Hovde Group cuts PT on Commerce Bancshares 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