Bank of America Issues Positive Forecast for Commerce Bancshares (NASDAQ:CBSH) Stock Price

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) had its price target boosted by analysts at Bank of America from $69.00 to $71.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a "neutral" rating on the financial services provider's stock. Bank of America's target price points to a potential upside of 14.78% from the stock's current price.

Several other equities research analysts have also commented on the stock. Piper Sandler boosted their price target on shares of Commerce Bancshares from $65.00 to $66.00 and gave the stock a "neutral" rating in a report on Thursday, April 17th. Morgan Stanley lifted their target price on shares of Commerce Bancshares from $58.00 to $61.00 and gave the company an "equal weight" rating in a research report on Tuesday, June 17th. Wells Fargo & Company lowered their price objective on Commerce Bancshares from $70.00 to $60.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 9th. Wall Street Zen lowered Commerce Bancshares from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Finally, Keefe, Bruyette & Woods decreased their target price on Commerce Bancshares from $74.00 to $70.00 and set a "market perform" rating on the stock in a research report on Thursday, April 17th. One equities research analyst has rated the stock with a sell rating and seven have given a hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $65.00.

Commerce Bancshares Stock Performance

CBSH stock traded down $0.38 during midday trading on Tuesday, hitting $61.86. 247,702 shares of the stock traded hands, compared to its average volume of 607,857. Commerce Bancshares has a 1-year low of $51.37 and a 1-year high of $72.75. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.76 and a quick ratio of 0.76. The stock's fifty day simple moving average is $62.41 and its 200-day simple moving average is $62.92. The firm has a market cap of $8.25 billion, a P/E ratio of 15.00, a PEG ratio of 2.70 and a beta of 0.60.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last posted its earnings results on Wednesday, April 16th. The financial services provider reported $0.98 EPS for the quarter, beating analysts' consensus estimates of $0.93 by $0.05. Commerce Bancshares had a return on equity of 16.23% and a net margin of 25.95%. The firm had revenue of $428.05 million for the quarter, compared to analysts' expectations of $417.85 million. On average, analysts expect that Commerce Bancshares will post 3.94 earnings per share for the current year.

Insider Transactions at Commerce Bancshares

In other news, Director June Mcallister Fowler sold 1,618 shares of Commerce Bancshares stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $60.72, for a total transaction of $98,244.96. Following the transaction, the director now owns 3,175 shares in the company, valued at $192,786. The trade was a 33.76% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 3.10% of the company's stock.

Institutional Investors Weigh In On Commerce Bancshares

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Atria Wealth Solutions Inc. grew its stake in shares of Commerce Bancshares by 1.5% in the 4th quarter. Atria Wealth Solutions Inc. now owns 11,062 shares of the financial services provider's stock valued at $689,000 after buying an additional 166 shares during the period. Canopy Partners LLC lifted its holdings in Commerce Bancshares by 4.9% in the fourth quarter. Canopy Partners LLC now owns 3,609 shares of the financial services provider's stock valued at $225,000 after acquiring an additional 168 shares during the last quarter. Louisiana State Employees Retirement System grew its position in Commerce Bancshares by 0.5% in the first quarter. Louisiana State Employees Retirement System now owns 34,200 shares of the financial services provider's stock worth $2,128,000 after acquiring an additional 175 shares during the period. Apriem Advisors increased its stake in Commerce Bancshares by 5.0% during the fourth quarter. Apriem Advisors now owns 3,827 shares of the financial services provider's stock worth $238,000 after acquiring an additional 182 shares during the last quarter. Finally, Frank Rimerman Advisors LLC raised its position in Commerce Bancshares by 4.9% in the fourth quarter. Frank Rimerman Advisors LLC now owns 3,993 shares of the financial services provider's stock valued at $249,000 after purchasing an additional 186 shares during the period. 70.26% of the stock is currently owned by institutional investors and hedge funds.

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.