Keefe, Bruyette & Woods Increases Commerce Bancshares (NASDAQ:CBSH) Price Target to $62.00

Key Points

• Keefe, Bruyette & Woods raised its price target on Commerce Bancshares to $62 from $60, while keeping a market perform rating. The new target implies about 4.8% upside from the current share price.
• Analyst views remain mixed, but the overall consensus is still Hold, with a consensus price target of $62.43. Recent actions from other firms included higher targets from Wells Fargo, Stephens, and Piper Sandler, while Wall Street Zen downgraded the stock to sell.
• Commerce Bancshares recently posted better-than-expected quarterly earnings, reporting $1.10 EPS versus $1.04 expected and revenue of $498.91 million. The stock opened at $59.14, near its 52-week high of $62.42.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) had its price target upped by equities researchers at Keefe, Bruyette & Woods from $60.00 to $62.00 in a report released on Monday,Benzinga reports. The firm presently has a "market perform" rating on the financial services provider's stock. Keefe, Bruyette & Woods' price target would indicate a potential upside of 4.84% from the company's current price.

Other equities analysts have also issued reports about the stock. Weiss Ratings raised shares of Commerce Bancshares from a "hold (c)" rating to a "hold (c+)" rating in a report on Wednesday, July 8th. Wells Fargo & Company raised their price target on shares of Commerce Bancshares from $53.00 to $57.00 and gave the company an "equal weight" rating in a research report on Monday, July 6th. Stephens set a $64.00 price objective on shares of Commerce Bancshares and gave the company an "equal weight" rating in a report on Friday. Piper Sandler reiterated a "neutral" rating and issued a $66.00 price objective (up from $59.00) on shares of Commerce Bancshares in a research report on Friday. Finally, Wall Street Zen lowered shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a research note on Monday. Two investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $62.43.

Commerce Bancshares Price Performance

Shares of CBSH stock opened at $59.14 on Monday. The stock has a 50 day moving average of $54.83 and a 200 day moving average of $52.81. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.01. The stock has a market cap of $8.62 billion, a P/E ratio of 14.32, a P/E/G ratio of 3.00 and a beta of 0.58. Commerce Bancshares has a twelve month low of $46.99 and a twelve month high of $62.42.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last released its quarterly earnings data on Thursday, July 16th. The financial services provider reported $1.10 EPS for the quarter, topping the consensus estimate of $1.04 by $0.06. Commerce Bancshares had a return on equity of 14.31% and a net margin of 26.07%.The business had revenue of $498.91 million for the quarter, compared to analyst estimates of $492.22 million. During the same quarter in the prior year, the firm posted $1.14 EPS. As a group, sell-side analysts expect that Commerce Bancshares will post 4.2 EPS for the current year.

Institutional Investors Weigh In On Commerce Bancshares

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in shares of Commerce Bancshares by 8.1% in the fourth quarter. Vanguard Group Inc. now owns 14,690,039 shares of the financial services provider's stock valued at $768,877,000 after buying an additional 1,098,142 shares in the last quarter. Verition Fund Management LLC lifted its stake in Commerce Bancshares by 39.8% during the 4th quarter. Verition Fund Management LLC now owns 631,981 shares of the financial services provider's stock worth $33,078,000 after acquiring an additional 179,894 shares in the last quarter. Mattern Capital Management LLC lifted its stake in Commerce Bancshares by 14.4% during the 4th quarter. Mattern Capital Management LLC now owns 161,306 shares of the financial services provider's stock worth $8,443,000 after acquiring an additional 20,277 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Commerce Bancshares by 6.7% during the 4th quarter. Geode Capital Management LLC now owns 2,780,678 shares of the financial services provider's stock valued at $147,097,000 after acquiring an additional 174,863 shares during the period. Finally, Mosaic Family Wealth Partners LLC purchased a new position in Commerce Bancshares during the 1st quarter valued at about $3,390,000. Hedge funds and other institutional investors own 70.26% of the company's stock.

About Commerce Bancshares

Commerce Bancshares, Inc is a bank holding company primarily engaged in providing a broad range of banking and financial services across the Midwest. Through its principal subsidiary, Commerce Bank, the company offers commercial and consumer banking, treasury management, trust and wealth advisory, and mortgage lending. Its diversified product suite includes deposit and loan products, cash management solutions, capital markets services, and private banking designed to meet the needs of individuals, small businesses, and large corporations.

The company's commercial banking group delivers tailored credit facilities, equipment and inventory financing, asset-based lending, and merchant services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.