Piper Sandler Cuts Commerce Bancshares (NASDAQ:CBSH) Price Target to $63.00

Commerce Bancshares (NASDAQ:CBSH) had its target price cut by Piper Sandler from $66.00 to $63.00 in a research note published on Monday, Marketbeat reports. They currently have a neutral rating on the financial services provider’s stock.

A number of other research firms have also recently commented on CBSH. Stephens set a $64.00 price objective on Commerce Bancshares and gave the company an “equal weight” rating in a research report on Friday, July 17th. Weiss Ratings cut Commerce Bancshares from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday, October 2nd. Morgan Stanley boosted their price target on Commerce Bancshares from $76.00 to $77.00 and gave the company an “overweight” rating in a research note on Monday, September 28th. Wells Fargo & Company set a $61.00 price target on shares of Commerce Bancshares and gave the company an “equal weight” rating in a research report on Tuesday, September 29th. Finally, Raymond James Financial upgraded shares of Commerce Bancshares to a “hold” rating in a research note on Thursday, August 27th. Three research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Commerce Bancshares has a consensus rating of “Hold” and an average price target of $64.29.

Commerce Bancshares Trading Down 1.6%

Shares of CBSH stock opened at $53.91 on Monday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.01. Commerce Bancshares has a 12-month low of $46.99 and a 12-month high of $60.92. The stock has a market capitalization of $7.73 billion, a P/E ratio of 13.05, a P/E/G ratio of 1.96 and a beta of 0.60. The firm’s 50 day moving average is $57.81 and its 200 day moving average is $55.05.

Commerce Bancshares (NASDAQ:CBSH) last announced its earnings results on Thursday, July 16th. The financial services provider reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.04 by $0.06. The business had revenue of $498.91 million during the quarter, compared to analyst estimates of $492.22 million. Commerce Bancshares had a net margin of 26.07% and a return on equity of 14.31%. During the same period in the previous year, the business earned $1.14 EPS. Research analysts expect that Commerce Bancshares will post 4.22 earnings per share for the current year.

Commerce Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 22nd. Investors of record on Friday, September 4th were given a dividend of $0.2750 per share. The ex-dividend date was Friday, September 4th. This represents a $1.10 annualized dividend and a yield of 2.0%. Commerce Bancshares’s payout ratio is 26.63%.

Insiders Place Their Bets

In related news, EVP Robert S. Holmes sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $60.20, for a total transaction of $301,000.00. Following the completion of the transaction, the executive vice president directly owned 55,962 shares in the company, valued at approximately $3,368,912.40. The trade was a 8.20% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP David L. Orf sold 642 shares of the stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $60.35, for a total transaction of $38,744.70. Following the completion of the sale, the vice president directly owned 24,962 shares of the company’s stock, valued at $1,506,456.70. This represents a 2.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 32,950 shares of company stock valued at $1,963,777. 1.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Commerce Bancshares

Hedge funds have recently modified their holdings of the company. Keating Financial Advisory Services Inc. purchased a new position in shares of Commerce Bancshares during the 2nd quarter valued at $29,000. Versant Capital Management Inc increased its stake in Commerce Bancshares by 146.6% in the 3rd quarter. Versant Capital Management Inc now owns 508 shares of the financial services provider’s stock worth $28,000 after buying an additional 302 shares in the last quarter. Root Financial Partners LLC raised its holdings in Commerce Bancshares by 104.9% during the first quarter. Root Financial Partners LLC now owns 623 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 319 shares during the period. Continuum Advisory LLC bought a new stake in Commerce Bancshares during the second quarter valued at about $64,000. Finally, Northwestern Mutual Wealth Management Co. purchased a new position in shares of Commerce Bancshares in the second quarter valued at about $93,000. 70.26% of the stock is currently owned by institutional investors.

About Commerce Bancshares

Commerce Bancshares, Inc is a financial holding company headquartered in Kansas City, Missouri. Its principal subsidiary, Commerce Bank, provides banking and financial services to businesses, institutions and individuals through a network of branches and digital channels.

The company’s offerings include commercial and consumer lending, deposit accounts, treasury and payment services, credit and debit cards, investment services, brokerage, trust administration and wealth management. Commerce also provides specialized services for businesses, including cash management, merchant processing and other payment solutions.

Commerce Bank traces its history to 1865 and primarily serves customers in Missouri, Kansas, Illinois, Oklahoma and Colorado.