Commerce Bancshares (NASDAQ:CBSH) Price Target Lowered to $60.00 at Hovde Group

Key Points

• Hovde Group cut its price target on Commerce Bancshares to $60.00 (from $63.00) while maintaining an "outperform" rating, implying roughly an 18.6% upside from the recent share price.
• Analyst sentiment is mixed-to-cautious: one analyst rates the stock a Buy and eight rate it Hold, with a MarketBeat consensus rating of Hold and a consensus target of about $59.52; several firms (Piper, TD Cowen, Morgan Stanley, Wells Fargo) recently trimmed targets.
• Recent fundamentals show a slight EPS beat (Q1 EPS $0.96 vs. $0.94 estimate) but revenue came in a bit below expectations; shares trade near $50.59 (1‑year range $46.99–$63.19), and insiders were active— a director bought 2,500 shares while the CEO sold 23,397 shares.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) had its target price lowered by stock analysts at Hovde Group from $63.00 to $60.00 in a research note issued to investors on Wednesday. The firm currently has an "outperform" rating on the financial services provider's stock. Hovde Group's price target suggests a potential upside of 18.60% from the company's previous close.

Several other equities research analysts have also issued reports on the stock. Piper Sandler set a $62.00 price target on shares of Commerce Bancshares and gave the company a "neutral" rating in a research note on Monday, January 26th. TD Cowen decreased their price objective on shares of Commerce Bancshares from $61.00 to $55.00 and set a "hold" rating for the company in a research report on Wednesday, January 7th. Morgan Stanley decreased their price objective on shares of Commerce Bancshares from $67.00 to $65.00 and set an "equal weight" rating for the company in a research report on Monday, March 2nd. Wells Fargo & Company decreased their price objective on shares of Commerce Bancshares from $60.00 to $53.00 and set an "equal weight" rating for the company in a research report on Monday, March 30th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Commerce Bancshares in a research report on Friday, March 27th. One investment analyst has rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $59.52.

Commerce Bancshares Trading Down 1.6%

Shares of CBSH stock opened at $50.59 on Wednesday. Commerce Bancshares has a 1 year low of $46.99 and a 1 year high of $63.19. The firm's fifty day moving average price is $50.52 and its two-hundred day moving average price is $51.87. The firm has a market capitalization of $7.43 billion, a P/E ratio of 12.07, a PEG ratio of 3.70 and a beta of 0.60.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last issued its quarterly earnings results on Tuesday, April 21st. The financial services provider reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.94 by $0.02. Commerce Bancshares had a net margin of 26.51% and a return on equity of 15.34%. The firm had revenue of $475.69 million for the quarter, compared to analyst estimates of $481.94 million. During the same period in the previous year, the business earned $0.98 EPS. The company's revenue was up 11.1% compared to the same quarter last year. As a group, equities research analysts forecast that Commerce Bancshares will post 4.07 EPS for the current fiscal year.

Insiders Place Their Bets

In other Commerce Bancshares news, Director Timothy S. Dunn acquired 2,500 shares of the company's stock in a transaction on Friday, March 13th. The stock was acquired at an average price of $47.71 per share, for a total transaction of $119,275.00. Following the purchase, the director directly owned 5,403 shares of the company's stock, valued at $257,777.13. This trade represents a 86.12% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO John W. Kemper sold 23,397 shares of Commerce Bancshares stock in a transaction dated Thursday, February 5th. The stock was sold at an average price of $53.99, for a total transaction of $1,263,204.03. Following the completion of the sale, the chief executive officer owned 206,528 shares of the company's stock, valued at $11,150,446.72. This trade represents a 10.18% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 29,477 shares of company stock worth $1,586,655. 1.80% of the stock is currently owned by insiders.

Institutional Trading of Commerce Bancshares

Hedge funds and other institutional investors have recently bought and sold shares of the business. Geneos Wealth Management Inc. raised its position in shares of Commerce Bancshares by 85.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider's stock valued at $29,000 after buying an additional 216 shares in the last quarter. Invesco Ltd. raised its position in shares of Commerce Bancshares by 2.0% in the 2nd quarter. Invesco Ltd. now owns 865,052 shares of the financial services provider's stock valued at $53,780,000 after buying an additional 16,610 shares in the last quarter. Cresset Asset Management LLC raised its position in shares of 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 in the last quarter. Jump Financial LLC acquired a new position in shares of Commerce Bancshares in the 2nd quarter valued at approximately $376,000. Finally, California Public Employees Retirement System raised its position in shares of Commerce Bancshares by 4.8% in the 2nd quarter. California Public Employees Retirement System now owns 208,148 shares of the financial services provider's stock valued at $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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