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

Commerce Bancshares (NASDAQ:CBSH) had its price target upped by Keefe, Bruyette & Woods from $56.00 to $58.00 in a research report report published on Wednesday, Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the financial services provider’s stock.

A number of other equities research analysts have also recently weighed in on CBSH. Raymond James upgraded shares of Commerce Bancshares from a market perform rating to an outperform rating and set a $61.00 price objective on the stock in a research note on Wednesday. Bank of America began coverage on shares of Commerce Bancshares in a research note on Thursday, January 11th. They set a neutral rating and a $55.00 price objective on the stock. Finally, Morgan Stanley boosted their price target on shares of Commerce Bancshares from $46.00 to $55.00 and gave the stock an equal weight rating in a research report on Wednesday, February 7th. Six analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, Commerce Bancshares currently has a consensus rating of Hold and an average target price of $55.00.

Commerce Bancshares Stock Up 1.4 %

Shares of NASDAQ CBSH opened at $53.85 on Wednesday. Commerce Bancshares has a fifty-two week low of $40.91 and a fifty-two week high of $56.75. The firm’s 50-day simple moving average is $52.07 and its 200 day simple moving average is $50.98. The stock has a market cap of $6.99 billion, a P/E ratio of 15.02 and a beta of 0.79.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.06. Commerce Bancshares had a net margin of 23.33% and a return on equity of 16.78%. The business had revenue of $397.80 million for the quarter, compared to analysts’ expectations of $389.49 million. During the same period in the previous year, the business earned $0.90 earnings per share. The company’s revenue was up 2.2% on a year-over-year basis. On average, sell-side analysts anticipate that Commerce Bancshares will post 3.39 earnings per share for the current fiscal year.

Commerce Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Wednesday, June 5th will be given a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 2.01%. The ex-dividend date of this dividend is Wednesday, June 5th. Commerce Bancshares’s dividend payout ratio (DPR) is presently 30.12%.

Insiders Place Their Bets

In related news, Director Benjamin F. Rassieur III sold 1,785 shares of Commerce Bancshares stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $53.83, for a total value of $96,086.55. Following the transaction, the director now owns 33,567 shares of the company’s stock, valued at approximately $1,806,911.61. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, SVP Douglas D. Neff sold 614 shares of Commerce Bancshares stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $50.25, for a total value of $30,853.50. Following the transaction, the senior vice president now owns 8,038 shares of the company’s stock, valued at approximately $403,909.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Benjamin F. Rassieur III sold 1,785 shares of Commerce Bancshares stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $53.83, for a total value of $96,086.55. Following the completion of the transaction, the director now directly owns 33,567 shares in the company, valued at approximately $1,806,911.61. The disclosure for this sale can be found here. Over the last three months, insiders have sold 14,321 shares of company stock worth $752,387. 3.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Commerce Bancshares

Several institutional investors and hedge funds have recently bought and sold shares of CBSH. Raymond James & Associates grew its stake in Commerce Bancshares by 8.6% during the 1st quarter. Raymond James & Associates now owns 58,372 shares of the financial services provider’s stock valued at $4,179,000 after acquiring an additional 4,611 shares in the last quarter. HighTower Advisors LLC grew its stake in Commerce Bancshares by 14.7% during the 1st quarter. HighTower Advisors LLC now owns 9,253 shares of the financial services provider’s stock valued at $659,000 after acquiring an additional 1,188 shares in the last quarter. Natixis Advisors L.P. grew its stake in Commerce Bancshares by 27.2% during the 1st quarter. Natixis Advisors L.P. now owns 25,339 shares of the financial services provider’s stock valued at $1,814,000 after acquiring an additional 5,417 shares in the last quarter. Great West Life Assurance Co. Can grew its stake in Commerce Bancshares by 7.7% during the 1st quarter. Great West Life Assurance Co. Can now owns 59,984 shares of the financial services provider’s stock valued at $4,414,000 after acquiring an additional 4,310 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in Commerce Bancshares by 1.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,110,800 shares of the financial services provider’s stock valued at $79,527,000 after acquiring an additional 12,655 shares in the last quarter. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Commerce Bancshares Company Profile

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.