Commerce Bancshares, Inc. (NASDAQ:CBSH) – Equities research analysts at Jefferies Group upped their FY2017 earnings estimates for shares of Commerce Bancshares in a report issued on Tuesday, according to Zacks Investment Research. Jefferies Group analyst C. Haire now forecasts that the financial services provider will post earnings of $2.80 per share for the year, up from their previous estimate of $2.79. Jefferies Group also issued estimates for Commerce Bancshares’ Q4 2017 earnings at $0.74 EPS, Q1 2018 earnings at $0.79 EPS, Q2 2018 earnings at $0.85 EPS, Q3 2018 earnings at $0.88 EPS and Q4 2018 earnings at $0.90 EPS.
Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings data on Thursday, January 18th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.03. The business had revenue of $314.22 million during the quarter, compared to analysts’ expectations of $312.98 million. Commerce Bancshares had a return on equity of 12.22% and a net margin of 25.27%.
A number of other research analysts have also recently issued reports on CBSH. Zacks Investment Research cut Commerce Bancshares from a “buy” rating to a “hold” rating in a research note on Monday, October 9th. BidaskClub cut Commerce Bancshares from a “sell” rating to a “strong sell” rating in a research note on Saturday, December 16th. Barclays restated a “hold” rating and issued a $55.00 price target on shares of Commerce Bancshares in a research note on Sunday, December 24th. Piper Jaffray Companies restated a “hold” rating and issued a $58.00 price target on shares of Commerce Bancshares in a research note on Tuesday, January 9th. Finally, Keefe, Bruyette & Woods restated a “sell” rating and issued a $54.00 price target on shares of Commerce Bancshares in a research note on Friday, January 19th. Five investment analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company’s stock. Commerce Bancshares currently has an average rating of “Hold” and a consensus target price of $57.13.
Shares of Commerce Bancshares (CBSH) traded down $2.02 during trading hours on Friday, reaching $56.75. The company’s stock had a trading volume of 647,819 shares, compared to its average volume of 478,322. The stock has a market capitalization of $6,265.76, a PE ratio of 19.85, a price-to-earnings-growth ratio of 2.19 and a beta of 0.77. Commerce Bancshares has a 1-year low of $51.90 and a 1-year high of $60.61.
The firm also recently declared a quarterly dividend, which will be paid on Monday, March 26th. Stockholders of record on Friday, March 9th will be paid a $0.235 dividend. The ex-dividend date of this dividend is Thursday, March 8th. This represents a $0.94 annualized dividend and a dividend yield of 1.66%. This is a boost from Commerce Bancshares’s previous quarterly dividend of $0.23. Commerce Bancshares’s payout ratio is currently 31.05%.
In related news, VP Daniel D. Callahan sold 2,972 shares of Commerce Bancshares stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $58.56, for a total value of $174,040.32. Following the completion of the sale, the vice president now owns 36,266 shares of the company’s stock, valued at $2,123,736.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michael J. Petrie sold 1,709 shares of Commerce Bancshares stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $58.76, for a total value of $100,420.84. Following the completion of the sale, the insider now directly owns 12,359 shares of the company’s stock, valued at approximately $726,214.84. The disclosure for this sale can be found here. Insiders sold 92,939 shares of company stock valued at $5,257,224 in the last 90 days. Company insiders own 4.30% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of CBSH. Bank of New York Mellon Corp grew its holdings in Commerce Bancshares by 3.4% during the third quarter. Bank of New York Mellon Corp now owns 1,083,851 shares of the financial services provider’s stock valued at $62,613,000 after purchasing an additional 35,361 shares during the period. Cetera Investment Advisers bought a new stake in Commerce Bancshares during the second quarter valued at about $272,000. Nuance Investments LLC grew its holdings in Commerce Bancshares by 4.3% during the third quarter. Nuance Investments LLC now owns 996,414 shares of the financial services provider’s stock valued at $57,563,000 after purchasing an additional 40,997 shares during the period. Crossmark Global Holdings Inc. bought a new stake in Commerce Bancshares during the third quarter valued at about $478,000. Finally, Schroder Investment Management Group grew its holdings in Commerce Bancshares by 1.5% during the third quarter. Schroder Investment Management Group now owns 844,628 shares of the financial services provider’s stock valued at $48,491,000 after purchasing an additional 12,843 shares during the period. 59.55% of the stock is owned by institutional investors.
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About Commerce Bancshares
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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