Commerce Bancshares (NASDAQ:CBSH) Price Target Raised to $69.00 at Wells Fargo & Company

Commerce Bancshares (NASDAQ:CBSH - Free Report) had its target price raised by Wells Fargo & Company from $62.00 to $69.00 in a report released on Monday morning,Benzinga reports. They currently have an equal weight rating on the financial services provider's stock.

CBSH has been the subject of a number of other research reports. Bank of America boosted their price target on Commerce Bancshares from $69.00 to $71.00 and gave the stock a "neutral" rating in a report on Tuesday, June 24th. Morgan Stanley boosted their price target on Commerce Bancshares from $58.00 to $61.00 and gave the stock an "equal weight" rating in a report on Tuesday, June 17th. Keefe, Bruyette & Woods lowered their price target on Commerce Bancshares from $74.00 to $70.00 and set a "market perform" rating for the company in a report on Thursday, April 17th. Piper Sandler reissued a "neutral" rating and set a $70.00 price target (up previously from $66.50) on shares of Commerce Bancshares in a report on Thursday, July 17th. Finally, Wall Street Zen cut Commerce Bancshares from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. One analyst has rated the stock with a sell rating and six have assigned a hold rating to the stock. Based on data from MarketBeat, Commerce Bancshares has a consensus rating of "Hold" and an average target price of $68.20.

Commerce Bancshares Trading Down 1.5%

NASDAQ CBSH traded down $0.92 during midday trading on Monday, hitting $61.74. The company had a trading volume of 293,600 shares, compared to its average volume of 646,792. The company has a market capitalization of $8.24 billion, a PE ratio of 14.70, a P/E/G ratio of 2.96 and a beta of 0.59. The firm has a 50-day moving average price of $63.32 and a 200-day moving average price of $62.90. 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 announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $1.14 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.12. Commerce Bancshares had a return on equity of 16.01% and a net margin of 26.37%. The firm had revenue of $445.76 million during the quarter, compared to analysts' expectations of $434.11 million. During the same period in the previous year, the firm earned $1.02 EPS. The company's quarterly revenue was up 7.6% compared to the same quarter last year. On average, equities analysts anticipate that Commerce Bancshares will post 3.94 EPS for the current year.

Commerce Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 24th. Investors of record on Friday, June 6th were given 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 yield of 1.78%. Commerce Bancshares's dividend payout ratio is currently 26.19%.

Insiders Place Their Bets

In related news, Director June Mcallister Fowler sold 1,618 shares of the business's stock in a transaction on Thursday, May 1st. The stock was 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 position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 3.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Commerce Bancshares

Hedge funds and other institutional investors have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC bought a new stake in Commerce Bancshares during the 1st quarter worth $1,855,000. Integrated Wealth Concepts LLC bought a new stake in shares of Commerce Bancshares in the 4th quarter valued at about $842,000. GAMMA Investing LLC grew its position in shares of Commerce Bancshares by 64.9% in the 1st quarter. GAMMA Investing LLC now owns 1,878 shares of the financial services provider's stock valued at $117,000 after buying an additional 739 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Commerce Bancshares by 5.1% in the 4th quarter. Vanguard Group Inc. now owns 13,225,491 shares of the financial services provider's stock valued at $824,080,000 after buying an additional 642,401 shares during the last quarter. Finally, Novem Group grew its position in shares of Commerce Bancshares by 35.3% in the 1st quarter. Novem Group now owns 16,663 shares of the financial services provider's stock valued at $1,037,000 after buying an additional 4,344 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.