Brokerages Set Commerce Bancshares, Inc. (NASDAQ:CBSH) Target Price at $68.20

Key Points

• Commerce Bancshares, Inc. has received an average rating of "Hold" from six brokerages, with an average target price of $68.20.
• The company reported earnings of $1.14 per share, exceeding analysts' expectations and showing a revenue increase of 7.6% year-over-year.
• A quarterly dividend of $0.275 per share is set to be paid on September 23rd, representing a yield of 1.8%.

Commerce Bancshares, Inc. (NASDAQ:CBSH - Get Free Report) has been given an average recommendation of "Hold" by the seven analysts that are presently covering the stock, MarketBeat reports. Seven investment analysts have rated the stock with a hold recommendation. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $68.20.

A number of research analysts have issued reports on the stock. Wall Street Zen cut shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Morgan Stanley increased their price objective on shares of Commerce Bancshares from $58.00 to $61.00 and gave the company an "equal weight" rating in a research note on Tuesday, June 17th. Bank of America increased their price objective on shares of Commerce Bancshares from $69.00 to $71.00 and gave the company a "neutral" rating in a research note on Tuesday, June 24th. Wells Fargo & Company increased their price objective on shares of Commerce Bancshares from $62.00 to $69.00 and gave the company an "equal weight" rating in a research note on Monday, July 21st. Finally, Piper Sandler boosted their target price on shares of Commerce Bancshares from $66.50 to $70.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th.

Commerce Bancshares Stock Performance

NASDAQ CBSH traded down $0.05 during trading hours on Wednesday, hitting $61.94. The company had a trading volume of 668,412 shares, compared to its average volume of 698,515. Commerce Bancshares has a 1-year low of $52.69 and a 1-year high of $72.75. The company has a market cap of $8.27 billion, a PE ratio of 14.75, a price-to-earnings-growth ratio of 2.83 and a beta of 0.61. The business has a 50 day moving average of $62.56 and a 200-day moving average of $62.11.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.02 by $0.12. Commerce Bancshares had a return on equity of 16.01% and a net margin of 26.37%.The firm had revenue of $445.76 million for the quarter, compared to analyst estimates of $434.11 million. During the same quarter last year, the company posted $1.02 earnings per share. The business's revenue was up 7.6% on a year-over-year basis. Sell-side analysts expect that Commerce Bancshares will post 3.94 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, September 23rd. Shareholders of record on Friday, September 5th will be paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Friday, September 5th. Commerce Bancshares's dividend payout ratio (DPR) is presently 26.19%.

Institutional Trading of Commerce Bancshares

A number of hedge funds have recently added to or reduced their stakes in the business. HB Wealth Management LLC boosted its stake in Commerce Bancshares by 4.5% in the 2nd quarter. HB Wealth Management LLC now owns 4,056 shares of the financial services provider's stock worth $252,000 after buying an additional 174 shares during the last quarter. Louisiana State Employees Retirement System increased its stake in Commerce Bancshares by 0.5% during 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 last quarter. Public Employees Retirement System of Ohio increased its stake in Commerce Bancshares by 0.5% during the second quarter. Public Employees Retirement System of Ohio now owns 39,371 shares of the financial services provider's stock worth $2,448,000 after acquiring an additional 190 shares during the last quarter. State of Michigan Retirement System increased its stake in Commerce Bancshares by 0.7% during the first quarter. State of Michigan Retirement System now owns 29,174 shares of the financial services provider's stock worth $1,815,000 after acquiring an additional 200 shares during the last quarter. Finally, Nicholson Wealth Management Group LLC increased its stake in Commerce Bancshares by 1.0% during the second quarter. Nicholson Wealth Management Group LLC now owns 20,926 shares of the financial services provider's stock worth $1,301,000 after acquiring an additional 214 shares during the last quarter. 70.26% of the stock is 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.