Piper Sandler Increases Commerce Bancshares (NASDAQ:CBSH) Price Target to $72.00

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) had its price objective increased by research analysts at Piper Sandler from $69.00 to $72.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a "neutral" rating on the financial services provider's stock. Piper Sandler's price objective would suggest a potential upside of 9.09% from the company's current price.

CBSH has been the topic of a number of other reports. StockNews.com raised Commerce Bancshares from a "sell" rating to a "hold" rating in a report on Monday, January 13th. Raymond James cut Commerce Bancshares from an "outperform" rating to a "market perform" rating in a research report on Thursday, December 19th. Morgan Stanley downgraded Commerce Bancshares from an "overweight" rating to an "equal weight" rating and cut their price objective for the company from $66.00 to $64.00 in a research note on Monday, September 30th. Wells Fargo & Company raised their target price on shares of Commerce Bancshares from $62.00 to $67.00 and gave the stock an "equal weight" rating in a research note on Tuesday, December 3rd. Finally, Keefe, Bruyette & Woods upped their price target on shares of Commerce Bancshares from $66.00 to $78.00 and gave the stock a "market perform" rating in a research report on Wednesday, December 4th. Seven research analysts have rated the stock with a hold rating, According to MarketBeat.com, Commerce Bancshares presently has a consensus rating of "Hold" and a consensus target price of $67.33.

Commerce Bancshares Price Performance

NASDAQ CBSH traded up $0.24 during mid-day trading on Thursday, reaching $66.00. The stock had a trading volume of 609,582 shares, compared to its average volume of 566,945. The stock has a market cap of $8.46 billion, a PE ratio of 16.46, a price-to-earnings-growth ratio of 3.64 and a beta of 0.79. Commerce Bancshares has a 1 year low of $47.09 and a 1 year high of $72.75. The company has a fifty day moving average price of $66.66 and a 200 day moving average price of $63.63.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last released its quarterly earnings data on Wednesday, January 22nd. The financial services provider reported $1.01 EPS for the quarter, topping the consensus estimate of $0.95 by $0.06. Commerce Bancshares had a return on equity of 16.31% and a net margin of 25.24%. The company had revenue of $422.10 million during the quarter, compared to the consensus estimate of $417,482 billion. During the same period last year, the company earned $0.84 EPS. Commerce Bancshares's revenue for the quarter was up 7.3% on a year-over-year basis. As a group, equities research analysts expect that Commerce Bancshares will post 3.73 earnings per share for the current year.

Insider Buying and Selling

In other Commerce Bancshares news, Chairman David W. Kemper sold 4,500 shares of Commerce Bancshares stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $69.22, for a total transaction of $311,490.00. Following the completion of the sale, the chairman now directly owns 23,725 shares in the company, valued at $1,642,244.50. This trade represents a 15.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Douglas D. Neff sold 888 shares of the firm's stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $72.10, for a total value of $64,024.80. Following the transaction, the senior vice president now owns 8,038 shares of the company's stock, valued at $579,539.80. This trade represents a 9.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 9,398 shares of company stock worth $651,265. 3.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CBSH. Geode Capital Management LLC lifted its position in Commerce Bancshares by 7.3% during the 3rd quarter. Geode Capital Management LLC now owns 2,396,740 shares of the financial services provider's stock worth $142,951,000 after acquiring an additional 163,782 shares during the period. Boston Trust Walden Corp grew its holdings in Commerce Bancshares by 17.6% during the fourth quarter. Boston Trust Walden Corp now owns 1,468,854 shares of the financial services provider's stock worth $91,524,000 after acquiring an additional 219,826 shares during the period. NFJ Investment Group LLC increased its holdings in shares of Commerce Bancshares by 17.7% in the 3rd quarter. NFJ Investment Group LLC now owns 707,168 shares of the financial services provider's stock valued at $42,006,000 after purchasing an additional 106,316 shares in the last quarter. Mutual Advisors LLC grew its position in Commerce Bancshares by 4.8% during the fourth quarter. Mutual Advisors LLC now owns 474,189 shares of the financial services provider's stock worth $30,244,000 after buying an additional 21,922 shares during the period. Finally, Los Angeles Capital Management LLC lifted its position in shares of Commerce Bancshares by 7,407.2% during the 3rd quarter. Los Angeles Capital Management LLC now owns 362,900 shares of the financial services provider's stock valued at $21,556,000 after acquiring an additional 358,066 shares during the period. Hedge funds and other institutional investors own 70.26% of the company's stock.

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 in the United States. It operates through three segments: Consumer, Commercial, and Wealth.