Wells Fargo & Company Issues Pessimistic Forecast for Commerce Bancshares (NASDAQ:CBSH) Stock Price

Commerce Bancshares (NASDAQ:CBSH) had its price objective reduced by analysts at Wells Fargo & Company from $61.00 to $60.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s target price would suggest a potential upside of 7.70% from the stock’s previous close.

Other analysts also recently issued research reports about the stock. Weiss Ratings raised shares of Commerce Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, October 16th. Piper Sandler set a $60.50 price target on shares of Commerce Bancshares and gave the stock a “neutral” rating in a report on Wednesday, October 21st. Stephens set a $62.00 price target on shares of Commerce Bancshares and gave the stock an “equal weight” rating in a research report on Wednesday, October 21st. Keefe, Bruyette & Woods upped their price objective on shares of Commerce Bancshares from $60.00 to $62.00 and gave the company a “market perform” rating in a research note on Monday, July 20th. Finally, Raymond James Financial upgraded shares of Commerce Bancshares to a “hold” rating in a research report on Thursday, August 27th. Three analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, Commerce Bancshares presently has a consensus rating of “Hold” and a consensus target price of $63.50.

Commerce Bancshares Trading Up 1.2%

NASDAQ CBSH opened at $55.71 on Monday. The business’s 50-day moving average price is $56.12 and its two-hundred day moving average price is $54.48. Commerce Bancshares has a 12 month low of $46.99 and a 12 month high of $60.92. The firm has a market capitalization of $7.99 billion, a PE ratio of 13.44, a price-to-earnings-growth ratio of 2.31 and a beta of 0.61.

Commerce Bancshares shares are scheduled to split on the morning of Tuesday, December 1st. The 1.05-1 split was recently announced. The newly created shares will be payable to shareholders after the market closes on Monday, November 30th.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings data on Tuesday, October 20th. The financial services provider reported $1.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.07 by $0.01. The company had revenue of $494.34 million during the quarter, compared to the consensus estimate of $496.75 million. Commerce Bancshares had a return on equity of 14.27% and a net margin of 26.06%. During the same period last year, the company earned $1.06 earnings per share. As a group, analysts forecast that Commerce Bancshares will post 4.27 earnings per share for the current fiscal year.

Insider Activity at Commerce Bancshares

In other Commerce Bancshares news, VP David L. Orf sold 642 shares of the business’s stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $60.35, for a total value of $38,744.70. Following the transaction, the vice president directly owned 24,962 shares of the company’s stock, valued at approximately $1,506,456.70. The trade was a 2.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Douglas D. Neff sold 666 shares of the stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $58.15, for a total value of $38,727.90. Following the transaction, the senior vice president owned 11,746 shares in the company, valued at $683,029.90. The trade was a 5.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in Commerce Bancshares in the second quarter worth $755,669,000. Commerce Bank bought a new stake in Commerce Bancshares in the second quarter valued at $316,010,000. Dimensional Fund Advisors LP increased its stake in Commerce Bancshares by 29.3% in the first quarter. Dimensional Fund Advisors LP now owns 3,943,247 shares of the financial services provider’s stock valued at $193,999,000 after purchasing an additional 894,183 shares in the last quarter. First Trust Advisors LP raised its holdings in shares of Commerce Bancshares by 11.0% during the first quarter. First Trust Advisors LP now owns 2,610,223 shares of the financial services provider’s stock valued at $128,423,000 after purchasing an additional 257,817 shares during the period. Finally, Bank of America Corp DE acquired a new position in shares of Commerce Bancshares during the second quarter valued at about $83,328,000. Institutional investors and hedge funds own 70.26% of the company’s stock.

About Commerce Bancshares

Commerce Bancshares, Inc is a bank holding company headquartered in Kansas City, Missouri. Founded in 1865, it provides banking and financial services through its principal subsidiary, Commerce Bank.

The company serves consumers, businesses, institutions and public-sector organizations. Its services include checking and savings accounts, lending, mortgage banking, treasury management, payment processing, and wealth management and trust services.

Commerce Bank operates across several Midwestern and neighboring states, including Missouri, Kansas, Illinois, Oklahoma and Colorado.