Commerce Bancshares (NASDAQ:CBSH) Price Target Cut to $60.00 by Analysts at Hovde Group

Commerce Bancshares (NASDAQ:CBSH) had its price target decreased by equities researchers at Hovde Group from $63.00 to $60.00 in a note issued to investors on Wednesday. The brokerage presently has an “outperform” rating on the financial services provider’s stock. Hovde Group’s target price indicates a potential upside of 18.60% from the stock’s previous close.

Several other equities analysts have also recently issued reports on the stock. Morgan Stanley decreased their price target on shares of Commerce Bancshares from $67.00 to $65.00 and set an “equal weight” rating for the company in a research report on Monday, March 2nd. Zacks Research upgraded shares of Commerce Bancshares from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 4th. Piper Sandler set a $62.00 price target on shares of Commerce Bancshares and gave the company a “neutral” rating in a research report on Monday, January 26th. Wells Fargo & Company decreased their price target on shares of Commerce Bancshares from $60.00 to $53.00 and set an “equal weight” rating for the company in a research report on Monday, March 30th. Finally, TD Cowen decreased their price target on shares of Commerce Bancshares from $61.00 to $55.00 and set a “hold” rating for the company in a research report on Wednesday, January 7th. One analyst has rated the stock with a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $59.52.

Commerce Bancshares Stock Performance

NASDAQ CBSH opened at $50.59 on Wednesday. The firm’s fifty day moving average price is $50.52 and its two-hundred day moving average price is $51.87. The stock has a market cap of $7.43 billion, a PE ratio of 12.07, a PEG ratio of 3.70 and a beta of 0.60. Commerce Bancshares has a fifty-two week low of $46.99 and a fifty-two week high of $63.19.

Commerce Bancshares (NASDAQ:CBSH) last posted its earnings results on Tuesday, April 21st. The financial services provider reported $0.96 earnings per share for the quarter, topping analysts’ consensus estimates of $0.94 by $0.02. The firm had revenue of $475.69 million for the quarter, compared to analysts’ expectations of $481.94 million. Commerce Bancshares had a net margin of 26.51% and a return on equity of 15.34%. The company’s revenue was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.98 earnings per share. As a group, sell-side analysts predict that Commerce Bancshares will post 4.07 earnings per share for the current fiscal year.

Insider Buying and Selling at Commerce Bancshares

In related news, SVP David L. Roller sold 2,092 shares of the stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $53.32, for a total transaction of $111,545.44. Following the transaction, the senior vice president directly owned 28,933 shares of the company’s stock, valued at $1,542,707.56. This represents a 6.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO John W. Kemper sold 23,397 shares of the stock in a transaction on Thursday, February 5th. The stock was sold at an average price of $53.99, for a total transaction of $1,263,204.03. Following the transaction, the chief executive officer directly owned 206,528 shares in the company, valued at approximately $11,150,446.72. This represents a 10.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 29,477 shares of company stock valued at $1,586,655 over the last 90 days. Insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Daytona Street Capital LLC acquired a new position in Commerce Bancshares during the fourth quarter worth $25,000. Danske Bank A S acquired a new position in Commerce Bancshares during the third quarter worth $25,000. Geneos Wealth Management Inc. raised its holdings in Commerce Bancshares by 85.4% during the first quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider’s stock worth $29,000 after buying an additional 216 shares during the last quarter. Quent Capital LLC acquired a new position in Commerce Bancshares during the third quarter worth $31,000. Finally, Laurel Wealth Advisors LLC acquired a new position in Commerce Bancshares during the fourth quarter worth $34,000. Institutional investors and hedge funds own 70.26% of the company’s stock.

About Commerce Bancshares

Commerce Bancshares, Inc is a bank holding company primarily engaged in providing a broad range of banking and financial services across the Midwest. Through its principal subsidiary, Commerce Bank, the company offers commercial and consumer banking, treasury management, trust and wealth advisory, and mortgage lending. Its diversified product suite includes deposit and loan products, cash management solutions, capital markets services, and private banking designed to meet the needs of individuals, small businesses, and large corporations.

The company’s commercial banking group delivers tailored credit facilities, equipment and inventory financing, asset-based lending, and merchant services.