Wells Fargo & Company Forecasts Strong Price Appreciation for Commerce Bancshares (NASDAQ:CBSH) Stock

Commerce Bancshares (NASDAQ:CBSH) had its price objective boosted by equities research analysts at Wells Fargo & Company from $67.00 to $70.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 4.06% from the company’s previous close.

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

Commerce Bancshares Stock Performance

Commerce Bancshares stock traded up $0.66 during midday trading on Wednesday, reaching $67.27. 26,380 shares of the company were exchanged, compared to its average volume of 512,020. The firm’s 50-day simple moving average is $66.34 and its 200-day simple moving average is $63.93. Commerce Bancshares has a 1 year low of $47.09 and a 1 year high of $72.75. The company has a market capitalization of $8.63 billion, a price-to-earnings ratio of 16.77, a P/E/G ratio of 3.64 and a beta of 0.79.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings results on Wednesday, January 22nd. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.06. Commerce Bancshares had a return on equity of 16.31% and a net margin of 25.24%. The firm had revenue of $422.10 million for the quarter, compared to analyst estimates of $417.48 million. During the same period last year, the company earned $0.84 EPS. The firm’s quarterly revenue was up 7.3% on a year-over-year basis. On average, analysts forecast that Commerce Bancshares will post 3.73 EPS for the current fiscal year.

Insiders Place Their Bets

In other Commerce Bancshares news, SVP Douglas D. Neff sold 888 shares of the business’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $72.10, for a total transaction of $64,024.80. Following the completion of the transaction, the senior vice president now owns 8,038 shares in the company, valued at approximately $579,539.80. The trade was a 9.95 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Kevin G. Barth sold 24,870 shares of the business’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $66.06, for a total value of $1,642,912.20. Following the transaction, the executive vice president now owns 45,511 shares of the company’s stock, valued at $3,006,456.66. This trade represents a 35.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 36,990 shares of company stock worth $2,475,680 in the last three months. 3.20% of the stock is owned by insiders.

Institutional Trading of Commerce Bancshares

Institutional investors have recently modified their holdings of the company. V Square Quantitative Management LLC acquired a new stake in shares of Commerce Bancshares in the third quarter valued at $26,000. Allworth Financial LP lifted its holdings in shares of Commerce Bancshares by 51.1% during the third quarter. Allworth Financial LP now owns 568 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 192 shares during the last quarter. Capital Performance Advisors LLP acquired a new position in Commerce Bancshares during the third quarter valued at $39,000. True Wealth Design LLC acquired a new position in Commerce Bancshares during the third quarter valued at $47,000. Finally, Farther Finance Advisors LLC raised its position in Commerce Bancshares by 48.2% during the third quarter. Farther Finance Advisors LLC now owns 882 shares of the financial services provider’s stock valued at $52,000 after buying an additional 287 shares during the period. Institutional investors and hedge funds own 70.26% of the company’s stock.

About Commerce Bancshares

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.