Piper Sandler Increases Commerce Bancshares (NASDAQ:CBSH) Price Target to $54.00

Commerce Bancshares (NASDAQ:CBSH) had its target price boosted by Piper Sandler from $53.00 to $54.00 in a report issued on Wednesday morning, Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

CBSH has been the subject of several other reports. Raymond James raised shares of Commerce Bancshares from a market perform rating to an outperform rating and set a $61.00 price target for the company in a research note on Wednesday. Bank of America initiated coverage on shares of Commerce Bancshares in a research report on Thursday, January 11th. They set a neutral rating and a $55.00 price target for the company. Morgan Stanley upped their price target on shares of Commerce Bancshares from $46.00 to $55.00 and gave the company an equal weight rating in a research report on Wednesday, February 7th. Finally, Keefe, Bruyette & Woods upped their price target on shares of Commerce Bancshares from $56.00 to $58.00 and gave the company a market perform rating in a research report on Wednesday. Six analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of Hold and an average target price of $55.00.

Commerce Bancshares Stock Performance

NASDAQ CBSH opened at $53.85 on Wednesday. Commerce Bancshares has a 52-week low of $40.91 and a 52-week high of $56.75. The company has a market capitalization of $6.99 billion, a P/E ratio of 15.02 and a beta of 0.79. The company has a fifty day moving average of $52.07 and a 200-day moving average of $50.98.

Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.06. Commerce Bancshares had a net margin of 23.33% and a return on equity of 16.78%. The company had revenue of $397.80 million during the quarter, compared to the consensus estimate of $389.49 million. During the same period in the previous year, the firm posted $0.90 EPS. The firm’s revenue was up 2.2% compared to the same quarter last year. As a group, analysts forecast that Commerce Bancshares will post 3.39 EPS for the current fiscal year.

Commerce Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Investors of record on Wednesday, June 5th will be paid a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 2.01%. The ex-dividend date of this dividend is Wednesday, June 5th. Commerce Bancshares’s payout ratio is currently 30.12%.

Insider Buying and Selling

In related news, EVP Robert S. Holmes sold 5,000 shares of the stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $52.66, for a total value of $263,300.00. Following the completion of the transaction, the executive vice president now directly owns 50,293 shares of the company’s stock, valued at $2,648,429.38. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Commerce Bancshares news, SVP Douglas D. Neff sold 614 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $50.25, for a total transaction of $30,853.50. Following the completion of the transaction, the senior vice president now owns 8,038 shares of the company’s stock, valued at $403,909.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Robert S. Holmes sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $52.66, for a total transaction of $263,300.00. Following the transaction, the executive vice president now directly owns 50,293 shares of the company’s stock, valued at approximately $2,648,429.38. The disclosure for this sale can be found here. Insiders sold a total of 14,321 shares of company stock valued at $752,387 over the last three months. Corporate insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Commerce Bancshares

A number of institutional investors have recently made changes to their positions in CBSH. Raymond James & Associates grew its holdings in shares of Commerce Bancshares by 8.6% during the first quarter. Raymond James & Associates now owns 58,372 shares of the financial services provider’s stock valued at $4,179,000 after buying an additional 4,611 shares during the last quarter. HighTower Advisors LLC grew its holdings in shares of Commerce Bancshares by 14.7% during the first quarter. HighTower Advisors LLC now owns 9,253 shares of the financial services provider’s stock valued at $659,000 after buying an additional 1,188 shares during the last quarter. Natixis Advisors L.P. boosted its holdings in Commerce Bancshares by 27.2% in the first quarter. Natixis Advisors L.P. now owns 25,339 shares of the financial services provider’s stock worth $1,814,000 after purchasing an additional 5,417 shares during the last quarter. Great West Life Assurance Co. Can boosted its holdings in Commerce Bancshares by 7.7% in the first quarter. Great West Life Assurance Co. Can now owns 59,984 shares of the financial services provider’s stock worth $4,414,000 after purchasing an additional 4,310 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Commerce Bancshares by 1.2% in the first quarter. Dimensional Fund Advisors LP now owns 1,110,800 shares of the financial services provider’s stock worth $79,527,000 after purchasing an additional 12,655 shares during the last quarter. Hedge funds and other institutional investors 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.