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Commerce Bancshares (NASDAQ:CBSH – Get Rating) had its price target cut by Morgan Stanley from $74.00 to $70.48 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s price target would suggest a potential upside of 4.34% from the company’s current price.
Several other research analysts have also weighed in on CBSH. StockNews.com assumed coverage on Commerce Bancshares in a research report on Wednesday, October 12th. They set a “hold” rating on the stock. Piper Sandler boosted their target price on shares of Commerce Bancshares from $69.00 to $74.00 and gave the stock a “neutral” rating in a report on Wednesday, November 16th.
Commerce Bancshares Price Performance
Shares of CBSH traded down $0.24 during mid-day trading on Wednesday, hitting $67.55. 1,311 shares of the company’s stock were exchanged, compared to its average volume of 293,994. Commerce Bancshares has a 52 week low of $59.81 and a 52 week high of $72.60. The company has a market cap of $8.47 billion, a PE ratio of 18.27 and a beta of 0.77. The company has a 50-day simple moving average of $70.71 and a 200 day simple moving average of $69.28.
Commerce Bancshares (NASDAQ:CBSH – Get Rating) last released its earnings results on Tuesday, October 18th. The financial services provider reported $0.97 earnings per share for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.02). Commerce Bancshares had a net margin of 31.86% and a return on equity of 16.45%. The business had revenue of $384.90 million during the quarter, compared to the consensus estimate of $383.58 million. During the same period last year, the business posted $1.00 EPS. The firm’s revenue for the quarter was up 9.5% on a year-over-year basis. On average, analysts anticipate that Commerce Bancshares will post 3.82 earnings per share for the current year.
Insider Activity at Commerce Bancshares
In other Commerce Bancshares news, EVP Thomas J. Noack sold 715 shares of Commerce Bancshares stock in a transaction on Friday, October 28th. The shares were sold at an average price of $70.35, for a total transaction of $50,300.25. Following the completion of the transaction, the executive vice president now directly owns 21,439 shares of the company’s stock, valued at $1,508,233.65. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Commerce Bancshares news, EVP Thomas J. Noack sold 715 shares of the firm’s stock in a transaction that occurred on Friday, October 28th. The shares were sold at an average price of $70.35, for a total transaction of $50,300.25. Following the completion of the sale, the executive vice president now directly owns 21,439 shares in the company, valued at $1,508,233.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David W. Kemper sold 2,104 shares of the company’s stock in a transaction that occurred on Monday, November 28th. The shares were sold at an average price of $74.22, for a total value of $156,158.88. Following the completion of the transaction, the director now directly owns 1,149,734 shares in the company, valued at approximately $85,333,257.48. The disclosure for this sale can be found here. In the last quarter, insiders have sold 15,819 shares of company stock worth $1,115,639. Company insiders own 3.20% of the company’s stock.
Institutional Investors Weigh In On Commerce Bancshares
A number of institutional investors have recently modified their holdings of CBSH. Tortoise Investment Management LLC bought a new stake in shares of Commerce Bancshares in the second quarter valued at approximately $26,000. Meeder Asset Management Inc. increased its position in shares of Commerce Bancshares by 66.1% in the second quarter. Meeder Asset Management Inc. now owns 455 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 181 shares during the period. Bessemer Group Inc. raised its stake in Commerce Bancshares by 143.2% in the third quarter. Bessemer Group Inc. now owns 484 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 285 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in Commerce Bancshares by 942.9% during the third quarter. Allspring Global Investments Holdings LLC now owns 511 shares of the financial services provider’s stock worth $33,000 after purchasing an additional 462 shares during the period. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA acquired a new stake in Commerce Bancshares during the second quarter worth about $36,000. Institutional investors own 68.76% of the company’s stock.
About Commerce Bancshares
(Get Rating)
Commerce Bancshares, Inc operates as the bank holding company for Commerce Bank that provides retail, mortgage banking, corporate, investment, trust, and asset management products and services to individuals and businesses in the United States. It operates through three segments: Consumer, Commercial, and Wealth.
See Also
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