Commerce Bancshares (NASDAQ:CBSH) Coverage Initiated at Hovde Group

Key Points

• Hovde Group has initiated coverage on Commerce Bancshares (NASDAQ:CBSH) with an "outperform" rating and a price target of $70.00, indicating a potential upside of 18.74% from its previous closing price.
• Analysts have mixed opinions on the stock, with the consensus rating being a "Hold" and an average price target of $68.43, reflecting a range of ratings from "Strong Buy" to "Sell".
• Commerce Bancshares recently reported earnings of $1.14 per share, surpassing forecasts, with a year-over-year revenue increase of 7.6%, reaching $445.76 million for the quarter.

Hovde Group began coverage on shares of Commerce Bancshares (NASDAQ:CBSH - Get Free Report) in a report issued on Monday, Marketbeat.com reports. The firm set an "outperform" rating and a $70.00 price target on the financial services provider's stock. Hovde Group's price target would suggest a potential upside of 18.74% from the company's previous close.

Several other research analysts also recently commented on the stock. Zacks Research downgraded shares of Commerce Bancshares from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 27th. TD Cowen began coverage on shares of Commerce Bancshares in a research note on Thursday, September 25th. They issued a "hold" rating and a $63.00 price target on the stock. Piper Sandler raised their price target on shares of Commerce Bancshares from $66.50 to $70.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Wells Fargo & Company reduced their price target on shares of Commerce Bancshares from $69.00 to $65.00 and set an "equal weight" rating on the stock in a research note on Monday, September 29th. Finally, Bank of America increased 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. One research analyst has rated the stock with a Strong Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $68.43.

Commerce Bancshares Trading Down 0.9%

Shares of CBSH opened at $58.95 on Monday. Commerce Bancshares has a twelve month low of $52.69 and a twelve month high of $72.75. The company has a market cap of $7.87 billion, a P/E ratio of 14.04, a P/E/G ratio of 2.71 and a beta of 0.59. The company's fifty day simple moving average is $60.58 and its 200-day simple moving average is $61.55.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last announced its earnings results 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 net margin of 26.37% and a return on equity of 16.01%. The business had revenue of $445.76 million for the quarter, compared to the consensus estimate of $434.11 million. During the same quarter in the prior year, the firm posted $1.02 earnings per share. The business's revenue for the quarter was up 7.6% on a year-over-year basis. Analysts predict that Commerce Bancshares will post 3.94 earnings per share for the current fiscal year.

Institutional Trading of Commerce Bancshares

A number of institutional investors have recently bought and sold shares of the stock. Headlands Technologies LLC acquired a new stake in Commerce Bancshares in the 2nd quarter worth approximately $59,000. Vident Advisory LLC boosted its stake in Commerce Bancshares by 29.4% in the 2nd quarter. Vident Advisory LLC now owns 5,417 shares of the financial services provider's stock worth $337,000 after purchasing an additional 1,232 shares in the last quarter. Rafferty Asset Management LLC boosted its stake in Commerce Bancshares by 14.8% in the 2nd quarter. Rafferty Asset Management LLC now owns 96,878 shares of the financial services provider's stock worth $6,023,000 after purchasing an additional 12,484 shares in the last quarter. Lazard Asset Management LLC boosted its stake in Commerce Bancshares by 4.0% in the 2nd quarter. Lazard Asset Management LLC now owns 410,965 shares of the financial services provider's stock worth $25,549,000 after purchasing an additional 15,840 shares in the last quarter. Finally, Hilton Capital Management LLC boosted its stake in Commerce Bancshares by 10.6% in the 2nd quarter. Hilton Capital Management LLC now owns 40,928 shares of the financial services provider's stock worth $2,544,000 after purchasing an additional 3,919 shares in the last quarter. 70.26% of the stock is currently 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.