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

Commerce Bancshares (NASDAQ:CBSH) had its target price decreased by equities researchers at Wells Fargo & Company from $60.00 to $53.00 in a research note issued to 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 7.72% from the company’s previous close.

A number of other research firms also recently weighed in on CBSH. Morgan Stanley reduced their target price on shares of Commerce Bancshares from $67.00 to $65.00 and set an “equal weight” rating for the company in a research report on Monday, March 2nd. Zacks Research raised shares of Commerce Bancshares from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 4th. Piper Sandler set a $62.00 price objective on Commerce Bancshares and gave the company a “neutral” rating in a report on Monday, January 26th. TD Cowen decreased their target price on Commerce Bancshares from $61.00 to $55.00 and set a “hold” rating for the company in a research report on Wednesday, January 7th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Commerce Bancshares in a research note on Friday. One equities research analyst has rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $60.92.

Commerce Bancshares Stock Performance

Shares of NASDAQ:CBSH opened at $49.20 on Monday. The company has a market capitalization of $7.23 billion, a P/E ratio of 11.74, a price-to-earnings-growth ratio of 2.42 and a beta of 0.61. The company’s 50-day moving average is $51.51 and its 200 day moving average is $52.50. Commerce Bancshares has a fifty-two week low of $46.99 and a fifty-two week high of $63.19.

Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.99 by $0.02. The business had revenue of $449.36 million during the quarter, compared to the consensus estimate of $442.47 million. Commerce Bancshares had a net margin of 26.51% and a return on equity of 15.34%. The firm’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same quarter last year, the company posted $1.01 earnings per share. As a group, research analysts predict that Commerce Bancshares will post 3.94 earnings per share for the current year.

Insider Activity at Commerce Bancshares

In related news, SVP David L. Roller sold 2,092 shares of the company’s stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $53.32, for a total transaction of $111,545.44. Following the sale, the senior vice president owned 28,933 shares of the company’s stock, valued at approximately $1,542,707.56. This represents a 6.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Derrick Brooks sold 1,044 shares of the stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $54.40, for a total transaction of $56,793.60. Following the completion of the sale, the senior vice president owned 14,585 shares in the company, valued at $793,424. This represents a 6.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 29,477 shares of company stock valued at $1,586,655 in the last quarter. 1.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Commerce Bancshares

Several large investors have recently added to or reduced their stakes in the business. Daytona Street Capital LLC bought a new position in Commerce Bancshares in the 4th quarter worth about $25,000. Danske Bank A S bought a new stake in shares of Commerce Bancshares during the 3rd quarter valued at about $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 in the last quarter. Quent Capital LLC bought a new position in shares of Commerce Bancshares in the third quarter worth approximately $31,000. Finally, CoreFirst Bank & Trust bought a new position in shares of Commerce Bancshares in the second quarter worth approximately $33,000. 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.