Keefe, Bruyette & Woods Issues Pessimistic Forecast for Commerce Bancshares (NASDAQ:CBSH) Stock Price

Key Points

• Keefe, Bruyette & Woods has lowered its price target for Commerce Bancshares' stock from $65.00 to $60.00, while maintaining a "market perform" rating.
• Commerce Bancshares reported earnings of $1.06 per share for the latest quarter, missing analysts' estimates by $0.03.
• The stock has a current market capital of $6.99 billion and has been experiencing a 1-year low of $52.11 and a high of $72.75.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) had its price objective reduced by stock analysts at Keefe, Bruyette & Woods from $65.00 to $60.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a "market perform" rating on the financial services provider's stock. Keefe, Bruyette & Woods' price objective indicates a potential upside of 14.50% from the company's previous close.

A number of other equities research analysts have also issued reports on the stock. Wells Fargo & Company reduced their target price on shares of Commerce Bancshares from $69.00 to $65.00 and set an "equal weight" rating on the stock in a report on Monday, September 29th. TD Cowen assumed coverage on shares of Commerce Bancshares in a report on Thursday, September 25th. They issued a "hold" rating and a $63.00 price objective on the stock. Bank of America raised their price objective on shares of Commerce Bancshares from $69.00 to $71.00 and gave the company a "neutral" rating in a report on Tuesday, June 24th. Morgan Stanley increased their target price on shares of Commerce Bancshares from $66.00 to $70.00 and gave the company an "underperform" rating in a research report on Monday, September 29th. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Commerce Bancshares in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $66.00.

Commerce Bancshares Price Performance

Commerce Bancshares stock opened at $52.40 on Friday. The stock has a market cap of $6.99 billion, a price-to-earnings ratio of 12.48, a price-to-earnings-growth ratio of 6.98 and a beta of 0.59. The firm has a 50 day simple moving average of $60.09 and a 200-day simple moving average of $61.31. Commerce Bancshares has a 1-year low of $52.11 and a 1-year high of $72.75.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last posted its quarterly earnings data on Thursday, October 16th. The financial services provider reported $1.06 earnings per share for the quarter, missing analysts' consensus estimates of $1.09 by ($0.03). The company had revenue of $440.97 million for the quarter, compared to analysts' expectations of $447.04 million. Commerce Bancshares had a return on equity of 16.01% and a net margin of 26.37%.The business's revenue for the quarter was up 4.7% on a year-over-year basis. During the same period in the previous year, the business posted $1.07 EPS. Equities analysts expect that Commerce Bancshares will post 3.94 earnings per share for the current fiscal year.

Institutional Trading of Commerce Bancshares

Several hedge funds and other institutional investors have recently made changes to their positions in CBSH. GAMMA Investing LLC boosted its holdings in shares of Commerce Bancshares by 64.9% in the first quarter. GAMMA Investing LLC now owns 1,878 shares of the financial services provider's stock valued at $117,000 after acquiring an additional 739 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Commerce Bancshares by 19.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 17,971 shares of the financial services provider's stock valued at $1,118,000 after acquiring an additional 2,955 shares in the last quarter. State of Alaska Department of Revenue boosted its holdings in shares of Commerce Bancshares by 2.4% in the first quarter. State of Alaska Department of Revenue now owns 14,299 shares of the financial services provider's stock valued at $889,000 after acquiring an additional 330 shares in the last quarter. Advisor Resource Council purchased a new stake in shares of Commerce Bancshares in the first quarter valued at about $316,000. Finally, XML Financial LLC boosted its holdings in shares of Commerce Bancshares by 13.3% in the first quarter. XML Financial LLC now owns 3,928 shares of the financial services provider's stock valued at $244,000 after acquiring an additional 460 shares in the last quarter. Hedge funds and other institutional investors own 70.26% of the company's stock.

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.

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