Commerce Bancshares (NASDAQ:CBSH) Price Target Raised to $70.00 at Wells Fargo & Company

Commerce Bancshares (NASDAQ:CBSH) had its price target raised by Wells Fargo & Company from $67.00 to $70.00 in a research note published on Wednesday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the financial services provider’s stock.

A number of other equities analysts also recently commented on CBSH. Raymond James downgraded Commerce Bancshares from an “outperform” rating to a “market perform” rating in a research report on Thursday, December 19th. StockNews.com raised shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Monday, January 13th. Keefe, Bruyette & Woods upped their price objective on shares of Commerce Bancshares from $66.00 to $78.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Finally, Piper Sandler lifted their target price on shares of Commerce Bancshares from $69.00 to $72.00 and gave the stock a “neutral” rating in a research note on Thursday, January 23rd. Seven investment analysts have rated the stock with a hold rating, According to data from MarketBeat.com, Commerce Bancshares presently has a consensus rating of “Hold” and an average price target of $67.83.

Commerce Bancshares Stock Down 0.8 %

Commerce Bancshares stock opened at $66.09 on Wednesday. The company has a fifty day simple moving average of $66.25 and a 200-day simple moving average of $63.95. The firm has a market capitalization of $8.47 billion, a price-to-earnings ratio of 16.48, a PEG ratio of 3.64 and a beta of 0.79. Commerce Bancshares has a 52-week low of $47.09 and a 52-week high of $72.75.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings data on Wednesday, January 22nd. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.06. Commerce Bancshares had a net margin of 25.24% and a return on equity of 16.31%. The company had revenue of $422.10 million during the quarter, compared to analysts’ expectations of $417.48 million. During the same quarter in the prior year, the company earned $0.84 EPS. Commerce Bancshares’s revenue was up 7.3% compared to the same quarter last year. On average, research analysts anticipate that Commerce Bancshares will post 3.73 EPS for the current fiscal year.

Insider Activity

In related news, SVP Patricia R. Kellerhals sold 500 shares of the business’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $68.55, for a total value of $34,275.00. Following the sale, the senior vice president now owns 22,265 shares in the company, valued at approximately $1,526,265.75. The trade was a 2.20 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Kevin G. Barth sold 1,582 shares of the firm’s stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $67.54, for a total value of $106,848.28. Following the transaction, the executive vice president now owns 65,409 shares of the company’s stock, valued at $4,417,723.86. This trade represents a 2.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 36,990 shares of company stock valued at $2,475,680. Company insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Commerce Bancshares

A number of hedge funds have recently added to or reduced their stakes in CBSH. Geode Capital Management LLC raised its stake in shares of Commerce Bancshares by 7.3% in the third quarter. Geode Capital Management LLC now owns 2,396,740 shares of the financial services provider’s stock valued at $142,951,000 after acquiring an additional 163,782 shares in the last quarter. Boston Trust Walden Corp increased its holdings in Commerce Bancshares by 17.6% during the 4th quarter. Boston Trust Walden Corp now owns 1,468,854 shares of the financial services provider’s stock worth $91,524,000 after purchasing an additional 219,826 shares during the period. NFJ Investment Group LLC raised its position in Commerce Bancshares by 17.7% in the 3rd quarter. NFJ Investment Group LLC now owns 707,168 shares of the financial services provider’s stock valued at $42,006,000 after purchasing an additional 106,316 shares in the last quarter. Mutual Advisors LLC raised its position in Commerce Bancshares by 4.8% in the 4th quarter. Mutual Advisors LLC now owns 474,189 shares of the financial services provider’s stock valued at $30,244,000 after purchasing an additional 21,922 shares in the last quarter. Finally, Los Angeles Capital Management LLC boosted its stake in shares of Commerce Bancshares by 7,407.2% in the 3rd quarter. Los Angeles Capital Management LLC now owns 362,900 shares of the financial services provider’s stock valued at $21,556,000 after buying an additional 358,066 shares during the period. 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.