Commerce Bancshares (NASDAQ:CBSH) Given New $70.00 Price Target at Piper Sandler

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) had its price objective boosted by investment analysts at Piper Sandler from $66.50 to $70.00 in a research report issued to clients and investors on Thursday, July 17th, Marketbeat.com reports. The brokerage presently has a "neutral" rating on the financial services provider's stock. Piper Sandler's target price indicates a potential upside of 13.93% from the stock's previous close.

Other analysts also recently issued reports about the stock. Wall Street Zen downgraded shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Bank of America lifted their price target on shares of Commerce Bancshares from $69.00 to $71.00 and gave the stock a "neutral" rating in a research note on Tuesday, June 24th. Keefe, Bruyette & Woods dropped their price target on shares of Commerce Bancshares from $74.00 to $70.00 and set a "market perform" rating for the company in a research note on Thursday, April 17th. Morgan Stanley lifted 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. Finally, Wells Fargo & Company lifted their price target on shares of Commerce Bancshares from $60.00 to $62.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 10th. One research analyst has rated the stock with a sell rating and six have assigned a hold rating to the company. According to MarketBeat, the company has an average rating of "Hold" and an average price target of $68.20.

Commerce Bancshares Stock Up 0.3%

NASDAQ CBSH traded up $0.21 on Thursday, reaching $61.44. The company had a trading volume of 113,497 shares, compared to its average volume of 648,017. The stock has a market capitalization of $8.20 billion, a PE ratio of 14.63, a price-to-earnings-growth ratio of 2.83 and a beta of 0.59. The firm's 50 day moving average price is $62.93 and its 200 day moving average price is $62.88. Commerce Bancshares has a 12 month low of $52.69 and a 12 month high of $72.75.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last announced 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. The company had revenue of $445.76 million for the quarter, compared to the consensus estimate of $434.11 million. Commerce Bancshares had a net margin of 26.37% and a return on equity of 16.01%. Commerce Bancshares's revenue for the quarter was up 7.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.02 EPS. On average, research analysts expect that Commerce Bancshares will post 3.94 EPS for the current year.

Institutional Investors Weigh In On Commerce Bancshares

Several hedge funds have recently modified their holdings of CBSH. Proficio Capital Partners LLC purchased a new stake in shares of Commerce Bancshares in the 4th quarter worth approximately $2,050,000. Raymond James Financial Inc. purchased a new stake in shares of Commerce Bancshares in the 4th quarter worth approximately $10,387,000. HighTower Advisors LLC lifted its position in shares of Commerce Bancshares by 27.6% in the 4th quarter. HighTower Advisors LLC now owns 13,806 shares of the financial services provider's stock worth $860,000 after purchasing an additional 2,990 shares during the period. Swiss National Bank lifted its position in shares of Commerce Bancshares by 5.0% in the 4th quarter. Swiss National Bank now owns 252,339 shares of the financial services provider's stock worth $15,723,000 after purchasing an additional 12,016 shares during the period. Finally, Commonwealth Equity Services LLC lifted its position in shares of Commerce Bancshares by 11.5% in the 4th quarter. Commonwealth Equity Services LLC now owns 32,909 shares of the financial services provider's stock worth $2,051,000 after purchasing an additional 3,387 shares during the period. Hedge funds and other institutional investors 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.