Commerce Bancshares (NASDAQ:CBSH) Price Target Raised to $57.00 at Keefe, Bruyette & Woods

Commerce Bancshares (NASDAQ:CBSH) had its target price increased by equities researchers at Keefe, Bruyette & Woods from $56.00 to $57.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price target suggests a potential upside of 11.58% from the stock’s previous close.

Other equities analysts have also issued reports about the stock. Wall Street Zen upgraded shares of Commerce Bancshares from a “strong sell” rating to a “sell” rating in a report on Saturday, April 25th. TD Cowen restated a “hold” rating and issued a $54.00 price target (up from $53.00) on shares of Commerce Bancshares in a research note on Thursday, April 23rd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Commerce Bancshares in a research report on Friday, March 27th. Wells Fargo & Company dropped their target price on Commerce Bancshares from $60.00 to $53.00 and set an “equal weight” rating on the stock in a report on Monday, March 30th. Finally, Morgan Stanley cut their target price on Commerce Bancshares from $67.00 to $65.00 and set an “equal weight” rating on the stock in a research note on Monday, March 2nd. One equities research analyst has rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $59.30.

Commerce Bancshares Stock Down 0.1%

Shares of NASDAQ:CBSH traded down $0.06 during midday trading on Wednesday, reaching $51.09. The company’s stock had a trading volume of 74,443 shares, compared to its average volume of 1,287,130. The firm has a 50 day moving average of $50.10 and a 200-day moving average of $51.68. The firm has a market capitalization of $7.45 billion, a P/E ratio of 12.26, a PEG ratio of 3.48 and a beta of 0.61. Commerce Bancshares has a 12-month low of $46.99 and a 12-month high of $63.19.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings results on Tuesday, April 21st. The financial services provider reported $0.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.94 by $0.02. Commerce Bancshares had a net margin of 26.37% and a return on equity of 14.78%. The company had revenue of $475.69 million during the quarter, compared to analysts’ expectations of $481.94 million. During the same period last year, the company posted $0.98 EPS. Commerce Bancshares’s revenue was up 11.1% on a year-over-year basis. On average, research analysts predict that Commerce Bancshares will post 4.1 EPS for the current year.

Insider Activity at Commerce Bancshares

In other Commerce Bancshares news, Director Timothy S. Dunn acquired 2,500 shares of the stock in a transaction that occurred on Friday, March 13th. The shares were acquired at an average cost of $47.71 per share, with a total value of $119,275.00. Following the transaction, the director owned 5,403 shares of the company’s stock, valued at $257,777.13. The trade was a 86.12% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Kim L. Jakovich sold 949 shares of Commerce Bancshares stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $51.45, for a total value of $48,826.05. Following the completion of the sale, the senior vice president directly owned 12,741 shares of the company’s stock, valued at approximately $655,524.45. The trade was a 6.93% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Commerce Bancshares

A number of hedge funds have recently bought and sold shares of the business. Daytona Street Capital LLC bought a new position in Commerce Bancshares during the 4th quarter valued at about $25,000. Danske Bank A S bought a new stake in shares of Commerce Bancshares in the third quarter worth approximately $25,000. Geneos Wealth Management Inc. raised its holdings in shares of Commerce Bancshares by 85.4% during the first quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 216 shares during the last quarter. Quent Capital LLC purchased a new position in shares of Commerce Bancshares during the third quarter valued at approximately $31,000. Finally, Root Financial Partners LLC lifted its position in Commerce Bancshares by 104.9% during the first quarter. Root Financial Partners LLC now owns 623 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 319 shares during the period. Hedge funds and other institutional investors 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.