Wells Fargo & Company Lowers Commerce Bancshares (NASDAQ:CBSH) Price Target to $53.00

Commerce Bancshares (NASDAQ:CBSH) had its price target decreased by equities research analysts at Wells Fargo & Company from $60.00 to $53.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s target price points to a potential upside of 9.01% from the stock’s current price.

Several other brokerages have also issued reports on CBSH. Piper Sandler set a $62.00 price target on shares of Commerce Bancshares and gave the company a “neutral” rating in a research note on Monday, January 26th. Morgan Stanley decreased their price objective on shares of Commerce Bancshares from $67.00 to $65.00 and set an “equal weight” rating on the stock in a report on Monday, March 2nd. Zacks Research upgraded Commerce Bancshares from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 4th. TD Cowen decreased their target price on shares of Commerce Bancshares from $61.00 to $55.00 and set a “hold” rating on the stock in a research report on Wednesday, January 7th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Commerce Bancshares in a research note on Friday. One investment analyst has rated the stock with a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat, Commerce Bancshares presently has an average rating of “Hold” and a consensus price target of $60.92.

Commerce Bancshares Price Performance

Shares of CBSH stock traded up $0.55 on Monday, reaching $48.62. 122,331 shares of the stock were exchanged, compared to its average volume of 1,341,035. The stock has a market cap of $7.14 billion, a PE ratio of 11.60, a P/E/G ratio of 2.41 and a beta of 0.61. Commerce Bancshares has a one year low of $46.99 and a one year high of $63.19. The stock has a 50 day moving average price of $51.72 and a 200 day moving average price of $52.62.

Commerce Bancshares (NASDAQ:CBSH) last issued its earnings results on Thursday, January 22nd. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.02. Commerce Bancshares had a return on equity of 15.34% and a net margin of 26.51%.The firm had revenue of $449.36 million for the quarter, compared to analysts’ expectations of $442.47 million. During the same quarter last year, the business earned $1.01 earnings per share. The company’s revenue was up 6.5% compared to the same quarter last year. On average, research analysts expect that Commerce Bancshares will post 3.94 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, SVP Kim L. Jakovich sold 949 shares of the stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $51.45, for a total transaction of $48,826.05. Following the completion of the sale, the senior vice president directly owned 12,741 shares in the company, valued at $655,524.45. This represents a 6.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO John W. Kemper sold 23,397 shares of the stock in a transaction dated Thursday, February 5th. The stock was sold at an average price of $53.99, for a total value of $1,263,204.03. Following the sale, the chief executive officer owned 206,528 shares of the company’s stock, valued at approximately $11,150,446.72. The trade was a 10.18% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 29,477 shares of company stock worth $1,586,655. Corporate insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Commerce Bancshares

A number of institutional investors and hedge funds have recently modified their holdings of the business. Geneos Wealth Management Inc. boosted its stake 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 acquiring an additional 216 shares in the last quarter. Franklin Resources Inc. increased its stake in Commerce Bancshares by 53.2% in the second quarter. Franklin Resources Inc. now owns 75,749 shares of the financial services provider’s stock valued at $4,709,000 after purchasing an additional 26,290 shares in the last quarter. Prudential Financial Inc. raised its holdings in shares of Commerce Bancshares by 20.4% during the second quarter. Prudential Financial Inc. now owns 13,369 shares of the financial services provider’s stock valued at $831,000 after purchasing an additional 2,269 shares during the period. State Board of Administration of Florida Retirement System boosted its position in shares of Commerce Bancshares by 0.8% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 150,232 shares of the financial services provider’s stock worth $9,340,000 after purchasing an additional 1,250 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Commerce Bancshares during the 2nd quarter worth about $89,282,000. 70.26% of the stock is currently owned by 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.