Keefe, Bruyette & Woods Raises Commerce Bancshares (NASDAQ:CBSH) Price Target to $60.00

Commerce Bancshares (NASDAQ:CBSH - Free Report) had its price target lifted by Keefe, Bruyette & Woods from $58.00 to $60.00 in a report published on Friday, Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the financial services provider's stock.

Other research analysts have also issued reports about the stock. Bank of America started coverage on shares of Commerce Bancshares in a research note on Thursday, January 11th. They set a neutral rating and a $55.00 price target on the stock. Morgan Stanley boosted their price target on shares of Commerce Bancshares from $46.00 to $55.00 and gave the stock an equal weight rating in a research note on Wednesday, February 7th. Piper Sandler boosted their price target on shares of Commerce Bancshares from $53.00 to $54.00 and gave the stock a neutral rating in a research note on Wednesday, April 17th. StockNews.com raised shares of Commerce Bancshares from a sell rating to a hold rating in a report on Wednesday, April 17th. Finally, Raymond James raised shares of Commerce Bancshares from a market perform rating to an outperform rating and set a $61.00 price objective on the stock in a report on Wednesday, April 17th. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of Hold and a consensus target price of $55.29.

Commerce Bancshares Stock Down 0.7 %

Shares of CBSH stock traded down $0.40 during mid-day trading on Friday, hitting $56.68. 347,230 shares of the stock were exchanged, compared to its average volume of 479,367. The firm has a fifty day moving average of $53.22 and a 200 day moving average of $51.77. Commerce Bancshares has a 52-week low of $40.91 and a 52-week high of $57.30. The company has a market cap of $7.36 billion, a PE ratio of 15.92 and a beta of 0.76.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.86 earnings per share for the quarter, beating analysts' consensus estimates of $0.80 by $0.06. The firm had revenue of $397.80 million for the quarter, compared to analyst estimates of $389.49 million. Commerce Bancshares had a net margin of 23.33% and a return on equity of 16.78%. Commerce Bancshares's quarterly revenue was up 2.2% compared to the same quarter last year. During the same period last year, the company posted $0.90 EPS. Equities analysts predict that Commerce Bancshares will post 3.48 EPS for the current year.

Commerce Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Wednesday, June 5th will be paid a dividend of $0.27 per share. The ex-dividend date of this dividend is Wednesday, June 5th. This represents a $1.08 dividend on an annualized basis and a yield of 1.91%. Commerce Bancshares's dividend payout ratio (DPR) is 30.12%.

Insider Transactions at Commerce Bancshares

In other news, EVP Robert S. Holmes sold 5,000 shares of the firm's stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $52.66, for a total value of $263,300.00. Following the transaction, the executive vice president now directly owns 50,293 shares in the company, valued at approximately $2,648,429.38. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, EVP Robert S. Holmes sold 5,000 shares of the stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $52.66, for a total value of $263,300.00. Following the sale, the executive vice president now owns 50,293 shares of the company's stock, valued at approximately $2,648,429.38. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Douglas D. Neff sold 614 shares of the stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $50.25, for a total transaction of $30,853.50. Following the completion of the sale, the senior vice president now directly owns 8,038 shares in the company, valued at approximately $403,909.50. The disclosure for this sale can be found here. Insiders own 3.10% of the company's stock.

Hedge Funds Weigh In On Commerce Bancshares

A number of large investors have recently made changes to their positions in CBSH. Vanguard Group Inc. grew its position in Commerce Bancshares by 2.1% during the first quarter. Vanguard Group Inc. now owns 12,631,645 shares of the financial services provider's stock valued at $672,004,000 after purchasing an additional 259,127 shares in the last quarter. Lindenwold Advisors INC grew its position in Commerce Bancshares by 4.1% during the first quarter. Lindenwold Advisors INC now owns 10,692 shares of the financial services provider's stock valued at $569,000 after purchasing an additional 426 shares in the last quarter. State Board of Administration of Florida Retirement System grew its position in Commerce Bancshares by 3.3% during the first quarter. State Board of Administration of Florida Retirement System now owns 146,642 shares of the financial services provider's stock valued at $8,557,000 after purchasing an additional 4,703 shares in the last quarter. Entropy Technologies LP purchased a new position in Commerce Bancshares during the first quarter valued at approximately $322,000. Finally, Sei Investments Co. grew its position in Commerce Bancshares by 15.7% during the first quarter. Sei Investments Co. now owns 621,324 shares of the financial services provider's stock valued at $33,055,000 after purchasing an additional 84,433 shares in the last quarter. Institutional investors and hedge funds own 70.26% of the company's stock.

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.