Brokerages Set Commerce Bancshares, Inc. (NASDAQ:CBSH) PT at $60.00

Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) have been assigned a consensus recommendation of “Hold” from the seven ratings firms that are presently covering the stock, Marketbeat.com reports. Six investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $60.00.

A number of research analysts have recently issued reports on CBSH shares. Jefferies Financial Group lifted their target price on shares of Commerce Bancshares from $60.00 to $62.00 and gave the company a “hold” rating in a research note on Wednesday, July 3rd. Morgan Stanley lifted their target price on shares of Commerce Bancshares from $58.00 to $66.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. Finally, Wells Fargo & Company boosted their price objective on shares of Commerce Bancshares from $52.00 to $62.00 and gave the stock an “equal weight” rating in a research report on Monday, July 22nd.

Insider Activity

In other news, Director Jonathan M. Kemper sold 19,626 shares of the business’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $63.66, for a total value of $1,249,391.16. Following the completion of the transaction, the director now owns 997,112 shares of the company’s stock, valued at approximately $63,476,149.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CFO Charles G. Kim sold 5,282 shares of the company’s stock in a transaction on Tuesday, July 30th. The shares were sold at an average price of $65.00, for a total value of $343,330.00. Following the completion of the transaction, the chief financial officer now directly owns 89,472 shares of the company’s stock, valued at approximately $5,815,680. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jonathan M. Kemper sold 19,626 shares of the company’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $63.66, for a total transaction of $1,249,391.16. Following the completion of the transaction, the director now directly owns 997,112 shares of the company’s stock, valued at $63,476,149.92. The disclosure for this sale can be found here. Insiders sold 49,612 shares of company stock valued at $3,184,609 in the last quarter. Company insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Commerce Bancshares

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CBSH. Clarity Asset Management Inc. acquired a new position in Commerce Bancshares in the 4th quarter worth $43,000. Bessemer Group Inc. boosted its stake in shares of Commerce Bancshares by 86.3% during the 1st quarter. Bessemer Group Inc. now owns 842 shares of the financial services provider’s stock worth $45,000 after buying an additional 390 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Commerce Bancshares by 156.5% during the 2nd quarter. GAMMA Investing LLC now owns 854 shares of the financial services provider’s stock worth $48,000 after buying an additional 521 shares during the last quarter. Eagle Bay Advisors LLC boosted its stake in shares of Commerce Bancshares by 2,864.7% during the 2nd quarter. Eagle Bay Advisors LLC now owns 1,008 shares of the financial services provider’s stock worth $56,000 after buying an additional 974 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of Commerce Bancshares by 93.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,670 shares of the financial services provider’s stock worth $89,000 after buying an additional 805 shares during the last quarter. 70.26% of the stock is owned by institutional investors and hedge funds.

Commerce Bancshares Trading Up 0.0 %

NASDAQ:CBSH opened at $62.27 on Wednesday. Commerce Bancshares has a 1 year low of $40.91 and a 1 year high of $65.86. The firm has a 50 day moving average of $61.86 and a 200-day moving average of $56.77. The stock has a market capitalization of $8.07 billion, a P/E ratio of 17.35, a price-to-earnings-growth ratio of 10.06 and a beta of 0.75.

Commerce Bancshares (NASDAQ:CBSH) last posted its earnings results on Thursday, July 18th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.17. Commerce Bancshares had a net margin of 23.62% and a return on equity of 16.50%. The company had revenue of $414.90 million during the quarter, compared to analysts’ expectations of $406.88 million. During the same quarter in the previous year, the company posted $0.97 earnings per share. Commerce Bancshares’s quarterly revenue was up 4.5% compared to the same quarter last year. As a group, analysts forecast that Commerce Bancshares will post 3.96 EPS for the current fiscal year.

Commerce Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 23rd. Stockholders of record on Thursday, September 5th will be issued a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 1.73%. The ex-dividend date is Thursday, September 5th. Commerce Bancshares’s dividend payout ratio (DPR) is 30.08%.

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.