Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for Commerce Bancshares (NASDAQ:CBSH) Stock

Commerce Bancshares (NASDAQ:CBSH) had its target price raised by Keefe, Bruyette & Woods from $60.00 to $62.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price target suggests a potential upside of 4.84% from the stock’s current price.

Several other research analysts have also recently commented on CBSH. Hovde Group lowered their target price on Commerce Bancshares from $63.00 to $60.00 and set an “outperform” rating for the company in a research note on Wednesday, April 22nd. TD Cowen reiterated a “hold” rating and issued a $63.00 price objective (up from $62.00) on shares of Commerce Bancshares in a research note on Friday. Piper Sandler restated a “neutral” rating and set a $66.00 target price (up from $59.00) on shares of Commerce Bancshares in a research note on Friday. Morgan Stanley reaffirmed a “positive” rating and issued a $65.00 target price (up from $61.00) on shares of Commerce Bancshares in a report on Monday, June 29th. Finally, Wall Street Zen downgraded shares of Commerce Bancshares from a “hold” rating to a “sell” rating in a research note on Monday. Two investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $62.43.

Commerce Bancshares Stock Performance

Shares of CBSH stock opened at $59.14 on Monday. The firm has a 50 day moving average of $54.83 and a two-hundred day moving average of $52.81. The stock has a market capitalization of $8.62 billion, a PE ratio of 14.32, a P/E/G ratio of 3.00 and a beta of 0.58. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.01. Commerce Bancshares has a 52 week low of $46.99 and a 52 week high of $62.42.

Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings data on Thursday, July 16th. The financial services provider reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.06. The business had revenue of $498.91 million for the quarter, compared to analyst estimates of $492.22 million. Commerce Bancshares had a return on equity of 14.31% and a net margin of 26.07%.During the same quarter in the prior year, the company earned $1.14 earnings per share. On average, research analysts predict that Commerce Bancshares will post 4.2 EPS for the current fiscal year.

Institutional Investors Weigh In On Commerce Bancshares

Several institutional investors have recently added to or reduced their stakes in the business. Danske Bank A S purchased a new position in Commerce Bancshares in the third quarter valued at approximately $25,000. Geneos Wealth Management Inc. grew its holdings in shares of Commerce Bancshares by 85.4% during the first quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 216 shares during the last quarter. Daytona Street Capital LLC acquired a new stake in shares of Commerce Bancshares during the fourth quarter worth about $25,000. Root Financial Partners LLC increased its position in shares of Commerce Bancshares by 104.9% during the first quarter. Root Financial Partners LLC now owns 623 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 319 shares in the last quarter. Finally, Laurel Wealth Advisors LLC purchased a new stake in shares of Commerce Bancshares in the 4th quarter valued at about $34,000. Hedge funds and other institutional investors 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.