TD Cowen Issues Pessimistic Forecast for Commerce Bancshares (NASDAQ:CBSH) Stock Price

Commerce Bancshares (NASDAQ:CBSH) had its price target cut by stock analysts at TD Cowen from $61.00 to $55.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “hold” rating on the financial services provider’s stock. TD Cowen’s price objective would suggest a potential downside of 0.02% from the stock’s previous close.

A number of other equities research analysts have also recently issued reports on CBSH. Cowen reissued a “hold” rating on shares of Commerce Bancshares in a report on Tuesday, October 21st. Hovde Group initiated coverage on Commerce Bancshares in a research note on Monday, October 6th. They set an “outperform” rating and a $66.67 price objective on the stock. Piper Sandler dropped their price objective on Commerce Bancshares from $66.67 to $60.00 and set a “neutral” rating on the stock in a report on Friday, October 17th. Wells Fargo & Company reduced their target price on Commerce Bancshares from $61.90 to $57.14 and set an “equal weight” rating for the company in a report on Tuesday, October 21st. Finally, Wall Street Zen cut Commerce Bancshares from a “hold” rating to a “sell” rating in a research report on Saturday, October 18th. One equities research analyst has rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Commerce Bancshares has an average rating of “Hold” and an average price target of $61.46.

Commerce Bancshares Trading Up 2.4%

NASDAQ:CBSH opened at $55.01 on Wednesday. The firm’s 50 day moving average is $52.04 and its 200 day moving average is $55.60. Commerce Bancshares has a 12 month low of $48.69 and a 12 month high of $65.59. The stock has a market capitalization of $7.28 billion, a PE ratio of 13.13, a price-to-earnings-growth ratio of 4.65 and a beta of 0.62.

Commerce Bancshares (NASDAQ:CBSH) last posted its earnings results on Thursday, October 16th. The financial services provider reported $1.06 earnings per share for the quarter, missing the consensus estimate of $1.09 by ($0.03). The business had revenue of $448.85 million during the quarter, compared to analysts’ expectations of $447.04 million. Commerce Bancshares had a return on equity of 15.73% and a net margin of 26.48%.Commerce Bancshares’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.02 EPS. Research analysts predict that Commerce Bancshares will post 3.94 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CBSH. Fulton Bank N.A. lifted its holdings in Commerce Bancshares by 9.0% in the 4th quarter. Fulton Bank N.A. now owns 10,228 shares of the financial services provider’s stock worth $535,000 after buying an additional 848 shares during the period. Clark & Stuart Inc raised its holdings in shares of Commerce Bancshares by 1.7% during the fourth quarter. Clark & Stuart Inc now owns 85,741 shares of the financial services provider’s stock valued at $4,488,000 after acquiring an additional 1,441 shares in the last quarter. Lindenwold Advisors INC raised its holdings in shares of Commerce Bancshares by 2.4% during the third quarter. Lindenwold Advisors INC now owns 11,031 shares of the financial services provider’s stock valued at $659,000 after acquiring an additional 256 shares in the last quarter. Tudor Investment Corp ET AL lifted its stake in Commerce Bancshares by 5,922.5% in the third quarter. Tudor Investment Corp ET AL now owns 501,859 shares of the financial services provider’s stock worth $29,991,000 after acquiring an additional 493,526 shares during the period. Finally, Allworth Financial LP boosted its holdings in Commerce Bancshares by 1,723.5% in the third quarter. Allworth Financial LP now owns 12,108 shares of the financial services provider’s stock valued at $724,000 after acquiring an additional 11,444 shares in the last quarter. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Commerce Bancshares Company Profile

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.