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

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

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

Commerce Bancshares Stock Down 0.8%

NASDAQ:CBSH traded down $0.50 during mid-day trading on Thursday, hitting $65.59. 317,278 shares of the company's stock were exchanged, compared to its average volume of 613,864. Commerce Bancshares has a one year low of $52.69 and a one year high of $72.75. 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 business has a fifty day moving average price of $63.16 and a 200 day moving average price of $62.81. The company has a market cap of $8.75 billion, a PE ratio of 15.87, a P/E/G ratio of 2.88 and a beta of 0.59.

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 for the quarter, beating analysts' consensus estimates of $0.93 by $0.05. Commerce Bancshares had a return on equity of 16.23% and a net margin of 25.95%. The company had revenue of $428.05 million during the quarter, compared to analyst estimates of $417.85 million. Equities analysts predict that Commerce Bancshares will post 3.94 EPS for the current year.

Commerce Bancshares Dividend Announcement

The business also recently disclosed 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. The ex-dividend date was Friday, June 6th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.68%. Commerce Bancshares's dividend payout ratio (DPR) is presently 26.63%.

Insiders Place Their Bets

In other news, Director June Mcallister Fowler sold 1,618 shares of the firm's stock in a transaction 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 directly owned 3,175 shares in the company, valued at $192,786. This trade represents a 33.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 3.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Commerce Bancshares

A number of institutional investors have recently bought and sold shares of CBSH. Kapitalo Investimentos Ltda bought a new stake in shares of Commerce Bancshares during the fourth quarter valued at approximately $26,000. Smartleaf Asset Management LLC lifted its position in Commerce Bancshares by 191.0% in the first quarter. Smartleaf Asset Management LLC now owns 451 shares of the financial services provider's stock worth $28,000 after buying an additional 296 shares during the last quarter. IMA Advisory Services Inc. purchased a new stake in shares of Commerce Bancshares in the first quarter valued at $29,000. Geneos Wealth Management Inc. boosted its position in shares of Commerce Bancshares by 85.4% during the first 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 during the period. Finally, CoreFirst Bank & Trust purchased a new stake in Commerce Bancshares in the fourth quarter worth $33,000. Hedge funds and other 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.