, October 6th. They issued an “outperform” rating and a $66.67 price target for the company. Finally, Piper Sandler cut their price objective on shares of Commerce Bancshares from $66.67 to $60.00 and set a “neutral” rating for the company in a report on Friday, October 17th. One research analyst has rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $61.46.

Commerce Bancshares Trading Up 0.0%

Commerce Bancshares stock traded up $0.01 during midday trading on Wednesday, hitting $53.82. The stock had a trading volume of 540,436 shares, compared to its average volume of 893,872. Commerce Bancshares has a 52-week low of $48.69 and a 52-week high of $65.59. The company has a market capitalization of $7.13 billion, a PE ratio of 12.83, a P/E/G ratio of 4.55 and a beta of 0.62. The firm’s fifty day moving average is $51.86 and its two-hundred day moving average is $55.62.

Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings results on Thursday, October 16th. The financial services provider reported $1.06 earnings per share for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.03). The firm had revenue of $448.85 million during the quarter, compared to the consensus estimate of $447.04 million. Commerce Bancshares had a return on equity of 15.73% and a net margin of 26.48%.The business’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.02 earnings per share. As a group, equities research analysts predict that Commerce Bancshares will post 3.94 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Commerce Bancshares

Several hedge funds and other institutional investors have recently modified their holdings of CBSH. Danske Bank A S purchased a new stake in Commerce Bancshares during the 3rd quarter worth approximately $25,000. Geneos Wealth Management Inc. grew its holdings in shares of Commerce Bancshares by 85.4% during the first quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider’s stock valued at $29,000 after buying an additional 216 shares during the last quarter. Quent Capital LLC purchased a new stake in shares of Commerce Bancshares during the third quarter valued at $31,000. CoreFirst Bank & Trust acquired a new position in shares of Commerce Bancshares in the 2nd quarter valued at $33,000. Finally, Rothschild Investment LLC raised its stake in Commerce Bancshares by 3,820.0% in the 3rd quarter. Rothschild Investment LLC now owns 588 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 573 shares during the last quarter. 70.26% of the stock is owned by hedge funds and other institutional investors.

About Commerce Bancshares

Commerce Bancshares, Inc is a bank holding company primarily engaged in providing a broad range of banking and financial services across the Midwest. Through its principal subsidiary, Commerce Bank, the company offers commercial and consumer banking, treasury management, trust and wealth advisory, and mortgage lending. Its diversified product suite includes deposit and loan products, cash management solutions, capital markets services, and private banking designed to meet the needs of individuals, small businesses, and large corporations.

The company’s commercial banking group delivers tailored credit facilities, equipment and inventory financing, asset-based lending, and merchant services.