Commerce Bancshares (NASDAQ:CBSH) Price Target Raised to $58.00 at Keefe, Bruyette & Woods

Commerce Bancshares (NASDAQ:CBSH) had its price objective lifted by stock analysts at Keefe, Bruyette & Woods from $56.00 to $58.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price objective would indicate a potential upside of 9.23% from the company’s previous close.

CBSH has been the subject of a number of other reports. Bank of America began coverage on shares of Commerce Bancshares in a report on Thursday, January 11th. They set a “neutral” rating and a $55.00 price objective for the company. Raymond James raised shares of Commerce Bancshares from a “market perform” rating to an “outperform” rating and set a $61.00 price target on the stock in a research report on Wednesday. Finally, Morgan Stanley raised their price target on shares of Commerce Bancshares from $46.00 to $55.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 7th. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $55.00.

Commerce Bancshares Price Performance

Shares of NASDAQ CBSH opened at $53.10 on Wednesday. The stock has a market capitalization of $6.90 billion, a P/E ratio of 14.81 and a beta of 0.79. The company has a 50-day moving average price of $52.02 and a 200-day moving average price of $50.93. Commerce Bancshares has a 1 year low of $40.91 and a 1 year high of $56.75.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.06. The firm had revenue of $397.80 million during the quarter, compared to analysts’ expectations of $389.49 million. Commerce Bancshares had a net margin of 23.33% and a return on equity of 16.78%. The business’s revenue was up 2.2% on a year-over-year basis. During the same period last year, the company earned $0.90 earnings per share. As a group, equities research analysts anticipate that Commerce Bancshares will post 3.24 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Commerce Bancshares news, SVP Douglas D. Neff sold 614 shares of Commerce Bancshares stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $50.25, for a total value of $30,853.50. Following the sale, the senior vice president now owns 8,038 shares of the company’s stock, valued at $403,909.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Commerce Bancshares news, SVP Douglas D. Neff sold 614 shares of Commerce Bancshares stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $50.25, for a total value of $30,853.50. Following the sale, the senior vice president now owns 8,038 shares of the company’s stock, valued at $403,909.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP David L. Roller sold 1,392 shares of Commerce Bancshares stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $50.62, for a total transaction of $70,463.04. Following the completion of the sale, the senior vice president now directly owns 30,949 shares in the company, valued at approximately $1,566,638.38. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 14,321 shares of company stock valued at $752,387. Company insiders own 3.20% of the company’s stock.

Institutional Trading of Commerce Bancshares

Several hedge funds and other institutional investors have recently modified their holdings of CBSH. BKM Wealth Management LLC bought a new stake in shares of Commerce Bancshares in the fourth quarter valued at approximately $29,000. Creative Financial Designs Inc. ADV bought a new stake in shares of Commerce Bancshares in the fourth quarter valued at approximately $35,000. PCA Investment Advisory Services Inc. bought a new stake in shares of Commerce Bancshares in the second quarter valued at approximately $38,000. Quantbot Technologies LP bought a new stake in shares of Commerce Bancshares in the second quarter valued at approximately $42,000. Finally, Clarity Asset Management Inc. bought a new stake in shares of Commerce Bancshares in the fourth quarter valued at approximately $43,000. Institutional investors 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.