Commerce Bancshares (NASDAQ:CBSH) Price Target Raised to $59.00 at Piper Sandler

Commerce Bancshares (NASDAQ:CBSH) had its price objective upped by equities researchers at Piper Sandler from $58.50 to $59.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s price target would indicate a potential upside of 2.64% from the stock’s current price.

CBSH has been the subject of several other research reports. TD Cowen restated a “hold” rating and issued a $54.00 price objective (up from $53.00) on shares of Commerce Bancshares in a research report on Thursday, April 23rd. Zacks Research upgraded shares of Commerce Bancshares from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 4th. Morgan Stanley decreased their price target on shares of Commerce Bancshares from $67.00 to $65.00 and set an “equal weight” rating on the stock in a research note on Monday, March 2nd. Keefe, Bruyette & Woods raised their price target on shares of Commerce Bancshares from $56.00 to $57.00 and gave the company a “market perform” rating in a report on Wednesday, May 13th. Finally, Hovde Group dropped their price objective on shares of Commerce Bancshares from $63.00 to $60.00 and set an “outperform” rating for the company in a research report on Wednesday, April 22nd. One research analyst has rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $58.00.

Commerce Bancshares Price Performance

Shares of CBSH stock traded up $0.04 during trading hours on Friday, hitting $57.48. 91,343 shares of the company’s stock were exchanged, compared to its average volume of 1,279,509. The stock’s 50-day moving average is $52.61 and its 200-day moving average is $52.21. The stock has a market cap of $8.38 billion, a price-to-earnings ratio of 13.80, a price-to-earnings-growth ratio of 3.85 and a beta of 0.60. Commerce Bancshares has a 52 week low of $46.99 and a 52 week high of $63.19.

Commerce Bancshares (NASDAQ:CBSH) last announced its earnings results on Tuesday, April 21st. The financial services provider reported $0.96 earnings per share for the quarter, beating analysts’ consensus estimates of $0.94 by $0.02. Commerce Bancshares had a return on equity of 14.78% and a net margin of 26.37%.The company had revenue of $475.69 million during the quarter, compared to analyst estimates of $481.94 million. During the same period last year, the company posted $0.98 earnings per share. The firm’s quarterly revenue was up 11.1% compared to the same quarter last year. Equities research analysts forecast that Commerce Bancshares will post 4.12 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CBSH. Apriem Advisors grew its stake in shares of Commerce Bancshares by 5.0% during the fourth quarter. Apriem Advisors now owns 4,018 shares of the financial services provider’s stock worth $210,000 after purchasing an additional 191 shares during the period. Heartland Bank & Trust Co increased its holdings in Commerce Bancshares by 4.4% in the fourth quarter. Heartland Bank & Trust Co now owns 4,595 shares of the financial services provider’s stock valued at $240,000 after purchasing an additional 192 shares during the last quarter. Outlook Wealth Advisors LLC lifted its stake in Commerce Bancshares by 3.7% in the fourth quarter. Outlook Wealth Advisors LLC now owns 5,934 shares of the financial services provider’s stock valued at $311,000 after buying an additional 214 shares during the period. Crossmark Global Holdings Inc. lifted its stake in Commerce Bancshares by 2.7% in the third quarter. Crossmark Global Holdings Inc. now owns 8,265 shares of the financial services provider’s stock valued at $494,000 after buying an additional 215 shares during the period. Finally, Elser Financial Planning Inc boosted its holdings in Commerce Bancshares by 5.0% during the fourth quarter. Elser Financial Planning Inc now owns 4,531 shares of the financial services provider’s stock worth $237,000 after buying an additional 215 shares during the last quarter. 70.26% of the stock is currently owned by institutional investors.

Commerce Bancshares Company Profile

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.