Commerce Bancshares (NASDAQ:CBSH) Stock Gets Price Target Cut from Wells Fargo & Company

Commerce Bancshares (NASDAQ:CBSH) had its target price reduced by Wells Fargo & Company from $61.00 to $60.00 in a report issued on Monday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the financial services provider’s stock.

CBSH has been the topic of several other research reports. Piper Sandler set a $60.50 target price on Commerce Bancshares and gave the company a “neutral” rating in a research note on Wednesday, October 21st. Stephens set a $62.00 price target on Commerce Bancshares and gave the stock an “equal weight” rating in a research report on Wednesday, October 21st. Wall Street Zen cut shares of Commerce Bancshares from a “hold” rating to a “sell” rating in a research note on Saturday, November 7th. Weiss Ratings upgraded shares of Commerce Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, October 16th. Finally, Raymond James Financial upgraded shares of Commerce Bancshares to a “hold” rating in a report on Thursday, August 27th. Three investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $63.50.

Commerce Bancshares Price Performance

Shares of Commerce Bancshares stock opened at $55.89 on Monday. The firm has a market cap of $7.91 billion, a price-to-earnings ratio of 13.47, a price-to-earnings-growth ratio of 2.35 and a beta of 0.61. The stock’s 50-day moving average is $56.02 and its 200-day moving average is $54.50. Commerce Bancshares has a one year low of $46.99 and a one year high of $60.92.

Commerce Bancshares’s stock is set to split on the morning of Tuesday, December 1st. The 1.05-1 split was recently announced. The newly created shares will be issued to shareholders after the closing bell on Monday, November 30th.

Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings data on Tuesday, October 20th. The financial services provider reported $1.08 earnings per share for the quarter, topping the consensus estimate of $1.07 by $0.01. The company had revenue of $494.34 million during the quarter, compared to analysts’ expectations of $496.75 million. Commerce Bancshares had a return on equity of 14.27% and a net margin of 26.06%. During the same period in the prior year, the firm earned $1.06 earnings per share. On average, equities analysts expect that Commerce Bancshares will post 4.27 EPS for the current year.

Commerce Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 21st. Stockholders of record on Tuesday, December 1st will be paid a dividend of $0.2750 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Tuesday, December 1st. Commerce Bancshares’s dividend payout ratio is currently 26.51%.

Insider Activity

In related news, SVP Douglas D. Neff sold 666 shares of the company’s stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $58.15, for a total transaction of $38,727.90. Following the sale, the senior vice president owned 11,746 shares in the company, valued at approximately $683,029.90. This represents a 5.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP David L. Orf sold 642 shares of the company’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $60.35, for a total value of $38,744.70. Following the sale, the vice president owned 24,962 shares in the company, valued at $1,506,456.70. The trade was a 2.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Keating Financial Advisory Services Inc. acquired a new position in shares of Commerce Bancshares during the 2nd quarter worth approximately $29,000. Versant Capital Management Inc raised its stake in shares of Commerce Bancshares by 146.6% during the 3rd quarter. Versant Capital Management Inc now owns 508 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 302 shares in the last quarter. Laurel Wealth Advisors LLC acquired a new stake in shares of Commerce Bancshares in the 3rd quarter valued at approximately $35,000. Provenance Wealth Advisors LLC acquired a new stake in shares of Commerce Bancshares in the 3rd quarter valued at approximately $56,000. Finally, Continuum Advisory LLC acquired a new stake in shares of Commerce Bancshares in the 2nd quarter valued at approximately $64,000. 70.26% of the stock is currently owned by institutional investors.

Commerce Bancshares Company Profile

Commerce Bancshares, Inc. is a bank holding company headquartered in Kansas City, Missouri. Founded in 1865, it provides banking and financial services through its principal subsidiary, Commerce Bank. The company serves consumers, businesses, institutions and public-sector organizations. Its services include checking and savings accounts, lending, mortgage banking, treasury management, payment processing, and wealth management and trust services. Commerce Bank operates across several Midwestern and neighboring states, including Missouri, Kansas, Illinois, Oklahoma and Colorado.