Commerce Bancshares (NASDAQ:CBSH) Coverage Initiated by Analysts at Stephens

Stephens began coverage on shares of Commerce Bancshares (NASDAQ:CBSH) in a report issued on Wednesday morning, Marketbeat.com reports. The brokerage issued an equal weight rating and a $62.00 price objective on the financial services provider’s stock.

Several other equities analysts have also commented on CBSH. Hovde Group dropped their price target on shares of Commerce Bancshares from $63.00 to $60.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 22nd. Wells Fargo & Company lifted their target price on shares of Commerce Bancshares from $53.00 to $57.00 and gave the company an “equal weight” rating in a report on Monday, July 6th. Wall Street Zen upgraded Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Sunday. TD Cowen reiterated a “hold” rating and issued a $54.00 price objective (up from $53.00) on shares of Commerce Bancshares in a research report on Thursday, April 23rd. Finally, Piper Sandler boosted their price target on Commerce Bancshares from $58.50 to $59.00 and gave the stock a “neutral” rating in a report on Friday, June 26th. Two investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $59.14.

Commerce Bancshares Price Performance

NASDAQ CBSH opened at $58.16 on Wednesday. The company has a market cap of $8.48 billion, a P/E ratio of 13.95, a P/E/G ratio of 2.97 and a beta of 0.58. Commerce Bancshares has a 1-year low of $46.99 and a 1-year high of $62.42. The stock has a 50-day moving average of $54.55 and a two-hundred day moving average of $52.72.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings results on Tuesday, April 21st. The financial services provider reported $0.96 EPS for the quarter, beating the consensus estimate of $0.94 by $0.02. Commerce Bancshares had a net margin of 26.37% and a return on equity of 14.78%. The company had revenue of $475.69 million during the quarter, compared to analysts’ expectations of $481.94 million. During the same quarter last year, the company posted $0.98 EPS. The firm’s revenue was up 11.1% compared to the same quarter last year. On average, analysts anticipate that Commerce Bancshares will post 4.15 EPS for the current fiscal year.

Commerce Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 23rd. Stockholders of record on Friday, June 5th were paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Friday, June 5th. Commerce Bancshares’s dividend payout ratio (DPR) is currently 26.38%.

Institutional Investors Weigh In On Commerce Bancshares

Hedge funds have recently modified their holdings of the stock. Geneos Wealth Management Inc. lifted its holdings in Commerce Bancshares by 85.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider’s stock worth $29,000 after buying an additional 216 shares in the last quarter. Invesco Ltd. lifted its holdings in Commerce Bancshares by 2.0% in the second quarter. Invesco Ltd. now owns 865,052 shares of the financial services provider’s stock worth $53,780,000 after acquiring an additional 16,610 shares during the last quarter. Cresset Asset Management LLC lifted its holdings in shares of Commerce Bancshares by 3.0% in the 2nd quarter. Cresset Asset Management LLC now owns 10,151 shares of the financial services provider’s stock worth $631,000 after purchasing an additional 300 shares during the last quarter. Jump Financial LLC bought a new position in shares of Commerce Bancshares during the second quarter worth about $376,000. Finally, California Public Employees Retirement System raised its holdings in shares of Commerce Bancshares by 4.8% during the second quarter. California Public Employees Retirement System now owns 208,148 shares of the financial services provider’s stock valued at $12,941,000 after buying an additional 9,483 shares during the last quarter. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

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.