Commerce Bancshares (NASDAQ:CBSH) Given New $59.00 Price Target at Piper Sandler

Commerce Bancshares (NASDAQ:CBSH) had its price target boosted by research analysts at Piper Sandler from $58.50 to $59.00 in a report issued on Friday,Benzinga reports. The firm currently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s price objective indicates a potential upside of 2.64% from the company’s previous close.

Other research analysts have also issued research reports about the stock. TD Cowen reaffirmed a “hold” rating and set a $54.00 price objective (up from $53.00) on shares of Commerce Bancshares in a research report on Thursday, April 23rd. Wall Street Zen downgraded Commerce Bancshares from a “hold” rating to a “sell” rating in a research report on Saturday, June 13th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Commerce Bancshares in a report on Wednesday. Keefe, Bruyette & Woods raised their price objective on Commerce Bancshares from $56.00 to $57.00 and gave the stock a “market perform” rating in a research report on Wednesday, May 13th. Finally, Hovde Group decreased their price objective on Commerce Bancshares from $63.00 to $60.00 and set an “outperform” rating on the stock in a report on Wednesday, April 22nd. One research analyst has rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $58.00.

Commerce Bancshares Stock Up 0.1%

Shares of CBSH stock traded up $0.04 during trading hours on Friday, reaching $57.48. 91,343 shares of the company’s stock were exchanged, compared to its average volume of 1,279,509. Commerce Bancshares has a fifty-two week low of $46.99 and a fifty-two week high of $63.19. The stock has a market capitalization of $8.38 billion, a P/E ratio of 13.80, a P/E/G ratio of 3.85 and a beta of 0.60. The business has a fifty day moving average price of $52.61 and a 200-day moving average price of $52.21.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.94 by $0.02. The business had revenue of $475.69 million for the quarter, compared to the consensus estimate of $481.94 million. Commerce Bancshares had a net margin of 26.37% and a return on equity of 14.78%. Commerce Bancshares’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter last year, the company posted $0.98 earnings per share. As a group, research analysts expect that Commerce Bancshares will post 4.12 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Apriem Advisors increased its position in shares of Commerce Bancshares by 5.0% during the 4th quarter. Apriem Advisors now owns 4,018 shares of the financial services provider’s stock worth $210,000 after purchasing an additional 191 shares in the last quarter. Heartland Bank & Trust Co increased its holdings in shares of Commerce Bancshares by 4.4% during the fourth quarter. Heartland Bank & Trust Co now owns 4,595 shares of the financial services provider’s stock worth $240,000 after buying an additional 192 shares in the last quarter. Outlook Wealth Advisors LLC raised its stake in shares of Commerce Bancshares by 3.7% in the fourth quarter. Outlook Wealth Advisors LLC now owns 5,934 shares of the financial services provider’s stock valued at $311,000 after acquiring an additional 214 shares during the last quarter. Crossmark Global Holdings Inc. raised its stake in shares of Commerce Bancshares by 2.7% in the third quarter. Crossmark Global Holdings Inc. now owns 8,265 shares of the financial services provider’s stock valued at $494,000 after acquiring an additional 215 shares during the last quarter. Finally, Elser Financial Planning Inc boosted its holdings in shares of Commerce Bancshares by 5.0% in the 4th quarter. Elser Financial Planning Inc now owns 4,531 shares of the financial services provider’s stock worth $237,000 after acquiring an additional 215 shares in the last quarter. 70.26% of the stock is owned by institutional investors.

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.