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

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

Other equities research analysts also recently issued research reports about the company. Morgan Stanley upped their price objective on Commerce Bancshares from $58.00 to $61.00 and gave the company an "equal weight" rating in a report on Tuesday, June 17th. Keefe, Bruyette & Woods lowered their target price on shares of 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 upped their price objective on shares of Commerce Bancshares from $66.50 to $70.00 and gave the company a "neutral" rating in a research note on Thursday, July 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 research report on Tuesday, June 24th. Finally, Wall Street Zen lowered shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. One research analyst has rated the stock with a sell rating and six have issued a hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $68.20.

Commerce Bancshares Stock Performance

CBSH traded down $0.12 during midday trading on Monday, hitting $64.18. The stock had a trading volume of 25,731 shares, compared to its average volume of 619,395. Commerce Bancshares has a 1 year low of $52.69 and a 1 year high of $72.75. The business has a fifty day moving average of $63.37 and a 200 day moving average of $62.88. The company has a market cap of $8.56 billion, a P/E ratio of 15.28, a price-to-earnings-growth ratio of 2.98 and a beta of 0.59.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.02 by $0.12. Commerce Bancshares had a return on equity of 16.01% and a net margin of 26.37%. The company had revenue of $445.76 million for the quarter, compared to analyst estimates of $434.11 million. During the same quarter last year, the company earned $1.02 EPS. Commerce Bancshares's revenue for the quarter was up 7.6% compared to the same quarter last year. On average, equities research analysts anticipate that Commerce Bancshares will post 3.94 earnings per share for the current year.

Commerce Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 24th. Shareholders of record on Friday, June 6th were paid a dividend of $0.275 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.10 dividend on an annualized basis and a yield of 1.71%. Commerce Bancshares's dividend payout ratio is currently 26.19%.

Insider Buying and Selling

In other Commerce Bancshares news, Director June Mcallister Fowler sold 1,618 shares of Commerce Bancshares 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 transaction, the director directly owned 3,175 shares of the company's stock, valued at $192,786. The trade was a 33.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 3.10% of the stock is currently owned by company insiders.

Institutional Trading of Commerce Bancshares

A number of hedge funds have recently made changes to their positions in the company. Canopy Partners LLC lifted its stake in shares of Commerce Bancshares by 4.9% in the 4th quarter. Canopy Partners LLC now owns 3,609 shares of the financial services provider's stock valued at $225,000 after purchasing an additional 168 shares during the last quarter. HB Wealth Management LLC lifted its stake in Commerce Bancshares by 4.5% during the second quarter. HB Wealth Management LLC now owns 4,056 shares of the financial services provider's stock worth $252,000 after purchasing an additional 174 shares in the last quarter. Louisiana State Employees Retirement System increased its holdings in Commerce Bancshares by 0.5% in the first quarter. Louisiana State Employees Retirement System now owns 34,200 shares of the financial services provider's stock valued at $2,128,000 after buying an additional 175 shares during the last quarter. Public Employees Retirement System of Ohio boosted its stake in shares of Commerce Bancshares by 0.5% during the second quarter. Public Employees Retirement System of Ohio now owns 39,371 shares of the financial services provider's stock worth $2,448,000 after buying an additional 190 shares during the period. Finally, Angeles Investment Advisors LLC increased its stake in shares of Commerce Bancshares by 5.0% during 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 in the last quarter. 70.26% of the stock is owned by institutional investors and hedge funds.

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.