Wells Fargo & Company Lowers Commerce Bancshares (NASDAQ:CBSH) Price Target to $60.00

Commerce Bancshares (NASDAQ:CBSH) had its price target dropped by equities researchers at Wells Fargo & Company from $70.00 to $60.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the financial services provider’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 6.78% from the company’s previous close.

Several other analysts have also recently commented on the company. Morgan Stanley upgraded Commerce Bancshares from an “underweight” rating to an “equal weight” rating and lowered their target price for the company from $66.00 to $58.00 in a research report on Monday. Raymond James lowered shares of Commerce Bancshares from an “outperform” rating to a “market perform” rating in a research note on Thursday, December 19th. Piper Sandler increased their price target on Commerce Bancshares from $69.00 to $72.00 and gave the company a “neutral” rating in a research report on Thursday, January 23rd. Finally, StockNews.com upgraded shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Wednesday. Seven research analysts have rated the stock with a hold rating, According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $65.17.

Commerce Bancshares Stock Performance

Commerce Bancshares stock opened at $56.19 on Wednesday. The stock’s 50 day moving average price is $62.57 and its 200 day moving average price is $64.14. Commerce Bancshares has a one year low of $48.49 and a one year high of $72.75. The firm has a market capitalization of $7.53 billion, a PE ratio of 14.01, a price-to-earnings-growth ratio of 2.13 and a beta of 0.71.

Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings data on Wednesday, January 22nd. The financial services provider reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.06. The firm had revenue of $422.10 million for the quarter, compared to the consensus estimate of $417.48 million. Commerce Bancshares had a net margin of 25.24% and a return on equity of 16.31%. The firm’s revenue was up 7.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.84 EPS. On average, analysts forecast that Commerce Bancshares will post 3.94 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, VP David L. Orf sold 1,036 shares of the stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $68.24, for a total value of $70,696.64. Following the completion of the sale, the vice president now owns 22,175 shares of the company’s stock, valued at approximately $1,513,222. This represents a 4.46 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Charles G. Kim sold 13,493 shares of the firm’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $67.76, for a total transaction of $914,285.68. Following the completion of the sale, the chief financial officer now owns 86,246 shares of the company’s stock, valued at $5,844,028.96. This trade represents a 13.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 78,434 shares of company stock valued at $5,248,272. Company insiders own 3.10% of the company’s stock.

Institutional Trading of Commerce Bancshares

Hedge funds have recently modified their holdings of the stock. Kapitalo Investimentos Ltda bought a new stake in Commerce Bancshares in the 4th quarter valued at about $26,000. CoreFirst Bank & Trust acquired a new stake in shares of Commerce Bancshares during the 4th quarter valued at $33,000. Marshall Investment Management LLC bought a new stake in shares of Commerce Bancshares during the fourth quarter worth about $35,000. V Square Quantitative Management LLC grew its holdings in Commerce Bancshares by 84.0% during the 4th quarter. V Square Quantitative Management LLC now owns 791 shares of the financial services provider’s stock worth $49,000 after acquiring an additional 361 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. grew its stake in shares of Commerce Bancshares by 46.9% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 839 shares of the financial services provider’s stock worth $52,000 after purchasing an additional 268 shares during the last quarter. Institutional investors and hedge funds own 70.26% of the company’s stock.

About Commerce Bancshares

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.