Piper Sandler Forecasts Strong Price Appreciation for Commerce Bancshares (NASDAQ:CBSH) Stock

Commerce Bancshares (NASDAQ:CBSH) had its target price increased by equities researchers at Piper Sandler from $69.00 to $72.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s target price would suggest a potential upside of 10.74% from the stock’s current price.

Other equities research analysts have also recently issued reports about the company. StockNews.com raised Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Monday, January 13th. Wells Fargo & Company boosted their price objective on Commerce Bancshares from $62.00 to $67.00 and gave the company an “equal weight” rating in a report on Tuesday, December 3rd. Raymond James lowered shares of 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 target for the company from $66.00 to $64.00 in a report on Monday, September 30th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Commerce Bancshares from $66.00 to $78.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. Seven analysts have rated the stock with a hold rating, According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $67.33.

Commerce Bancshares Stock Performance

Shares of NASDAQ CBSH traded down $0.60 during midday trading on Thursday, hitting $65.02. 99,589 shares of the company’s stock traded hands, compared to its average volume of 518,887. Commerce Bancshares has a 1 year low of $47.09 and a 1 year high of $72.75. The stock has a market capitalization of $8.34 billion, a price-to-earnings ratio of 16.96, a price-to-earnings-growth ratio of 3.63 and a beta of 0.79. The firm has a fifty day moving average of $66.78 and a 200 day moving average of $63.62.

Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings data on Wednesday, January 22nd. The financial services provider reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.06. The firm had revenue of $422.10 million during the quarter, compared to analyst estimates of $417,482 billion. Commerce Bancshares had a return on equity of 15.93% and a net margin of 24.15%. The business’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.84 earnings per share. On average, equities analysts anticipate that Commerce Bancshares will post 3.91 earnings per share for the current year.

Insider Buying and Selling at Commerce Bancshares

In related news, EVP Kevin G. Barth sold 1,582 shares of Commerce Bancshares stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $67.54, for a total value of $106,848.28. Following the sale, the executive vice president now directly owns 65,409 shares in the company, valued at approximately $4,417,723.86. The trade was a 2.36 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Douglas D. Neff sold 888 shares of the business’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $72.10, for a total value of $64,024.80. Following the sale, the senior vice president now owns 8,038 shares of the company’s stock, valued at $579,539.80. The trade was a 9.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,398 shares of company stock valued at $651,265. 3.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Commerce Bancshares

Several institutional investors and hedge funds have recently added to or reduced their stakes in CBSH. Virtu Financial LLC acquired a new stake in Commerce Bancshares during the third quarter worth about $566,000. Centiva Capital LP purchased a new stake in Commerce Bancshares during the 3rd quarter worth about $581,000. Procyon Advisors LLC purchased a new stake in Commerce Bancshares during the fourth quarter worth approximately $200,000. PFW Advisors LLC acquired a new stake in Commerce Bancshares during the 4th quarter worth $1,336,000. Finally, Barclays PLC lifted its holdings in shares of Commerce Bancshares by 19.4% in the 3rd quarter. Barclays PLC now owns 106,934 shares of the financial services provider’s stock valued at $6,353,000 after purchasing an additional 17,400 shares during 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.