Commerce Bancshares (NASDAQ:CBSH) Earns Hold Rating from Analysts at TD Cowen

Key Points

• TD Cowen has initiated coverage of Commerce Bancshares (NASDAQ:CBSH) with a "hold" rating and a price target of $63.00, indicating a potential upside of 6.78% from the previous close.
• Analysts have mixed ratings for the stock, with eight analysts reflecting an average “hold” rating and a consensus price target of $67.33.
• The company reported strong financial performance with a quarterly EPS of $1.14, surpassing estimates and indicating a 7.6% revenue growth year-over-year.

Equities researchers at TD Cowen started coverage on shares of Commerce Bancshares (NASDAQ:CBSH - Get Free Report) in a research note issued on Thursday. The firm set a "hold" rating and a $63.00 price target on the financial services provider's stock. TD Cowen's target price indicates a potential upside of 6.78% from the company's previous close.

Other analysts have also issued research reports about the stock. Zacks Research lowered shares of Commerce Bancshares from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 27th. Piper Sandler increased their target price on shares of Commerce Bancshares from $66.50 to $70.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Wells Fargo & Company raised their price target on shares of Commerce Bancshares from $62.00 to $69.00 and gave the stock an "equal weight" rating in a report on Monday, July 21st. Bank of America raised their target price on shares of Commerce Bancshares from $69.00 to $71.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 24th. Finally, Morgan Stanley lifted their price target 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. Eight analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $67.33.

Commerce Bancshares Stock Up 0.6%

CBSH opened at $59.00 on Thursday. The stock has a market cap of $7.87 billion, a price-to-earnings ratio of 14.05, a PEG ratio of 2.68 and a beta of 0.61. The company's 50-day moving average price is $61.24 and its two-hundred day moving average price is $61.64. Commerce Bancshares has a twelve month low of $52.69 and a twelve month high of $72.75.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $1.14 EPS for the quarter, beating analysts' consensus estimates of $1.02 by $0.12. The company had revenue of $445.76 million for the quarter, compared to analysts' expectations of $434.11 million. Commerce Bancshares had a net margin of 26.37% and a return on equity of 16.01%. Commerce Bancshares's revenue was up 7.6% compared to the same quarter last year. During the same period in the prior year, the company posted $1.02 EPS. As a group, sell-side analysts anticipate that Commerce Bancshares will post 3.94 earnings per share for the current year.

Hedge Funds Weigh In On Commerce Bancshares

Several large investors have recently added to or reduced their stakes in CBSH. Smartleaf Asset Management LLC lifted its holdings in Commerce Bancshares by 191.0% during the first quarter. Smartleaf Asset Management LLC now owns 451 shares of the financial services provider's stock valued at $28,000 after purchasing an additional 296 shares in the last quarter. IMA Advisory Services Inc. purchased a new stake in Commerce Bancshares during the first quarter valued at $29,000. Geneos Wealth Management Inc. raised 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 valued at $29,000 after purchasing an additional 216 shares in the last quarter. CoreFirst Bank & Trust purchased a new stake in Commerce Bancshares during the second quarter valued at $33,000. Finally, Allworth Financial LP increased its position in Commerce Bancshares by 55.0% during the first quarter. Allworth Financial LP now owns 651 shares of the financial services provider's stock valued at $40,000 after acquiring an additional 231 shares during the last quarter. Hedge funds and other institutional investors own 70.26% of the company's stock.

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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