Commerce Bancshares (NASDAQ:CBSH) Price Target Cut to $60.00 by Analysts at Wells Fargo & Company

Key Points

• Wells Fargo analysts have lowered their price target for Commerce Bancshares from $65.00 to $60.00, maintaining an "equal weight" rating on the stock, indicating a potential upside of 11.07% from its current price.
• Commerce Bancshares recently reported Q3 earnings of $1.06 EPS, which was below the consensus estimate of $1.09, while its revenue for the quarter was $440.97 million, slightly less than expected.
• Analyst ratings show a consensus of "Hold" for Commerce Bancshares, with one Buy rating, eight Holds, and one Sell, amidst various target price adjustments by other analysts.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) had its price target dropped by investment analysts at Wells Fargo & Company from $65.00 to $60.00 in a report issued on Tuesday, MarketBeat Ratings reports. The brokerage presently has an "equal weight" rating on the financial services provider's stock. Wells Fargo & Company's price objective would indicate a potential upside of 11.07% from the stock's current price.

A number of other equities analysts have also recently issued reports on the company. TD Cowen started coverage on Commerce Bancshares in a report on Thursday, September 25th. They set a "hold" rating and a $63.00 target price for the company. Piper Sandler lowered their target price on Commerce Bancshares from $70.00 to $63.00 and set a "neutral" rating for the company in a report on Friday. Wall Street Zen cut Commerce Bancshares from a "hold" rating to a "sell" rating in a report on Saturday. Hovde Group started coverage on Commerce Bancshares in a report on Monday, October 6th. They set an "outperform" rating and a $70.00 target price for the company. Finally, Morgan Stanley increased their target price on Commerce Bancshares from $66.00 to $70.00 and gave the stock an "underperform" rating in a report on Monday, September 29th. One analyst has rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $65.29.

Commerce Bancshares Trading Up 0.6%

Shares of Commerce Bancshares stock opened at $54.02 on Tuesday. The company has a market capitalization of $7.21 billion, a PE ratio of 12.89, a PEG ratio of 6.65 and a beta of 0.59. Commerce Bancshares has a 12 month low of $52.11 and a 12 month high of $72.75. The stock's fifty day simple moving average is $59.83 and its 200 day simple moving average is $61.26.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last issued its quarterly earnings data on Thursday, October 16th. The financial services provider reported $1.06 EPS for the quarter, missing the consensus estimate of $1.09 by ($0.03). The business had revenue of $440.97 million for the quarter, compared to analyst estimates of $447.04 million. Commerce Bancshares had a return on equity of 15.73% and a net margin of 26.48%.The business's quarterly revenue was up 4.7% compared to the same quarter last year. During the same period in the previous year, the business posted $1.07 EPS. Analysts predict that Commerce Bancshares will post 3.94 EPS for the current fiscal year.

Hedge Funds Weigh In On Commerce Bancshares

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. HB Wealth Management LLC grew its holdings in Commerce Bancshares by 4.5% during the second quarter. HB Wealth Management LLC now owns 4,056 shares of the financial services provider's stock worth $252,000 after purchasing an additional 174 shares during the period. Louisiana State Employees Retirement System grew its holdings 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 purchasing an additional 175 shares during the period. Public Employees Retirement System of Ohio grew its holdings 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 purchasing an additional 190 shares during the period. State of Michigan Retirement System grew its holdings 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 purchasing an additional 200 shares during the period. Finally, Nicholson Wealth Management Group LLC grew its holdings 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 purchasing an additional 214 shares during the period. Institutional investors own 70.26% of the company's stock.

Commerce Bancshares Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.