Commerce Bancshares (NASDAQ:CBSH) Given New $57.00 Price Target at Wells Fargo & Company

Commerce Bancshares (NASDAQ:CBSH) had its target price upped by Wells Fargo & Company from $53.00 to $57.00 in a report released on Monday morning, MarketBeat reports. The firm currently has an equal weight rating on the financial services provider’s stock.

Several other brokerages also recently issued reports on CBSH. Piper Sandler lifted their price objective on Commerce Bancshares from $58.50 to $59.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. Morgan Stanley restated a “positive” rating and issued a $65.00 target price (up from $61.00) on shares of Commerce Bancshares in a research note on Monday, June 29th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Commerce Bancshares in a report on Wednesday, June 24th. Hovde Group reduced their price objective on Commerce Bancshares from $63.00 to $60.00 and set an “outperform” rating on the stock in a report on Wednesday, April 22nd. Finally, Keefe, Bruyette & Woods raised their price target on Commerce Bancshares from $56.00 to $57.00 and gave the company a “market perform” rating in a report on Wednesday, May 13th. Two investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $58.67.

Commerce Bancshares Stock Up 0.5%

Shares of CBSH stock opened at $59.06 on Monday. The company has a market capitalization of $8.61 billion, a P/E ratio of 14.15, a P/E/G ratio of 3.92 and a beta of 0.58. Commerce Bancshares has a 12-month low of $46.99 and a 12-month high of $63.19. The firm has a 50-day moving average price of $53.63 and a 200 day moving average price of $52.46.

Commerce Bancshares (NASDAQ:CBSH) last posted its earnings results on Tuesday, April 21st. The financial services provider reported $0.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.94 by $0.02. The company had revenue of $475.69 million during the quarter, compared to analysts’ expectations of $481.94 million. Commerce Bancshares had a net margin of 26.37% and a return on equity of 14.78%. Commerce Bancshares’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.98 earnings per share. As a group, research analysts expect that Commerce Bancshares will post 4.14 earnings per share for the current year.

Commerce Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 23rd. Investors of record on Friday, June 5th were paid a dividend of $0.275 per share. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.9%. Commerce Bancshares’s payout ratio is 26.38%.

Hedge Funds Weigh In On Commerce Bancshares

Several hedge funds have recently added to or reduced their stakes in the stock. Stonebridge Financial Group LLC grew its position in shares of Commerce Bancshares by 4.4% during the 2nd quarter. Stonebridge Financial Group LLC now owns 81,288 shares of the financial services provider’s stock worth $4,694,000 after buying an additional 3,433 shares during the period. Pacer Advisors Inc. boosted its stake in Commerce Bancshares by 5.2% during the 1st quarter. Pacer Advisors Inc. now owns 16,273 shares of the financial services provider’s stock worth $801,000 after acquiring an additional 805 shares during the last quarter. FAS Wealth Partners Inc. boosted its stake in Commerce Bancshares by 19.3% during the 1st quarter. FAS Wealth Partners Inc. now owns 19,214 shares of the financial services provider’s stock worth $945,000 after acquiring an additional 3,102 shares during the last quarter. Bank of America Corp DE grew its holdings in Commerce Bancshares by 62.9% during the first quarter. Bank of America Corp DE now owns 1,032,011 shares of the financial services provider’s stock valued at $50,775,000 after purchasing an additional 398,670 shares during the period. Finally, Edgestream Partners L.P. increased its stake in Commerce Bancshares by 49.1% in the first quarter. Edgestream Partners L.P. now owns 94,994 shares of the financial services provider’s stock valued at $4,674,000 after purchasing an additional 31,270 shares in the last quarter. Institutional investors and hedge funds own 70.26% of the company’s stock.

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.