Commerce Bancshares (NASDAQ:CBSH) Price Target Cut to $63.00 by Analysts at Piper Sandler

Commerce Bancshares (NASDAQ:CBSH) had its target price cut by Piper Sandler from $66.00 to $63.00 in a research report sent to investors on Monday, MarketBeat.com reports. They currently have a neutral rating on the financial services provider’s stock.

CBSH has been the topic of a number of other reports. Weiss Ratings downgraded shares of Commerce Bancshares from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday. Stephens set a $64.00 target price on shares of Commerce Bancshares and gave the stock an “equal weight” rating in a research note on Friday, July 17th. Raymond James Financial raised Commerce Bancshares to a “hold” rating in a report on Thursday, August 27th. Wells Fargo & Company set a $61.00 price target on Commerce Bancshares and gave the company an “equal weight” rating in a research note on Tuesday, September 29th. Finally, Keefe, Bruyette & Woods lifted their price target on Commerce Bancshares from $60.00 to $62.00 and gave the stock a “market perform” rating in a report on Monday, July 20th. Three research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $64.29.

Commerce Bancshares Stock Performance

Shares of CBSH opened at $55.14 on Monday. The stock has a 50-day simple moving average of $58.04 and a 200-day simple moving average of $54.96. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.82 and a current ratio of 0.82. The stock has a market capitalization of $7.91 billion, a PE ratio of 13.35, a PEG ratio of 1.98 and a beta of 0.60. Commerce Bancshares has a 1 year low of $46.99 and a 1 year high of $60.92.

Commerce Bancshares (NASDAQ:CBSH) last released its earnings results on Thursday, July 16th. The financial services provider reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.06. The firm had revenue of $498.91 million for the quarter, compared to analyst estimates of $492.22 million. Commerce Bancshares had a net margin of 26.07% and a return on equity of 14.31%. During the same period in the prior year, the firm earned $1.14 earnings per share. On average, analysts predict that Commerce Bancshares will post 4.23 earnings per share for the current fiscal year.

Commerce Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 22nd. Investors of record on Friday, September 4th were given a $0.2750 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend was Friday, September 4th. Commerce Bancshares’s dividend payout ratio (DPR) is 26.63%.

Insider Activity

In other news, CEO John W. Kemper sold 5,830 shares of Commerce Bancshares stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $60.58, for a total transaction of $353,181.40. Following the sale, the chief executive officer owned 206,528 shares in the company, valued at approximately $12,511,466.24. The trade was a 2.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Derrick Brooks sold 1,041 shares of the company’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $59.63, for a total value of $62,074.83. Following the completion of the sale, the senior vice president directly owned 13,117 shares of the company’s stock, valued at approximately $782,166.71. This trade represents a 7.35% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 32,950 shares of company stock worth $1,963,777 over the last three months. Company insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Keating Financial Advisory Services Inc. purchased a new position in shares of Commerce Bancshares during the second quarter worth approximately $29,000. Versant Capital Management Inc increased its holdings in shares of Commerce Bancshares by 146.6% in the 3rd quarter. Versant Capital Management Inc now owns 508 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 302 shares during the period. Root Financial Partners LLC raised its position in Commerce Bancshares by 104.9% in the 1st quarter. Root Financial Partners LLC now owns 623 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 319 shares during the last quarter. Continuum Advisory LLC acquired a new stake in Commerce Bancshares during the 2nd quarter worth $64,000. Finally, Northwestern Mutual Wealth Management Co. acquired a new stake in Commerce Bancshares during the 2nd quarter worth $93,000. Institutional investors and hedge funds own 70.26% of the company’s stock.

Commerce Bancshares Company Profile

Commerce Bancshares, Inc is a financial holding company headquartered in Kansas City, Missouri. Its principal subsidiary, Commerce Bank, provides banking and financial services to businesses, institutions and individuals through a network of branches and digital channels.

The company’s offerings include commercial and consumer lending, deposit accounts, treasury and payment services, credit and debit cards, investment services, brokerage, trust administration and wealth management. Commerce also provides specialized services for businesses, including cash management, merchant processing and other payment solutions.

Commerce Bank traces its history to 1865 and primarily serves customers in Missouri, Kansas, Illinois, Oklahoma and Colorado.