Commerce Bancshares (NASDAQ:CBSH) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Commerce Bancshares (NASDAQ:CBSH) had its price objective increased by analysts at Morgan Stanley from $58.00 to $61.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s target price suggests a potential upside of 1.04% from the stock’s current price.

Several other equities analysts have also weighed in on CBSH. Wells Fargo & Company cut their target price on Commerce Bancshares from $70.00 to $60.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 9th. Keefe, Bruyette & Woods reduced their price target on shares of Commerce Bancshares from $74.00 to $70.00 and set a “market perform” rating for the company in a report on Thursday, April 17th. Wall Street Zen cut Commerce Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, May 21st. Finally, Piper Sandler increased their price target on shares of Commerce Bancshares from $65.00 to $66.00 and gave the stock a “neutral” rating in a research report on Thursday, April 17th. One analyst has rated the stock with a sell rating and six have assigned a hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $63.80.

Commerce Bancshares Trading Down 0.7%

NASDAQ CBSH traded down $0.45 during trading on Tuesday, reaching $60.37. 85,905 shares of the company’s stock were exchanged, compared to its average volume of 596,894. The firm has a market capitalization of $8.06 billion, a PE ratio of 15.06, a P/E/G ratio of 2.13 and a beta of 0.60. Commerce Bancshares has a fifty-two week low of $50.06 and a fifty-two week high of $72.75. The company’s fifty day simple moving average is $62.01 and its 200-day simple moving average is $63.30.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings data on Wednesday, April 16th. The financial services provider reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.05. Commerce Bancshares had a return on equity of 16.31% and a net margin of 25.24%. The business had revenue of $428.05 million during the quarter, compared to analyst estimates of $417.85 million. Equities analysts forecast that Commerce Bancshares will post 3.94 EPS for the current fiscal year.

Insiders Place Their Bets

In other Commerce Bancshares news, Director June Mcallister Fowler sold 1,618 shares of the business’s stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $60.72, for a total transaction of $98,244.96. Following the completion of the sale, the director now directly owns 3,175 shares of the company’s stock, valued at approximately $192,786. The trade was a 33.76% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 3.10% of the company’s stock.

Institutional Investors Weigh In On Commerce Bancshares

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Modern Wealth Management LLC grew its position in shares of Commerce Bancshares by 1.3% during the 1st quarter. Modern Wealth Management LLC now owns 17,019 shares of the financial services provider’s stock worth $1,059,000 after buying an additional 220 shares during the period. Advisors Capital Management LLC bought a new position in Commerce Bancshares during the 1st quarter worth approximately $481,000. Geneos Wealth Management Inc. grew its holdings in Commerce Bancshares by 85.4% during the first 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. Bayforest Capital Ltd increased its stake in Commerce Bancshares by 203.0% in the first quarter. Bayforest Capital Ltd now owns 3,381 shares of the financial services provider’s stock valued at $210,000 after purchasing an additional 2,265 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Commerce Bancshares by 6.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 487,478 shares of the financial services provider’s stock valued at $30,336,000 after purchasing an additional 30,915 shares in the last quarter. Institutional investors 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.