Commerce Bancshares (NASDAQ:CBSH) Price Target Raised to $66.00 at Piper Sandler

Commerce Bancshares (NASDAQ:CBSH) had its target price lifted by Piper Sandler from $65.00 to $66.00 in a research report report published on Thursday,Benzinga reports. The firm currently has a neutral rating on the financial services provider’s stock.

A number of other research analysts have also weighed in on CBSH. StockNews.com lowered shares of Commerce Bancshares from a “hold” rating to a “sell” rating in a report on Thursday. Wells Fargo & Company reduced their target price on shares of Commerce Bancshares from $70.00 to $60.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 9th. Raymond James downgraded shares of Commerce Bancshares from an “outperform” rating to a “market perform” rating in a report on Thursday, December 19th. Morgan Stanley upgraded Commerce Bancshares from an “underweight” rating to an “equal weight” rating and dropped their price target for the stock from $66.00 to $58.00 in a research report on Monday, April 7th. Finally, Keefe, Bruyette & Woods decreased their price objective on Commerce Bancshares from $74.00 to $70.00 and set a “market perform” rating on the stock in a research report on Thursday. One research analyst has rated the stock with a sell rating and six have issued a hold rating to the company’s stock. According to data from MarketBeat, Commerce Bancshares presently has a consensus rating of “Hold” and an average price target of $63.20.

Commerce Bancshares Stock Down 0.2 %

Shares of CBSH stock opened at $59.90 on Thursday. The company’s fifty day simple moving average is $61.68 and its two-hundred day simple moving average is $64.07. Commerce Bancshares has a 52 week low of $49.81 and a 52 week high of $72.75. The stock has a market cap of $8.03 billion, a P/E ratio of 14.94, a PEG ratio of 2.13 and a beta of 0.71.

Commerce Bancshares (NASDAQ:CBSH) last posted its earnings results on Wednesday, April 16th. The financial services provider reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.05. The company had revenue of $428.05 million for the quarter, compared to the consensus estimate of $417.85 million. Commerce Bancshares had a return on equity of 16.31% and a net margin of 25.24%. On average, analysts anticipate that Commerce Bancshares will post 3.94 EPS for the current fiscal year.

Commerce Bancshares Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 25th. Shareholders of record on Friday, March 7th were paid a $0.275 dividend. The ex-dividend date was Friday, March 7th. This represents a $1.10 annualized dividend and a yield of 1.84%. This is an increase from Commerce Bancshares’s previous quarterly dividend of $0.27. Commerce Bancshares’s dividend payout ratio (DPR) is presently 27.43%.

Insider Buying and Selling at Commerce Bancshares

In other Commerce Bancshares news, CFO Charles G. Kim sold 13,493 shares of the company’s stock in a transaction on Friday, February 7th. The stock was sold at an average price of $67.76, for a total value of $914,285.68. Following the completion of the sale, the chief financial officer now directly owns 86,246 shares in the company, valued at approximately $5,844,028.96. This represents a 13.53 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Kevin G. Barth sold 24,870 shares of the company’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $66.06, for a total transaction of $1,642,912.20. Following the completion of the sale, the executive vice president now directly owns 45,511 shares of the company’s stock, valued at approximately $3,006,456.66. This trade represents a 35.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 78,434 shares of company stock worth $5,248,272 over the last 90 days. Company insiders own 3.10% of the company’s stock.

Institutional Investors Weigh In On Commerce Bancshares

Large investors have recently modified their holdings of the business. Vanguard Group Inc. increased its holdings in Commerce Bancshares by 5.1% during the fourth quarter. Vanguard Group Inc. now owns 13,225,491 shares of the financial services provider’s stock valued at $824,080,000 after buying an additional 642,401 shares during the period. Aristotle Capital Management LLC boosted its position in Commerce Bancshares by 4.3% during the 4th quarter. Aristotle Capital Management LLC now owns 8,566,476 shares of the financial services provider’s stock valued at $533,777,000 after acquiring an additional 351,406 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of Commerce Bancshares by 25.5% in the 4th quarter. American Century Companies Inc. now owns 3,675,031 shares of the financial services provider’s stock valued at $228,991,000 after acquiring an additional 745,661 shares during the period. Geode Capital Management LLC raised its position in shares of Commerce Bancshares by 3.7% in the 4th quarter. Geode Capital Management LLC now owns 2,484,463 shares of the financial services provider’s stock worth $155,756,000 after acquiring an additional 87,723 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Commerce Bancshares by 11.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,272,118 shares of the financial services provider’s stock worth $141,584,000 after purchasing an additional 227,052 shares during the last quarter. Institutional investors own 70.26% of the company’s stock.

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.