Zacks Investment Research upgraded shares of Commerce Bancshares (NASDAQ:CBSH) from a hold rating to a buy rating in a research report released on Monday. Zacks Investment Research currently has $63.00 price objective on the financial services provider’s stock.
According to Zacks, “Shares of Commerce Bancshares have underperformed the industry in the past three months. Nonetheless, the company’s earnings surpassed the Zacks Consensus Estimate in three of the trailing four quarters. Strong loans and deposit balances, and easing margin pressure will continue to support revenue growth. Given, a solid capital position, the company is expected to continue to enhance shareholder value through efficient capital deployment activities. Further, lower tax rates will aid profitability. However, continuously rising expenses and significant exposure to real estate loans, remain the major causes of concern.”
Several other analysts also recently commented on the stock. Keefe, Bruyette & Woods restated a sell rating and set a $51.00 target price on shares of Commerce Bancshares in a report on Friday, September 15th. BidaskClub downgraded shares of Commerce Bancshares from a sell rating to a strong sell rating in a report on Saturday, December 16th. Piper Jaffray Companies reiterated a neutral rating and issued a $60.00 price objective on shares of Commerce Bancshares in a report on Friday, October 6th. Finally, Barclays reiterated a hold rating and issued a $55.00 price objective on shares of Commerce Bancshares in a report on Sunday, December 24th. Five investment analysts have rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the stock. The company has a consensus rating of Hold and an average price target of $56.25.
Shares of Commerce Bancshares (NASDAQ CBSH) traded up $0.87 during mid-day trading on Monday, reaching $57.35. 509,100 shares of the company’s stock traded hands, compared to its average volume of 430,314. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.04. The firm has a market cap of $6,120.00, a P/E ratio of 21.40, a P/E/G ratio of 3.05 and a beta of 0.80. Commerce Bancshares has a 52-week low of $51.90 and a 52-week high of $60.61.
Commerce Bancshares (NASDAQ:CBSH) last announced its earnings results on Thursday, October 12th. The financial services provider reported $0.71 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.03). The company had revenue of $304.83 million for the quarter, compared to analyst estimates of $317.28 million. Commerce Bancshares had a return on equity of 12.08% and a net margin of 23.93%. The business’s quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter last year, the business posted $0.68 earnings per share. sell-side analysts forecast that Commerce Bancshares will post 2.76 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, December 18th. Investors of record on Thursday, November 30th were paid a $0.225 dividend. The ex-dividend date of this dividend was Wednesday, November 29th. This represents a $0.90 annualized dividend and a dividend yield of 1.57%. Commerce Bancshares’s dividend payout ratio is presently 33.58%.
In other Commerce Bancshares news, Vice Chairman Jonathan M. Kemper sold 55,000 shares of Commerce Bancshares stock in a transaction on Monday, December 11th. The shares were sold at an average price of $55.06, for a total transaction of $3,028,300.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider V Raymond Stranghoener sold 6,399 shares of the business’s stock in a transaction dated Thursday, October 26th. The shares were sold at an average price of $58.40, for a total transaction of $373,701.60. Following the completion of the sale, the insider now directly owns 47,112 shares of the company’s stock, valued at approximately $2,751,340.80. The disclosure for this sale can be found here. 4.30% of the stock is currently owned by company insiders.
A number of hedge funds have recently bought and sold shares of CBSH. DnB Asset Management AS raised its stake in Commerce Bancshares by 5.0% during the fourth quarter. DnB Asset Management AS now owns 65,047 shares of the financial services provider’s stock worth $3,632,000 after acquiring an additional 3,097 shares in the last quarter. Confluence Investment Management LLC boosted its holdings in Commerce Bancshares by 6.3% in the fourth quarter. Confluence Investment Management LLC now owns 300,985 shares of the financial services provider’s stock valued at $16,807,000 after acquiring an additional 17,710 shares during the last quarter. Steward Partners Investment Advisory LLC bought a new stake in Commerce Bancshares in the third quarter valued at approximately $452,000. GSA Capital Partners LLP bought a new stake in Commerce Bancshares in the third quarter valued at approximately $283,000. Finally, Archford Capital Strategies LLC boosted its holdings in Commerce Bancshares by 25.3% in the third quarter. Archford Capital Strategies LLC now owns 5,003 shares of the financial services provider’s stock valued at $289,000 after acquiring an additional 1,011 shares during the last quarter. 59.14% of the stock is owned by institutional investors and hedge funds.
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Commerce Bancshares Company Profile
Commerce Bancshares, Inc is a bank holding company of Commerce Bank (the Bank). The Bank is engaged in general banking business, providing a range of retail, mortgage banking, corporate, investment, trust and asset management products and services to individuals and businesses. The Company operates through three segments: Consumer, Commercial and Wealth.
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