Analysts Set Commerce Bancshares, Inc. (NASDAQ:CBSH) Price Target at $60.00

Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) have earned a consensus recommendation of “Hold” from the seven analysts that are currently covering the company, Marketbeat.com reports. Six analysts have rated the stock with a hold recommendation and one has assigned a buy recommendation to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $60.00.

CBSH has been the subject of several recent research reports. Keefe, Bruyette & Woods upped their price objective on Commerce Bancshares from $58.00 to $60.00 and gave the company a “market perform” rating in a research note on Friday, May 10th. Morgan Stanley raised their price target on shares of Commerce Bancshares from $58.00 to $66.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. Wells Fargo & Company boosted their price objective on shares of Commerce Bancshares from $52.00 to $62.00 and gave the stock an “equal weight” rating in a research note on Monday, July 22nd. Finally, Jefferies Financial Group lifted their target price on Commerce Bancshares from $60.00 to $62.00 and gave the stock a “hold” rating in a report on Wednesday, July 3rd.

Commerce Bancshares Trading Up 1.0 %

Shares of Commerce Bancshares stock opened at $62.07 on Friday. The firm has a market capitalization of $8.00 billion, a PE ratio of 17.31, a price-to-earnings-growth ratio of 10.29 and a beta of 0.76. The firm’s 50 day moving average is $58.77 and its 200 day moving average is $55.28. Commerce Bancshares has a 1 year low of $40.91 and a 1 year high of $65.86.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings results on Thursday, July 18th. The financial services provider reported $1.07 EPS for the quarter, beating analysts’ consensus estimates of $0.90 by $0.17. The company had revenue of $414.90 million during the quarter, compared to analysts’ expectations of $406.88 million. Commerce Bancshares had a return on equity of 16.50% and a net margin of 23.62%. Commerce Bancshares’s revenue was up 4.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.97 EPS. As a group, research analysts anticipate that Commerce Bancshares will post 3.93 earnings per share for the current year.

Commerce Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 23rd. Shareholders of record on Thursday, September 5th will be issued a dividend of $0.27 per share. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $1.08 dividend on an annualized basis and a yield of 1.74%. Commerce Bancshares’s payout ratio is currently 30.12%.

Insider Activity

In other Commerce Bancshares news, CEO John W. Kemper sold 5,156 shares of Commerce Bancshares stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $65.22, for a total value of $336,274.32. Following the completion of the sale, the chief executive officer now directly owns 198,298 shares in the company, valued at $12,932,995.56. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO John W. Kemper sold 5,156 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $65.22, for a total transaction of $336,274.32. Following the completion of the sale, the chief executive officer now owns 198,298 shares of the company’s stock, valued at approximately $12,932,995.56. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Robert S. Holmes sold 3,795 shares of Commerce Bancshares stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $64.75, for a total transaction of $245,726.25. Following the completion of the sale, the executive vice president now owns 50,293 shares of the company’s stock, valued at approximately $3,256,471.75. The disclosure for this sale can be found here. Insiders have sold 46,281 shares of company stock valued at $2,975,232 in the last ninety days. 3.20% of the stock is owned by company insiders.

Institutional Trading of Commerce Bancshares

Large investors have recently made changes to their positions in the company. Clarity Asset Management Inc. acquired a new stake in Commerce Bancshares in the fourth quarter valued at approximately $43,000. Bessemer Group Inc. increased its stake in Commerce Bancshares by 86.3% during the 1st quarter. Bessemer Group Inc. now owns 842 shares of the financial services provider’s stock valued at $45,000 after purchasing an additional 390 shares in the last quarter. GAMMA Investing LLC raised its holdings in Commerce Bancshares by 156.5% during the second quarter. GAMMA Investing LLC now owns 854 shares of the financial services provider’s stock worth $48,000 after buying an additional 521 shares during the last quarter. Eagle Bay Advisors LLC lifted its stake in shares of Commerce Bancshares by 2,864.7% in the second quarter. Eagle Bay Advisors LLC now owns 1,008 shares of the financial services provider’s stock valued at $56,000 after buying an additional 974 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of Commerce Bancshares by 93.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,670 shares of the financial services provider’s stock valued at $89,000 after buying an additional 805 shares during the last quarter. 70.26% of the stock is currently owned by institutional investors and hedge funds.

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.