Commerce Bancshares (NASDAQ:CBSH) Price Target Cut to $66.00 by Analysts at Morgan Stanley

Commerce Bancshares (NASDAQ:CBSH) had its price target reduced by analysts at Morgan Stanley from $72.00 to $66.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “underweight” rating on the financial services provider’s stock. Morgan Stanley’s target price points to a potential upside of 10.71% from the stock’s current price.

CBSH has been the topic of several other reports. Raymond James downgraded shares of Commerce Bancshares from an “outperform” rating to a “market perform” rating in a report on Thursday, December 19th. Piper Sandler increased their price target on Commerce Bancshares from $69.00 to $72.00 and gave the stock a “neutral” rating in a report on Thursday, January 23rd. Keefe, Bruyette & Woods boosted their price objective on Commerce Bancshares from $66.00 to $78.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. StockNews.com upgraded Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Monday, January 13th. Finally, Wells Fargo & Company upped their price target on shares of Commerce Bancshares from $67.00 to $70.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 29th. One equities research analyst has rated the stock with a sell rating and six have issued a hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $68.17.

Commerce Bancshares Stock Down 0.1 %

NASDAQ CBSH traded down $0.07 during trading on Thursday, hitting $59.62. 100,835 shares of the stock traded hands, compared to its average volume of 538,108. Commerce Bancshares has a 12-month low of $47.89 and a 12-month high of $72.75. The firm has a 50-day simple moving average of $64.58 and a 200-day simple moving average of $64.53. The company has a market capitalization of $7.98 billion, a P/E ratio of 14.86, a price-to-earnings-growth ratio of 2.13 and a beta of 0.78.

Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings results on Wednesday, January 22nd. The financial services provider reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.06. The company had revenue of $422.10 million for the quarter, compared to analyst estimates of $417.48 million. Commerce Bancshares had a return on equity of 16.31% and a net margin of 25.24%. Commerce Bancshares’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.84 EPS. As a group, research analysts predict that Commerce Bancshares will post 3.94 EPS for the current fiscal year.

Insider Activity

In other news, SVP Patricia R. Kellerhals sold 1,000 shares of the company’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $67.69, for a total transaction of $67,690.00. Following the transaction, the senior vice president now directly owns 21,265 shares of the company’s stock, valued at approximately $1,439,427.85. This represents a 4.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP David L. Orf sold 1,036 shares of the business’s stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $68.24, for a total value of $70,696.64. Following the transaction, the vice president now owns 22,175 shares in the company, valued at approximately $1,513,222. This trade represents a 4.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 81,016 shares of company stock worth $5,422,811. Corporate insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Commerce Bancshares

Several hedge funds have recently modified their holdings of the stock. Kapitalo Investimentos Ltda acquired a new stake in Commerce Bancshares in the 4th quarter worth approximately $26,000. CoreFirst Bank & Trust acquired a new stake in shares of Commerce Bancshares during the fourth quarter worth $33,000. Marshall Investment Management LLC purchased a new stake in shares of Commerce Bancshares during the fourth quarter valued at $35,000. True Wealth Design LLC purchased a new stake in shares of Commerce Bancshares during the third quarter valued at $47,000. Finally, V Square Quantitative Management LLC increased its position in shares of Commerce Bancshares by 84.0% in the 4th quarter. V Square Quantitative Management LLC now owns 791 shares of the financial services provider’s stock valued at $49,000 after acquiring an additional 361 shares during the period. Institutional investors and hedge funds 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.