Commerce Bancshares (NASDAQ:CBSH) Receives Neutral Rating from Piper Sandler

Commerce Bancshares (NASDAQ:CBSH - Get Free Report)'s stock had its "neutral" rating restated by stock analysts at Piper Sandler in a report released on Thursday, MarketBeat reports. They presently have a $70.00 target price on the financial services provider's stock, up from their prior target price of $66.50. Piper Sandler's target price suggests a potential upside of 8.31% from the company's current price.

Several other brokerages have also recently issued reports on CBSH. Wells Fargo & Company raised their price objective on Commerce Bancshares from $60.00 to $62.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 10th. Bank of America raised 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. Keefe, Bruyette & Woods cut 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. Finally, Morgan Stanley raised 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. One research analyst has rated the stock with a sell rating and six have assigned a hold rating to the company. According to MarketBeat, Commerce Bancshares has a consensus rating of "Hold" and an average target price of $66.80.

Commerce Bancshares Stock Up 0.6%

Shares of CBSH stock traded up $0.36 during trading hours on Thursday, hitting $64.63. 1,375,221 shares of the company were exchanged, compared to its average volume of 623,491. The firm has a market cap of $8.62 billion, a PE ratio of 15.39, a PEG ratio of 2.78 and a beta of 0.59. Commerce Bancshares has a 1 year low of $52.69 and a 1 year high of $72.75. The firm has a fifty day moving average of $63.37 and a 200 day moving average of $62.87.

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

Insiders Place Their Bets

In other Commerce Bancshares news, Director June Mcallister Fowler sold 1,618 shares of the firm's stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $60.72, for a total transaction of $98,244.96. Following the completion of the sale, the director directly owned 3,175 shares in the company, valued at approximately $192,786. This trade represents a 33.76% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 3.10% of the company's stock.

Institutional Investors Weigh In On Commerce Bancshares

Several institutional investors have recently made changes to their positions in the company. HB Wealth Management LLC lifted its holdings in shares of Commerce Bancshares by 4.5% during the 2nd quarter. HB Wealth Management LLC now owns 4,056 shares of the financial services provider's stock valued at $252,000 after buying an additional 174 shares during the last quarter. Claris Advisors LLC MO bought a new position in shares of Commerce Bancshares in the 2nd quarter valued at approximately $446,000. Signaturefd LLC raised its stake in shares of Commerce Bancshares by 13.8% in the 2nd quarter. Signaturefd LLC now owns 2,036 shares of the financial services provider's stock valued at $127,000 after acquiring an additional 247 shares in the last quarter. Public Employees Retirement System of Ohio raised its stake in shares of Commerce Bancshares by 0.5% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 39,371 shares of the financial services provider's stock valued at $2,448,000 after acquiring an additional 190 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of Commerce Bancshares by 15.9% in the 2nd quarter. GAMMA Investing LLC now owns 2,177 shares of the financial services provider's stock valued at $135,000 after acquiring an additional 299 shares in the last quarter. 70.26% of the stock is currently owned by institutional investors and hedge funds.

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.