Zacks Investment Research upgraded shares of Commerce Bancshares (NASDAQ:CBSH) from a hold rating to a buy rating in a research report sent to investors on Monday, January 8th. 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.”
CBSH has been the topic of a number of other reports. Keefe, Bruyette & Woods reissued a sell rating and issued a $51.00 price objective on shares of Commerce Bancshares in a research note on Friday, September 15th. Barclays boosted their target price on shares of Commerce Bancshares from $55.00 to $59.00 and gave the stock an equal weight rating in a research note on Tuesday, January 2nd. Piper Jaffray Companies reaffirmed a neutral rating and set a $60.00 target price on shares of Commerce Bancshares in a research note on Friday, October 6th. Finally, BidaskClub lowered shares of Commerce Bancshares from a hold rating to a sell rating in a report on Thursday, January 4th. Five investment analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company. The company presently has an average rating of Hold and a consensus target price of $57.13.
Shares of Commerce Bancshares (NASDAQ CBSH) opened at $58.77 on Monday. The stock has a market cap of $6,292.42, a P/E ratio of 21.25, a price-to-earnings-growth ratio of 2.20 and a beta of 0.77. Commerce Bancshares has a 1 year low of $51.90 and a 1 year high of $60.61.
Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings results on Thursday, January 18th. The financial services provider reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.03. Commerce Bancshares had a net margin of 25.27% and a return on equity of 12.22%. The company had revenue of $314.22 million during the quarter, compared to the consensus estimate of $312.98 million. equities research analysts forecast that Commerce Bancshares will post 3.37 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 26th. Stockholders of record on Friday, March 9th will be issued a dividend of $0.235 per share. The ex-dividend date of this dividend is Thursday, March 8th. This represents a $0.94 annualized dividend and a dividend yield of 1.60%. This is a positive change from Commerce Bancshares’s previous quarterly dividend of $0.23. Commerce Bancshares’s dividend payout ratio is currently 31.05%.
In other news, CFO Charles G. Kim sold 6,909 shares of the business’s stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $58.66, for a total transaction of $405,281.94. Following the completion of the sale, the chief financial officer now directly owns 87,303 shares of the company’s stock, valued at $5,121,193.98. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Michael J. Petrie sold 1,709 shares of the business’s stock in a transaction dated Tuesday, January 30th. The stock was sold at an average price of $58.76, for a total transaction of $100,420.84. Following the sale, the insider now directly owns 12,359 shares of the company’s stock, valued at $726,214.84. The disclosure for this sale can be found here. Insiders have sold 92,939 shares of company stock worth $5,257,224 in the last quarter. Company insiders own 4.30% of the company’s stock.
A number of hedge funds have recently modified their holdings of CBSH. Captrust Financial Advisors bought a new stake in Commerce Bancshares in the 2nd quarter worth about $106,000. Citizens Financial Group Inc RI grew its position in shares of Commerce Bancshares by 25.5% during the 2nd quarter. Citizens Financial Group Inc RI now owns 2,650 shares of the financial services provider’s stock valued at $151,000 after acquiring an additional 539 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Commerce Bancshares by 8.6% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,339 shares of the financial services provider’s stock valued at $190,000 after acquiring an additional 264 shares during the period. SignalPoint Asset Management LLC bought a new position in shares of Commerce Bancshares during the 3rd quarter valued at approximately $226,000. Finally, Wedbush Securities Inc. bought a new position in shares of Commerce Bancshares during the 3rd quarter valued at approximately $229,000. 59.44% 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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