Commerce Bancshares (NASDAQ:CBSH) Now Covered by Analysts at Stephens

Key Points

• Stephens initiated coverage on Commerce Bancshares with an equal weight rating and a $62 price target, implying about 7% upside from the current share price.
• Other analysts remain largely cautious: Commerce Bancshares has an overall Hold consensus, with two Buy ratings and seven Hold ratings, and an average target price of $59.14.
• The bank recently reported Q1 EPS of $0.96, beating estimates by $0.02, while revenue came in slightly below expectations at $475.69 million; the stock opened at $57.91 and sits near its 52-week high of $63.15.

Equities researchers at Stephens initiated coverage on shares of Commerce Bancshares (NASDAQ:CBSH - Get Free Report) in a research report issued to clients and investors on Wednesday. The brokerage set an "equal weight" rating and a $62.00 price target on the financial services provider's stock. Stephens' price objective indicates a potential upside of 7.06% from the company's current price.

A number of other equities research analysts have also commented on the stock. Wall Street Zen raised shares of Commerce Bancshares from a "sell" rating to a "hold" rating in a report on Sunday. Wells Fargo & Company increased their price target on shares of Commerce Bancshares from $53.00 to $57.00 and gave the company an "equal weight" rating in a research note on Monday, July 6th. TD Cowen restated a "hold" rating and issued a $54.00 price objective (up from $53.00) on shares of Commerce Bancshares in a research report on Thursday, April 23rd. Piper Sandler boosted their target price on Commerce Bancshares from $58.50 to $59.00 and gave the stock a "neutral" rating in a research report on Friday, June 26th. Finally, Hovde Group cut their price target on Commerce Bancshares from $63.00 to $60.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 22nd. Two analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $59.14.

Commerce Bancshares Price Performance

CBSH stock opened at $57.91 on Wednesday. The business has a fifty day moving average price of $54.44 and a 200 day moving average price of $52.68. Commerce Bancshares has a fifty-two week low of $46.99 and a fifty-two week high of $63.15. The stock has a market capitalization of $8.44 billion, a price-to-earnings ratio of 13.89, a P/E/G ratio of 3.00 and a beta of 0.58.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last posted its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $0.96 EPS for the quarter, topping analysts' consensus estimates of $0.94 by $0.02. Commerce Bancshares had a return on equity of 14.78% and a net margin of 26.37%.The company had revenue of $475.69 million for the quarter, compared to analyst estimates of $481.94 million. During the same quarter in the previous year, the firm earned $0.98 earnings per share. The business's revenue was up 11.1% on a year-over-year basis. On average, equities analysts expect that Commerce Bancshares will post 4.15 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Commerce Bancshares

Hedge funds have recently added to or reduced their stakes in the stock. Geneos Wealth Management Inc. raised its holdings in shares of Commerce Bancshares by 85.4% in 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 during the last quarter. Invesco Ltd. grew its position in Commerce Bancshares by 2.0% in the second quarter. Invesco Ltd. now owns 865,052 shares of the financial services provider's stock valued at $53,780,000 after purchasing an additional 16,610 shares in the last quarter. Cresset Asset Management LLC increased its stake in Commerce Bancshares by 3.0% in the 2nd quarter. Cresset Asset Management LLC now owns 10,151 shares of the financial services provider's stock valued at $631,000 after buying an additional 300 shares during the last quarter. Jump Financial LLC acquired a new stake in Commerce Bancshares in the 2nd quarter valued at $376,000. Finally, California Public Employees Retirement System lifted its position in Commerce Bancshares by 4.8% during the 2nd quarter. California Public Employees Retirement System now owns 208,148 shares of the financial services provider's stock worth $12,941,000 after buying an additional 9,483 shares in the last quarter. Institutional investors and hedge funds own 70.26% of the company's stock.

About Commerce Bancshares

Commerce Bancshares, Inc is a bank holding company primarily engaged in providing a broad range of banking and financial services across the Midwest. Through its principal subsidiary, Commerce Bank, the company offers commercial and consumer banking, treasury management, trust and wealth advisory, and mortgage lending. Its diversified product suite includes deposit and loan products, cash management solutions, capital markets services, and private banking designed to meet the needs of individuals, small businesses, and large corporations.

The company's commercial banking group delivers tailored credit facilities, equipment and inventory financing, asset-based lending, and merchant services.

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