Commerce Bancshares (NASDAQ:CBSH) Price Target Raised to $62.00

Commerce Bancshares (NASDAQ:CBSH) had its price target lifted by Keefe, Bruyette & Woods from $60.00 to $62.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have a market perform rating on the financial services provider’s stock.

CBSH has been the subject of a number of other reports. Wells Fargo & Company increased their target price on shares of Commerce Bancshares from $53.00 to $57.00 and gave the company an “equal weight” rating in a report on Monday, July 6th. Piper Sandler reissued a “neutral” rating and set a $66.00 price target (up from $59.00) on shares of Commerce Bancshares in a research note on Friday, July 17th. Hovde Group lowered their price target on Commerce Bancshares from $63.00 to $60.00 and set an “outperform” rating on the stock in a report on Wednesday, April 22nd. Morgan Stanley reaffirmed a “positive” rating and issued a $65.00 price objective (up from $61.00) on shares of Commerce Bancshares in a research note on Monday, June 29th. Finally, Wall Street Zen cut Commerce Bancshares from a “hold” rating to a “sell” rating in a report on Monday. Two equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, Commerce Bancshares presently has a consensus rating of “Hold” and an average target price of $62.43.

Commerce Bancshares Stock Performance

NASDAQ:CBSH opened at $58.70 on Monday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.01. Commerce Bancshares has a fifty-two week low of $46.99 and a fifty-two week high of $61.54. The stock has a market cap of $8.56 billion, a PE ratio of 14.21, a price-to-earnings-growth ratio of 2.09 and a beta of 0.58. The firm’s fifty day simple moving average is $55.30 and its 200-day simple moving average is $52.94.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings data on Thursday, July 16th. The financial services provider reported $1.10 EPS for the quarter, beating the consensus estimate of $1.04 by $0.06. The firm had revenue of $498.91 million during the quarter, compared to analysts’ expectations of $492.22 million. Commerce Bancshares had a net margin of 26.07% and a return on equity of 14.31%. During the same quarter last year, the business earned $1.14 earnings per share. Analysts expect that Commerce Bancshares will post 4.22 earnings per share for the current fiscal year.

Commerce Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 23rd. Stockholders of record on Friday, June 5th were given a $0.275 dividend. The ex-dividend date was Friday, June 5th. This represents a $1.10 annualized dividend and a dividend yield of 1.9%. Commerce Bancshares’s dividend payout ratio is currently 26.63%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Geneos Wealth Management Inc. increased its position 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 in the last quarter. Invesco Ltd. lifted its position in shares of Commerce Bancshares by 2.0% in the second quarter. Invesco Ltd. now owns 865,052 shares of the financial services provider’s stock valued at $53,780,000 after acquiring an additional 16,610 shares in the last quarter. Cresset Asset Management LLC lifted its position in shares of Commerce Bancshares by 3.0% in the second quarter. Cresset Asset Management LLC now owns 10,151 shares of the financial services provider’s stock valued at $631,000 after acquiring an additional 300 shares in the last quarter. Jump Financial LLC acquired a new stake in shares of Commerce Bancshares during the second quarter valued at $376,000. Finally, California Public Employees Retirement System boosted its stake in shares of Commerce Bancshares by 4.8% during the second quarter. California Public Employees Retirement System now owns 208,148 shares of the financial services provider’s stock valued at $12,941,000 after acquiring an additional 9,483 shares during the last quarter. 70.26% of the stock is owned by hedge funds and other institutional investors.

Commerce Bancshares Company Profile

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.