Commerce Bancshares (NASDAQ:CBSH) had its target price increased by Morgan Stanley from $60.00 to $61.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has an "underweight" rating on the financial services provider's stock. Morgan Stanley's price target would suggest a potential downside of 12.88% from the company's current price.
A number of other research firms have also recently weighed in on CBSH. Piper Sandler lowered their price objective on Commerce Bancshares from $62.00 to $59.00 and set a "neutral" rating on the stock in a research report on Tuesday, September 29th. Zacks Investment Research cut Commerce Bancshares from a "strong-buy" rating to a "hold" rating and set a $67.00 price objective on the stock. in a research report on Tuesday, December 8th. Raymond James raised Commerce Bancshares from an "underperform" rating to a "market perform" rating in a report on Wednesday, October 21st. Finally, Bank of America raised Commerce Bancshares from an "underperform" rating to a "neutral" rating and set a $72.00 price target on the stock in a report on Wednesday, October 21st. Two investment analysts have rated the stock with a sell rating and four have issued a hold rating to the company's stock. The stock has an average rating of "Hold" and an average price target of $58.80.
Shares of CBSH opened at $70.02 on Wednesday. The firm has a market cap of $8.20 billion, a PE ratio of 26.07 and a beta of 0.96. The firm has a fifty day simple moving average of $67.07 and a two-hundred day simple moving average of $62.03. Commerce Bancshares has a 1-year low of $43.34 and a 1-year high of $73.17.
Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings data on Tuesday, January 19th. The financial services provider reported $1.11 EPS for the quarter, topping the consensus estimate of $0.94 by $0.17. Commerce Bancshares had a return on equity of 10.49% and a net margin of 23.67%. The firm had revenue of $344.90 million for the quarter, compared to the consensus estimate of $347.85 million. During the same quarter last year, the company earned $0.81 earnings per share. The business's revenue for the quarter was down .3% compared to the same quarter last year. Research analysts expect that Commerce Bancshares will post 2.78 earnings per share for the current fiscal year.
In other Commerce Bancshares news, Director Jonathan M. Kemper sold 32,000 shares of Commerce Bancshares stock in a transaction that occurred on Friday, October 30th. The stock was sold at an average price of $61.90, for a total value of $1,980,800.00. Following the sale, the director now owns 860,161 shares of the company's stock, valued at approximately $53,243,965.90. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Sara E. Foster sold 5,044 shares of Commerce Bancshares stock in a transaction that occurred on Monday, November 9th. The stock was sold at an average price of $68.51, for a total value of $345,564.44. Following the completion of the sale, the executive vice president now directly owns 42,197 shares in the company, valued at approximately $2,890,916.47. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by insiders.
A number of large investors have recently added to or reduced their stakes in CBSH. CI Investments Inc. bought a new position in shares of Commerce Bancshares during the 3rd quarter valued at approximately $32,000. International Assets Investment Management LLC bought a new position in shares of Commerce Bancshares during the 4th quarter valued at approximately $42,000. Group One Trading L.P. bought a new position in shares of Commerce Bancshares during the 3rd quarter valued at approximately $84,000. Parallel Advisors LLC increased its position in shares of Commerce Bancshares by 27.1% during the 3rd quarter. Parallel Advisors LLC now owns 2,565 shares of the financial services provider's stock valued at $144,000 after purchasing an additional 547 shares during the last quarter. Finally, Point72 Hong Kong Ltd bought a new position in shares of Commerce Bancshares during the 3rd quarter valued at approximately $189,000. 62.87% 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. It operates through three segments: Consumer, Commercial, and Wealth. The Consumer segment offers various banking products and services, including consumer deposits; consumer loans, such as automobile, motorcycle, marine, tractor/trailer, recreational vehicle, fixed rate and revolving home equity, and other consumer loans; patient health care financing; real estate loans; indirect and other consumer financing; personal mortgage banking; consumer installment lending; and consumer debit and credit bank cards, as well as provides online banking services.
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