Wells Fargo & Company Increases Commerce Bancshares (NASDAQ:CBSH) Price Target to $62.00

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

CBSH has been the topic of several other research reports. Keefe, Bruyette & Woods lowered their target price on Commerce Bancshares from $74.00 to $70.00 and set a "market perform" rating on the stock in a research note on Thursday, April 17th. Bank of America lifted their target price on Commerce Bancshares from $69.00 to $71.00 and gave the company a "neutral" rating in a research note on Tuesday, June 24th. Wall Street Zen cut Commerce Bancshares from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Morgan Stanley lifted their target price on Commerce Bancshares from $58.00 to $61.00 and gave the company an "equal weight" rating in a research note on Tuesday, June 17th. Finally, Piper Sandler lifted their target price on Commerce Bancshares from $65.00 to $66.00 and gave the company a "neutral" rating in a research note on Thursday, April 17th. One equities research analyst has rated the stock with a sell rating and six have assigned a hold rating to the company's stock. According to data from MarketBeat, Commerce Bancshares has a consensus rating of "Hold" and an average price target of $66.00.

Commerce Bancshares Trading Down 1.0%

NASDAQ CBSH traded down $0.64 on Thursday, hitting $65.45. 702,537 shares of the company were exchanged, compared to its average volume of 614,991. The company's 50 day moving average price is $63.21 and its 200-day moving average price is $62.82. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.76 and a quick ratio of 0.76. The firm has a market capitalization of $8.73 billion, a P/E ratio of 15.85, a price-to-earnings-growth ratio of 2.92 and a beta of 0.59. 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 posted its quarterly earnings data on Wednesday, April 16th. The financial services provider reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.05. Commerce Bancshares had a return on equity of 16.23% and a net margin of 25.95%. The firm had revenue of $428.05 million for the quarter, compared to the consensus estimate of $417.85 million. Analysts predict that Commerce Bancshares will post 3.94 earnings per share for the current fiscal year.

Commerce Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 24th. Investors of record on Friday, June 6th were paid a $0.275 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.10 annualized dividend and a dividend yield of 1.68%. Commerce Bancshares's payout ratio is 26.63%.

Insider Activity at Commerce Bancshares

In related news, Director June Mcallister Fowler sold 1,618 shares of the business's stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $60.72, for a total value of $98,244.96. Following the completion of the sale, the director owned 3,175 shares of the company's stock, valued at approximately $192,786. The trade was a 33.76% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 3.10% of the company's stock.

Institutional Investors Weigh In On Commerce Bancshares

Large investors have recently made changes to their positions in the company. Canopy Partners LLC lifted its holdings in Commerce Bancshares by 4.9% in the 4th quarter. Canopy Partners LLC now owns 3,609 shares of the financial services provider's stock worth $225,000 after purchasing an additional 168 shares during the last quarter. Louisiana State Employees Retirement System lifted its holdings in Commerce Bancshares by 0.5% in the 1st 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 last quarter. Frank Rimerman Advisors LLC lifted its holdings in Commerce Bancshares by 4.9% in the 4th quarter. Frank Rimerman Advisors LLC now owns 3,993 shares of the financial services provider's stock worth $249,000 after purchasing an additional 186 shares during the last quarter. Angeles Investment Advisors LLC lifted its holdings in Commerce Bancshares by 5.0% in the 4th quarter. Angeles Investment Advisors LLC now owns 4,074 shares of the financial services provider's stock worth $254,000 after purchasing an additional 194 shares during the last quarter. Finally, State of Michigan Retirement System lifted its holdings in Commerce Bancshares by 0.7% in the 1st 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 last quarter. 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.