Commerce Bancshares (NASDAQ:CBSH) Price Target Cut to $53.00 by Analysts at Wells Fargo & Company

Commerce Bancshares (NASDAQ:CBSH) had its price objective dropped by equities research analysts at Wells Fargo & Company from $60.00 to $53.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 9.01% from the company’s current price.

Other equities analysts have also issued research reports about the company. Zacks Research raised Commerce Bancshares from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 4th. Weiss Ratings reiterated a “hold (c)” rating on shares of Commerce Bancshares in a research note on Friday. Morgan Stanley lowered their price objective on shares of Commerce Bancshares from $67.00 to $65.00 and set an “equal weight” rating on the stock in a research report on Monday, March 2nd. TD Cowen reduced their target price on Commerce Bancshares from $61.00 to $55.00 and set a “hold” rating for the company in a report on Wednesday, January 7th. Finally, Piper Sandler set a $62.00 price target on Commerce Bancshares and gave the stock a “neutral” rating in a research note on Monday, January 26th. One analyst has rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $60.92.

Commerce Bancshares Trading Up 1.1%

NASDAQ:CBSH traded up $0.55 during mid-day trading on Monday, hitting $48.62. The stock had a trading volume of 122,331 shares, compared to its average volume of 1,341,035. Commerce Bancshares has a twelve month low of $46.99 and a twelve month high of $63.19. The stock has a 50-day simple moving average of $51.72 and a two-hundred day simple moving average of $52.62. The company has a market capitalization of $7.14 billion, a PE ratio of 11.60, a PEG ratio of 2.41 and a beta of 0.61.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.99 by $0.02. Commerce Bancshares had a net margin of 26.51% and a return on equity of 15.34%. The company had revenue of $449.36 million for the quarter, compared to the consensus estimate of $442.47 million. During the same period in the prior year, the firm posted $1.01 EPS. The company’s quarterly revenue was up 6.5% compared to the same quarter last year. Sell-side analysts predict that Commerce Bancshares will post 3.94 EPS for the current fiscal year.

Insider Buying and Selling at Commerce Bancshares

In other news, SVP Kim L. Jakovich sold 949 shares of the business’s stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $51.45, for a total value of $48,826.05. Following the completion of the sale, the senior vice president directly owned 12,741 shares in the company, valued at approximately $655,524.45. The trade was a 6.93% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Timothy S. Dunn purchased 2,500 shares of the company’s stock in a transaction dated Friday, March 13th. The shares were bought at an average price of $47.71 per share, for a total transaction of $119,275.00. Following the completion of the transaction, the director directly owned 5,403 shares in the company, valued at approximately $257,777.13. This trade represents a 86.12% increase in their position. The SEC filing for this purchase provides additional information. In the last ninety days, insiders have sold 29,477 shares of company stock valued at $1,586,655. Corporate insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Commerce Bancshares

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Daytona Street Capital LLC acquired a new stake in shares of Commerce Bancshares during the fourth quarter worth approximately $25,000. Danske Bank A S acquired a new position in shares of Commerce Bancshares during the third quarter worth approximately $25,000. Geneos Wealth Management Inc. boosted its holdings in Commerce Bancshares by 85.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 216 shares during the period. Quent Capital LLC bought a new stake in shares of Commerce Bancshares in the third quarter valued at about $31,000. Finally, CoreFirst Bank & Trust acquired a new stake in shares of Commerce Bancshares during the 2nd quarter worth approximately $33,000. Institutional investors and hedge funds own 70.26% of the company’s stock.

Commerce Bancshares Company Profile

Commerce Bancshares, Inc is a bank holding company primarily engaged in providing a broad range of banking and financial services across the Midwest. Through its principal subsidiary, Commerce Bank, the company offers commercial and consumer banking, treasury management, trust and wealth advisory, and mortgage lending. Its diversified product suite includes deposit and loan products, cash management solutions, capital markets services, and private banking designed to meet the needs of individuals, small businesses, and large corporations.

The company’s commercial banking group delivers tailored credit facilities, equipment and inventory financing, asset-based lending, and merchant services.