Morgan Stanley Increases Commerce Bancshares (NASDAQ:CBSH) Price Target to $61.00

Commerce Bancshares (NASDAQ:CBSH) had its target price raised by Morgan Stanley from $58.00 to $61.00 in a research report report published on Tuesday morning,Benzinga reports. Morgan Stanley currently has an equal weight rating on the financial services provider’s stock.

Other equities analysts also recently issued research reports about the company. Wells Fargo & Company decreased their target price on Commerce Bancshares from $70.00 to $60.00 and set an “equal weight” rating for the company in a report on Wednesday, April 9th. Piper Sandler upped their price objective on shares of Commerce Bancshares from $65.00 to $66.00 and gave the stock a “neutral” rating in a report on Thursday, April 17th. Wall Street Zen cut shares of Commerce Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, May 21st. Finally, Keefe, Bruyette & Woods cut their target price on shares of Commerce Bancshares from $74.00 to $70.00 and set a “market perform” rating on the stock in a research note on Thursday, April 17th. One analyst has rated the stock with a sell rating and six have assigned a hold rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $63.80.

Commerce Bancshares Stock Performance

Shares of NASDAQ:CBSH opened at $60.43 on Tuesday. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.01. The company has a 50-day moving average price of $62.16 and a 200-day moving average price of $63.17. The company has a market cap of $8.06 billion, a price-to-earnings ratio of 14.63, a price-to-earnings-growth ratio of 4.00 and a beta of 0.60. Commerce Bancshares has a 12 month low of $50.65 and a 12 month high of $72.75.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings results on Wednesday, April 16th. The financial services provider reported $0.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.05. Commerce Bancshares had a return on equity of 16.23% and a net margin of 25.95%. The company had revenue of $428.05 million for the quarter, compared to the consensus estimate of $417.85 million. As a group, equities analysts anticipate that Commerce Bancshares will post 3.94 EPS for the current year.

Commerce Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 24th. Investors of record on Friday, June 6th will be paid a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 1.82%. The ex-dividend date is Friday, June 6th. Commerce Bancshares’s payout ratio is currently 26.63%.

Insiders Place Their Bets

In other Commerce Bancshares news, Director June Mcallister Fowler sold 1,618 shares of Commerce Bancshares stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $60.72, for a total transaction of $98,244.96. Following the completion of the transaction, the director now owns 3,175 shares in the company, valued at approximately $192,786. The trade was a 33.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 3.10% of the company’s stock.

Hedge Funds Weigh In On Commerce Bancshares

Several institutional investors and hedge funds have recently modified their holdings of the stock. Atria Wealth Solutions Inc. boosted its stake in Commerce Bancshares by 1.5% in the 4th quarter. Atria Wealth Solutions Inc. now owns 11,062 shares of the financial services provider’s stock worth $689,000 after purchasing an additional 166 shares in the last quarter. Canopy Partners LLC raised its holdings in Commerce Bancshares by 4.9% in the fourth quarter. Canopy Partners LLC now owns 3,609 shares of the financial services provider’s stock worth $225,000 after buying an additional 168 shares during the last quarter. Louisiana State Employees Retirement System lifted its stake in shares of Commerce Bancshares by 0.5% in the first quarter. Louisiana State Employees Retirement System now owns 34,200 shares of the financial services provider’s stock worth $2,128,000 after buying an additional 175 shares in the last quarter. Apriem Advisors grew its holdings in shares of Commerce Bancshares by 5.0% during the fourth quarter. Apriem Advisors now owns 3,827 shares of the financial services provider’s stock valued at $238,000 after buying an additional 182 shares during the last quarter. Finally, Frank Rimerman Advisors LLC increased its position in shares of Commerce Bancshares by 4.9% during the fourth quarter. Frank Rimerman Advisors LLC now owns 3,993 shares of the financial services provider’s stock valued at $249,000 after acquiring an additional 186 shares in the last quarter. 70.26% of the stock is currently owned by institutional investors.

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.