TD Cowen Issues Pessimistic Forecast for Commerce Bancshares (NASDAQ:CBSH) Stock Price

Commerce Bancshares (NASDAQ:CBSH) had its price objective lowered by research analysts at TD Cowen from $61.00 to $55.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a “hold” rating on the financial services provider’s stock. TD Cowen’s price target suggests a potential upside of 2.19% from the company’s current price.

Several other equities analysts also recently weighed in on CBSH. Cowen restated a “hold” rating on shares of Commerce Bancshares in a report on Tuesday, October 21st. Piper Sandler reduced their price objective on shares of Commerce Bancshares from $66.67 to $60.00 and set a “neutral” rating for the company in a research note on Friday, October 17th. Keefe, Bruyette & Woods dropped their target price on shares of Commerce Bancshares from $61.90 to $57.14 and set a “market perform” rating on the stock in a research note on Friday, October 17th. Weiss Ratings reiterated a “hold (c)” rating on shares of Commerce Bancshares in a report on Monday, December 29th. Finally, Wells Fargo & Company decreased their price objective on shares of Commerce Bancshares from $61.90 to $57.14 and set an “equal weight” rating for the company in a report on Tuesday, October 21st. One equities research analyst has rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $61.46.

Commerce Bancshares Stock Performance

Shares of CBSH traded up $0.01 on Wednesday, reaching $53.82. The stock had a trading volume of 540,436 shares, compared to its average volume of 893,872. Commerce Bancshares has a 12-month low of $48.69 and a 12-month high of $65.59. The firm has a market capitalization of $7.13 billion, a price-to-earnings ratio of 12.83, a price-to-earnings-growth ratio of 4.55 and a beta of 0.62. The company has a 50-day simple moving average of $51.86 and a 200-day simple moving average of $55.62.

Commerce Bancshares (NASDAQ:CBSH) last announced 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). Commerce Bancshares had a return on equity of 15.73% and a net margin of 26.48%.The business had revenue of $448.85 million during the quarter, compared to analysts’ expectations of $447.04 million. During the same quarter last year, the company posted $1.02 EPS. Commerce Bancshares’s revenue for the quarter was up 4.7% compared to the same quarter last year. On average, analysts expect that Commerce Bancshares will post 3.94 EPS for the current fiscal year.

Institutional Trading of Commerce Bancshares

Hedge funds have recently bought and sold shares of the company. Lindenwold Advisors INC boosted its position in Commerce Bancshares by 2.4% in the third quarter. Lindenwold Advisors INC now owns 11,031 shares of the financial services provider’s stock worth $659,000 after purchasing an additional 256 shares during the last quarter. Tudor Investment Corp ET AL raised its position in Commerce Bancshares by 5,922.5% in the third quarter. Tudor Investment Corp ET AL now owns 501,859 shares of the financial services provider’s stock worth $29,991,000 after acquiring an additional 493,526 shares during the period. Allworth Financial LP boosted its stake in shares of Commerce Bancshares by 1,723.5% during the 3rd quarter. Allworth Financial LP now owns 12,108 shares of the financial services provider’s stock worth $724,000 after acquiring an additional 11,444 shares during the last quarter. Swiss Life Asset Management Ltd grew its position in shares of Commerce Bancshares by 74.9% during the 3rd quarter. Swiss Life Asset Management Ltd now owns 5,753 shares of the financial services provider’s stock valued at $344,000 after acquiring an additional 2,464 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in shares of Commerce Bancshares by 4.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,611,608 shares of the financial services provider’s stock worth $96,310,000 after purchasing an additional 73,965 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 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.