Commerce Bancshares, Inc. (NASDAQ:CBSH) Receives Average Recommendation of "Hold" from Brokerages

Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Get Free Report) have been assigned a consensus recommendation of "Hold" from the six research firms that are covering the firm, MarketBeat.com reports. Six research analysts have rated the stock with a hold recommendation. The average 1 year target price among brokerages that have covered the stock in the last year is $63.20.

CBSH has been the subject of several recent analyst reports. StockNews.com raised shares of Commerce Bancshares from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. Wells Fargo & Company decreased their target price on shares of Commerce Bancshares from $70.00 to $60.00 and set an "equal weight" rating for the company in a report on Wednesday, April 9th. Keefe, Bruyette & Woods decreased their target price on shares of Commerce Bancshares from $74.00 to $70.00 and set a "market perform" rating for the company in a report on Thursday, April 17th. Piper Sandler lifted their target price 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. Finally, Morgan Stanley raised shares of Commerce Bancshares from an "underweight" rating to an "equal weight" rating and decreased their target price for the stock from $66.00 to $58.00 in a report on Monday, April 7th.

Commerce Bancshares Price Performance

NASDAQ:CBSH opened at $65.63 on Monday. Commerce Bancshares has a one year low of $49.97 and a one year high of $72.75. The company's 50-day simple moving average is $60.88 and its 200 day simple moving average is $64.43. The firm has a market capitalization of $8.76 billion, a P/E ratio of 16.37, a PEG ratio of 2.13 and a beta of 0.60.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last issued its earnings results on Wednesday, April 16th. The financial services provider reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.05. The business had revenue of $428.05 million during the quarter, compared to analysts' expectations of $417.85 million. Commerce Bancshares had a net margin of 25.24% and a return on equity of 16.31%. On average, equities research analysts expect that Commerce Bancshares will post 3.94 earnings per share for the current fiscal year.

Commerce Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 24th. Stockholders of record on Friday, June 6th will be issued a dividend of $0.275 per share. The ex-dividend date is Friday, June 6th. This represents a $1.10 annualized dividend and a dividend yield of 1.68%. Commerce Bancshares's payout ratio is 26.63%.

Insider Activity

In other Commerce Bancshares news, Director June Mcallister Fowler sold 1,618 shares of the company's stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $60.72, for a total transaction of $98,244.96. Following the completion of the sale, the director now directly owns 3,175 shares of the company's stock, valued at approximately $192,786. This represents a 33.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.10% of the stock is owned by corporate insiders.

Institutional Trading of Commerce Bancshares

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Ascent Group LLC purchased a new stake in Commerce Bancshares during the first quarter valued at approximately $3,328,000. United Services Automobile Association bought a new position in shares of Commerce Bancshares in the first quarter worth approximately $490,000. Teza Capital Management LLC bought a new position in shares of Commerce Bancshares in the first quarter worth approximately $496,000. Integrated Wealth Concepts LLC boosted its position in shares of Commerce Bancshares by 19.6% in the first quarter. Integrated Wealth Concepts LLC now owns 16,162 shares of the financial services provider's stock worth $1,006,000 after purchasing an additional 2,649 shares during the period. Finally, Curi RMB Capital LLC bought a new position in shares of Commerce Bancshares in the first quarter worth approximately $258,000. 70.26% of the stock is owned by hedge funds and other institutional investors.

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.

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