Stephens Initiates Coverage on Commerce Bancshares (NASDAQ:CBSH)

Investment analysts at Stephens assumed coverage on shares of Commerce Bancshares (NASDAQ:CBSH) in a report issued on Wednesday. The firm set an “equal weight” rating and a $62.00 price target on the financial services provider’s stock. Stephens’ price objective indicates a potential upside of 7.06% from the company’s previous close.

Several other equities analysts have also weighed in on the stock. Weiss Ratings raised shares of Commerce Bancshares from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, July 8th. Piper Sandler raised their price objective on shares of Commerce Bancshares from $58.50 to $59.00 and gave the stock a “neutral” rating in a research report on Friday, June 26th. TD Cowen reaffirmed a “hold” rating and issued a $54.00 target price (up from $53.00) on shares of Commerce Bancshares in a research report on Thursday, April 23rd. Keefe, Bruyette & Woods increased their target price on Commerce Bancshares from $56.00 to $57.00 and gave the stock a “market perform” rating in a research note on Wednesday, May 13th. Finally, Hovde Group dropped their price target on Commerce Bancshares from $63.00 to $60.00 and set an “outperform” rating for the company in a report on Wednesday, April 22nd. Two research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $59.14.

Commerce Bancshares Trading Down 1.0%

Shares of CBSH opened at $57.91 on Wednesday. The company has a market cap of $8.44 billion, a price-to-earnings ratio of 13.89, a PEG ratio of 3.00 and a beta of 0.58. The company’s fifty day simple moving average is $54.44 and its 200 day simple moving average is $52.68. Commerce Bancshares has a 1-year low of $46.99 and a 1-year high of $63.15.

Commerce Bancshares (NASDAQ:CBSH) last issued its earnings results on Tuesday, April 21st. The financial services provider reported $0.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.94 by $0.02. The company had revenue of $475.69 million for the quarter, compared to analysts’ expectations of $481.94 million. Commerce Bancshares had a net margin of 26.37% and a return on equity of 14.78%. Commerce Bancshares’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.98 EPS. As a group, research analysts forecast that Commerce Bancshares will post 4.15 earnings per share for the current year.

Institutional Investors Weigh In On Commerce Bancshares

A number of large investors have recently added to or reduced their stakes in CBSH. Norges Bank bought a new position in shares of Commerce Bancshares in the fourth quarter worth $85,282,000. Champlain Investment Partners LLC acquired a new position in Commerce Bancshares in the fourth quarter valued at about $58,830,000. Vanguard Group Inc. lifted its position in Commerce Bancshares by 8.1% during the fourth quarter. Vanguard Group Inc. now owns 14,690,039 shares of the financial services provider’s stock worth $768,877,000 after purchasing an additional 1,098,142 shares during the period. Victory Capital Management Inc. grew its stake in Commerce Bancshares by 1,433.7% during the fourth quarter. Victory Capital Management Inc. now owns 1,145,683 shares of the financial services provider’s stock worth $59,965,000 after buying an additional 1,070,980 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in Commerce Bancshares by 29.3% during the first quarter. Dimensional Fund Advisors LP now owns 3,943,247 shares of the financial services provider’s stock worth $193,999,000 after buying an additional 894,183 shares in the last quarter. Institutional investors and hedge funds own 70.26% of the company’s stock.

About Commerce Bancshares

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.