Commerce Bancshares (NASDAQ:CBSH) Given New $62.00 Price Target at Wells Fargo & Company

Commerce Bancshares (NASDAQ:CBSH - Free Report) had its price target raised by Wells Fargo & Company from $60.00 to $62.00 in a report published on Thursday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the financial services provider's stock.

Several other equities research analysts also recently weighed in on the stock. Morgan Stanley boosted their target price on shares of Commerce Bancshares from $58.00 to $61.00 and gave the stock an "equal weight" rating in a research report on Tuesday, June 17th. Keefe, Bruyette & Woods lowered their price objective on shares of Commerce Bancshares from $74.00 to $70.00 and set a "market perform" rating for the company in a research report on Thursday, April 17th. Piper Sandler boosted their target price on shares of Commerce Bancshares from $65.00 to $66.00 and gave the company a "neutral" rating in a research note on Thursday, April 17th. Bank of America boosted their target price on shares of Commerce Bancshares from $69.00 to $71.00 and gave the company a "neutral" rating in a research note on Tuesday, June 24th. Finally, Wall Street Zen lowered shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. One investment analyst has rated the stock with a sell rating and six have assigned a hold rating to the company. According to MarketBeat.com, Commerce Bancshares presently has a consensus rating of "Hold" and a consensus price target of $66.00.

Commerce Bancshares Stock Up 1.2%

Shares of NASDAQ:CBSH traded up $0.81 during midday trading on Thursday, hitting $66.09. 606,952 shares of the company's stock traded hands, compared to its average volume of 614,952. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.76 and a current ratio of 0.76. The company has a market cap of $8.82 billion, a PE ratio of 16.00, a P/E/G ratio of 2.88 and a beta of 0.59. The firm's fifty day moving average price is $63.06 and its two-hundred day moving average price is $62.78. 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 issued its quarterly earnings data on Wednesday, April 16th. The financial services provider reported $0.98 EPS for the quarter, topping analysts' consensus estimates of $0.93 by $0.05. Commerce Bancshares had a net margin of 25.95% and a return on equity of 16.23%. The firm had revenue of $428.05 million for the quarter, compared to analyst estimates of $417.85 million. On average, equities research analysts anticipate that Commerce Bancshares will post 3.94 EPS for the current fiscal year.

Commerce Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 24th. Investors of record on Friday, June 6th were paid a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 1.66%. The ex-dividend date of this dividend was Friday, June 6th. Commerce Bancshares's dividend payout ratio is presently 26.63%.

Insider Activity

In other news, Director June Mcallister Fowler sold 1,618 shares of the business'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 sale, the director owned 3,175 shares in the company, valued at $192,786. The trade was a 33.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Commerce Bancshares

A number of large investors have recently made changes to their positions in the company. Financiere des Professionnels Fonds d investissement inc. acquired a new position in Commerce Bancshares in the 2nd quarter valued at approximately $649,000. Thurston Springer Miller Herd & Titak Inc. boosted its position in shares of Commerce Bancshares by 14.7% in the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 43,755 shares of the financial services provider's stock valued at $2,720,000 after acquiring an additional 5,611 shares during the period. Voya Investment Management LLC boosted its holdings in Commerce Bancshares by 11.0% in the 1st quarter. Voya Investment Management LLC now owns 198,901 shares of the financial services provider's stock valued at $12,378,000 after purchasing an additional 19,776 shares during the period. Modern Wealth Management LLC boosted its holdings in Commerce Bancshares by 1.3% in the 1st quarter. Modern Wealth Management LLC now owns 17,019 shares of the financial services provider's stock valued at $1,059,000 after purchasing an additional 220 shares during the period. Finally, Advisors Capital Management LLC bought a new stake in Commerce Bancshares in the 1st quarter valued at $481,000. Institutional investors and hedge funds 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.