Commerce Bancshares (NASDAQ:CBSH) Price Target Raised to $58.00 at Keefe, Bruyette & Woods

Commerce Bancshares (NASDAQ:CBSH) had its price objective lifted by Keefe, Bruyette & Woods from $56.00 to $58.00 in a research report report published on Wednesday morning, Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the financial services provider’s stock.

Other research analysts have also issued reports about the company. Raymond James raised Commerce Bancshares from a market perform rating to an outperform rating and set a $61.00 price objective on the stock in a research report on Wednesday. Morgan Stanley raised their price objective on 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, Bank of America assumed coverage on Commerce Bancshares in a research report on Thursday, January 11th. They issued a neutral rating and a $55.00 price objective on the stock. Six analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of Hold and a consensus price target of $55.00.

Commerce Bancshares Trading Up 2.0 %

Shares of CBSH opened at $53.07 on Wednesday. The firm has a market capitalization of $6.89 billion, a P/E ratio of 14.80 and a beta of 0.79. The stock’s fifty day simple moving average is $51.97 and its 200 day simple moving average is $50.92. Commerce Bancshares has a twelve month low of $40.91 and a twelve month high of $56.75.

Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.86 EPS for the quarter, beating the consensus estimate of $0.80 by $0.06. Commerce Bancshares had a return on equity of 16.78% and a net margin of 23.33%. The company had revenue of $397.80 million for the quarter, compared to analyst estimates of $389.49 million. During the same period last year, the company posted $0.90 earnings per share. The firm’s revenue was up 2.2% compared to the same quarter last year. Sell-side analysts predict that Commerce Bancshares will post 3.24 earnings per share for the current year.

Commerce Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 18th. Stockholders of record on Wednesday, June 5th will be paid a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 2.04%. Commerce Bancshares’s dividend payout ratio is presently 30.12%.

Insider Activity

In other news, SVP Patricia R. Kellerhals sold 730 shares of the firm’s stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $54.87, for a total transaction of $40,055.10. Following the completion of the sale, the senior vice president now directly owns 25,502 shares in the company, valued at $1,399,294.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, SVP Patricia R. Kellerhals sold 730 shares of Commerce Bancshares stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $54.87, for a total value of $40,055.10. Following the completion of the transaction, the senior vice president now directly owns 25,502 shares in the company, valued at $1,399,294.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Douglas D. Neff sold 614 shares of Commerce Bancshares stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $50.25, for a total value 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 disclosure for this sale can be found here. Insiders sold 14,321 shares of company stock worth $752,387 over the last ninety days. Corporate insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Commerce Bancshares

A number of hedge funds have recently bought and sold shares of the company. Moneta Group Investment Advisors LLC grew its stake in Commerce Bancshares by 102,920.9% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 133,790,172 shares of the financial services provider’s stock worth $9,107,097,000 after purchasing an additional 133,660,305 shares in the last quarter. Vanguard Group Inc. boosted its stake in Commerce Bancshares by 4.7% in the fourth quarter. Vanguard Group Inc. now owns 12,372,518 shares of the financial services provider’s stock valued at $660,816,000 after acquiring an additional 558,017 shares during the period. BlackRock Inc. boosted its stake in Commerce Bancshares by 2.0% in the first quarter. BlackRock Inc. now owns 10,934,079 shares of the financial services provider’s stock valued at $638,003,000 after acquiring an additional 217,024 shares during the period. State Street Corp boosted its stake in Commerce Bancshares by 18.9% in the second quarter. State Street Corp now owns 7,736,375 shares of the financial services provider’s stock valued at $376,761,000 after acquiring an additional 1,227,825 shares during the period. Finally, Commerce Bank boosted its stake in Commerce Bancshares by 2.8% in the fourth quarter. Commerce Bank now owns 7,222,818 shares of the financial services provider’s stock valued at $385,771,000 after acquiring an additional 196,431 shares during the period. 70.26% of the stock is currently owned by institutional investors and hedge funds.

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.