BUZZ-Hovde Group cuts PT on Commerce Bancshares to $62

Reuters12-04 00:45

BUZZ-Hovde Group cuts PT on <a href="https://laohu8.com/S/CBSHP">Commerce Bancshares</a> to $62

** Hovde Group cuts PT on regional lender Commerce Bancshares CBSH.O to $62 from $65

** New PT still represents a 22.6% upside to the stock's last close

** Brokerage believes CBSH's 5% stock dividend announced in October has no financial benefit, nor any actual return of capital to shareholders

** CBSH has paid a stock dividend in this amount for over 30 years

** Piper Sandler sees CBSH net interest margin compressing to 3.58% in Q4 as rate cuts weigh on floating-rate loan portfolio

** Out of nine brokerages, one rates the stock "buy' and eight "hold"; median PT $59.05 — data compiled by LSEG

** As of last close, CBSH down 14.7% YTD

(Reporting by Pragyan Kalita in Bengaluru)

((Pragyan.Kalita@thomsonreuters.com))

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