Commerce Bancshares (NASDAQ:CBSH) Given New $60.00 Price Target at Keefe, Bruyette & Woods

Commerce Bancshares (NASDAQ:CBSHFree Report) had its target price trimmed by Keefe, Bruyette & Woods from $65.00 to $60.00 in a research note released on Friday morning,Benzinga reports. The firm currently has a market perform rating on the financial services provider’s stock.

Other equities research analysts have also recently issued reports about the company. Morgan Stanley upped their price target on Commerce Bancshares from $66.00 to $70.00 and gave the company an “underperform” rating in a research report on Monday, September 29th. Weiss Ratings restated a “hold (c+)” rating on shares of Commerce Bancshares in a research report on Wednesday, October 8th. Wells Fargo & Company decreased their price objective on shares of Commerce Bancshares from $69.00 to $65.00 and set an “equal weight” rating on the stock in a research report on Monday, September 29th. Hovde Group started coverage on shares of Commerce Bancshares in a research report on Monday, October 6th. They issued an “outperform” rating and a $70.00 price objective on the stock. Finally, Piper Sandler decreased their price objective on shares of Commerce Bancshares from $70.00 to $63.00 and set a “neutral” rating on the stock in a research report on Friday. One investment analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $66.00.

Read Our Latest Research Report on Commerce Bancshares

Commerce Bancshares Stock Up 2.4%

Shares of CBSH opened at $53.68 on Friday. The business’s 50-day moving average price is $59.95 and its 200-day moving average price is $61.25. Commerce Bancshares has a twelve month low of $52.11 and a twelve month high of $72.75. The stock has a market cap of $7.16 billion, a PE ratio of 12.81, a P/E/G ratio of 6.46 and a beta of 0.59.

Commerce Bancshares (NASDAQ:CBSHGet Free Report) last announced its quarterly earnings results on Thursday, October 16th. The financial services provider reported $1.06 earnings per share for the quarter, missing the consensus estimate of $1.09 by ($0.03). Commerce Bancshares had a net margin of 26.48% and a return on equity of 15.73%. The company had revenue of $440.97 million for the quarter, compared to the consensus estimate of $447.04 million. During the same quarter in the prior year, the company earned $1.07 earnings per share. The company’s quarterly revenue was up 4.7% on a year-over-year basis. Analysts expect that Commerce Bancshares will post 3.94 earnings per share for the current fiscal year.

Commerce Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 23rd. Shareholders of record on Friday, September 5th were paid a $0.275 dividend. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.10 annualized dividend and a yield of 2.0%. Commerce Bancshares’s dividend payout ratio is currently 26.19%.

Institutional Trading of Commerce Bancshares

Several hedge funds and other institutional investors have recently bought and sold shares of the company. HB Wealth Management LLC lifted its stake in Commerce Bancshares by 4.5% in the second quarter. HB Wealth Management LLC now owns 4,056 shares of the financial services provider’s stock worth $252,000 after acquiring an additional 174 shares during the period. Louisiana State Employees Retirement System lifted its position in Commerce Bancshares by 0.5% during the first quarter. Louisiana State Employees Retirement System now owns 34,200 shares of the financial services provider’s stock valued at $2,128,000 after buying an additional 175 shares during the period. Public Employees Retirement System of Ohio lifted its position in Commerce Bancshares by 0.5% during the second quarter. Public Employees Retirement System of Ohio now owns 39,371 shares of the financial services provider’s stock valued at $2,448,000 after buying an additional 190 shares during the period. State of Michigan Retirement System lifted its position in Commerce Bancshares by 0.7% during the first quarter. State of Michigan Retirement System now owns 29,174 shares of the financial services provider’s stock valued at $1,815,000 after buying an additional 200 shares during the period. Finally, Nicholson Wealth Management Group LLC lifted its position in Commerce Bancshares by 1.0% during the second quarter. Nicholson Wealth Management Group LLC now owns 20,926 shares of the financial services provider’s stock valued at $1,301,000 after buying an additional 214 shares during the period. Hedge funds and other institutional investors own 70.26% of the company’s stock.

About Commerce Bancshares

(Get Free Report)

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.

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