Piper Sandler Has Lowered Expectations for Commerce Bancshares (NASDAQ:CBSH) Stock Price

Key Points

• Piper Sandler lowered Commerce Bancshares’ price target from $66 to $63 while maintaining a “neutral” rating, implying approximately 14% upside from the prior close.
• Analyst sentiment remains cautious: Commerce Bancshares has a consensus “Hold” rating and an average price target of $64.29, with three Buy ratings and seven Hold ratings.
• The company exceeded quarterly expectations, reporting $1.10 in EPS versus the $1.04 consensus and $498.91 million in revenue; however, insiders sold roughly $1.96 million worth of shares during the latest quarter.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) had its price target lowered by equities researchers at Piper Sandler from $66.00 to $63.00 in a note issued to investors on Monday, MarketBeat reports. The brokerage currently has a "neutral" rating on the financial services provider's stock. Piper Sandler's price target would indicate a potential upside of 13.97% from the company's previous close.

A number of other analysts have also recently weighed in on CBSH. Wall Street Zen cut Commerce Bancshares from a "hold" rating to a "sell" rating in a research report on Saturday. Keefe, Bruyette & Woods increased their price objective on Commerce Bancshares from $60.00 to $62.00 and gave the company a "market perform" rating in a report on Monday, July 20th. Stephens set a $64.00 price objective on Commerce Bancshares and gave the company an "equal weight" rating in a research note on Friday, July 17th. Wells Fargo & Company set a $61.00 target price on Commerce Bancshares and gave the stock an "equal weight" rating in a report on Tuesday, September 29th. Finally, Raymond James Financial raised Commerce Bancshares to a "hold" rating in a research report on Thursday, August 27th. Three research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to data from MarketBeat, Commerce Bancshares has a consensus rating of "Hold" and an average target price of $64.29.

Commerce Bancshares Stock Performance

Shares of CBSH opened at $55.28 on Monday. The firm has a market cap of $7.93 billion, a price-to-earnings ratio of 13.38, a price-to-earnings-growth ratio of 1.98 and a beta of 0.60. The company's fifty day moving average is $58.12 and its 200-day moving average is $54.91. 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 12 month low of $46.99 and a 12 month high of $60.92.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last released its quarterly earnings data on Thursday, July 16th. The financial services provider reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.04 by $0.06. The business had revenue of $498.91 million during the quarter, compared to analyst estimates 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 in the previous year, the business earned $1.14 EPS. Equities analysts expect that Commerce Bancshares will post 4.23 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO John Kemper sold 5,830 shares of Commerce Bancshares stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $60.58, for a total value of $353,181.40. Following the transaction, the chief executive officer directly owned 206,528 shares in the company, valued at approximately $12,511,466.24. The trade was a 2.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Robert Holmes sold 5,000 shares of the business's stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $60.20, for a total value of $301,000.00. Following the transaction, the executive vice president directly owned 55,962 shares of the company's stock, valued at $3,368,912.40. This represents a 8.20% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 32,950 shares of company stock valued at $1,963,777 in the last quarter. Insiders own 1.80% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CBSH. Versant Capital Management Inc grew its stake in shares of Commerce Bancshares by 146.6% in the third quarter. Versant Capital Management Inc now owns 508 shares of the financial services provider's stock worth $28,000 after acquiring an additional 302 shares during the last quarter. Stonebridge Financial Group LLC increased its position in Commerce Bancshares by 2.0% during the third quarter. Stonebridge Financial Group LLC now owns 82,931 shares of the financial services provider's stock worth $4,540,000 after acquiring an additional 1,643 shares during the period. Sequoia Financial Advisors LLC raised its stake in Commerce Bancshares by 196.4% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 12,189 shares of the financial services provider's stock valued at $704,000 after purchasing an additional 8,076 shares during the last quarter. Integrated Wealth Concepts LLC raised its stake in Commerce Bancshares by 48.2% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 27,560 shares of the financial services provider's stock valued at $1,592,000 after purchasing an additional 8,958 shares during the last quarter. Finally, NewEdge Advisors LLC boosted its holdings in Commerce Bancshares by 95.0% in the 2nd quarter. NewEdge Advisors LLC now owns 19,581 shares of the financial services provider's stock valued at $1,131,000 after purchasing an additional 9,537 shares during the period. 70.26% of the stock is currently owned by institutional investors and hedge funds.

Commerce Bancshares Company Profile

Commerce Bancshares, Inc is a financial holding company headquartered in Kansas City, Missouri. Its principal subsidiary, Commerce Bank, provides banking and financial services to businesses, institutions and individuals through a network of branches and digital channels.

The company's offerings include commercial and consumer lending, deposit accounts, treasury and payment services, credit and debit cards, investment services, brokerage, trust administration and wealth management. Commerce also provides specialized services for businesses, including cash management, merchant processing and other payment solutions.

Commerce Bank traces its history to 1865 and primarily serves customers in Missouri, Kansas, Illinois, Oklahoma and Colorado.

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