<div id="readability-page-1"><div>** Hovde Group cuts PT on regional lender Commerce Bancshares 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 &#34;buy' and eight &#34;hold&#34;; median PT $59.05 — data compiled by LSEG** As of last close, CBSH down 14.7% YTD</div></div>

CBSH

Hovde Group has reduced its price target for Commerce Bancshares from $65 to $62, still indicating a 22.6% potential upside. The brokerage views the 5% stock dividend as lacking financial benefit. CBSH's net interest margin is expected to compress to 3.58% in Q4. Among nine brokerages, one rates CBSH as "buy" and eight as "hold," with a median price target of $59.05. CBSH's stock is down 14.7% year-to-date.

Hovde Group cuts PT on Commerce Bancshares to $62