ValuEngine upgraded shares of Commerce Bancshares (NASDAQ:CBSH) from a hold rating to a buy rating in a research report released on Thursday morning.
Other research analysts have also recently issued research reports about the company. Zacks Investment Research cut Commerce Bancshares from a buy rating to a hold rating in a research note on Tuesday, February 13th. Piper Jaffray reiterated a hold rating and set a $58.00 price objective on shares of Commerce Bancshares in a research note on Tuesday, January 9th. BidaskClub cut Commerce Bancshares from a hold rating to a sell rating in a research note on Tuesday, January 30th. UBS upgraded Commerce Bancshares to a market perform rating in a research note on Tuesday. Finally, Raymond James Financial upgraded Commerce Bancshares from an underperform rating to a market perform rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of Hold and an average target price of $58.67.
Shares of Commerce Bancshares stock traded down $0.40 during trading on Thursday, hitting $62.74. 307,608 shares of the stock traded hands, compared to its average volume of 518,209. Commerce Bancshares has a 52 week low of $51.90 and a 52 week high of $64.21. The firm has a market capitalization of $6,347.22, a PE ratio of 22.63, a price-to-earnings-growth ratio of 2.22 and a beta of 0.69.
Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings data on Thursday, January 18th. The financial services provider reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.03. Commerce Bancshares had a return on equity of 12.22% and a net margin of 25.27%. The business had revenue of $314.22 million during the quarter, compared to analysts’ expectations of $312.98 million. analysts expect that Commerce Bancshares will post 3.37 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, March 26th. Shareholders of record on Friday, March 9th were paid a dividend of $0.235 per share. This is a boost from Commerce Bancshares’s previous quarterly dividend of $0.23. This represents a $0.94 annualized dividend and a yield of 1.50%. The ex-dividend date of this dividend was Thursday, March 8th. Commerce Bancshares’s payout ratio is presently 33.94%.
In other Commerce Bancshares news, insider Jeffrey M. Burik sold 850 shares of the company’s stock in a transaction on Wednesday, March 14th. The stock was sold at an average price of $60.97, for a total transaction of $51,824.50. Following the completion of the sale, the insider now owns 30,055 shares in the company, valued at $1,832,453.35. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Vice Chairman Jonathan M. Kemper sold 33,424 shares of the company’s stock in a transaction on Wednesday, March 14th. The stock was sold at an average price of $61.04, for a total value of $2,040,200.96. Following the sale, the insider now owns 1,059,102 shares of the company’s stock, valued at approximately $64,647,586.08. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 168,774 shares of company stock worth $9,878,981. Insiders own 4.00% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of CBSH. BlackRock Inc. lifted its stake in Commerce Bancshares by 6.2% in the 4th quarter. BlackRock Inc. now owns 8,217,981 shares of the financial services provider’s stock worth $458,894,000 after purchasing an additional 481,612 shares in the last quarter. Schroder Investment Management Group increased its holdings in Commerce Bancshares by 49.9% in the 4th quarter. Schroder Investment Management Group now owns 1,266,154 shares of the financial services provider’s stock valued at $70,702,000 after purchasing an additional 421,526 shares during the last quarter. American Century Companies Inc. increased its holdings in Commerce Bancshares by 11.3% in the 4th quarter. American Century Companies Inc. now owns 3,643,390 shares of the financial services provider’s stock valued at $203,447,000 after purchasing an additional 369,008 shares during the last quarter. Commerce Bank increased its holdings in Commerce Bancshares by 4.6% in the 4th quarter. Commerce Bank now owns 7,369,241 shares of the financial services provider’s stock valued at $411,498,000 after purchasing an additional 325,364 shares during the last quarter. Finally, Lazard Asset Management LLC increased its holdings in Commerce Bancshares by 11.3% in the 4th quarter. Lazard Asset Management LLC now owns 1,637,293 shares of the financial services provider’s stock valued at $91,425,000 after purchasing an additional 165,690 shares during the last quarter. Hedge funds and other institutional investors own 62.75% of the company’s stock.
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Commerce Bancshares Company Profile
Commerce Bancshares, Inc operates as the holding company for Commerce Bank that provides retail, mortgage banking, corporate, investment, trust, and asset management products and services to individuals and businesses. It operates through three segments: Consumer, Commercial, and Wealth. The Consumer segment offers various banking products and services, including consumer deposits; consumer loans, such as automobile, motorcycle, marine, tractor/trailer, recreational vehicle, fixed rate and revolving home equity, and other consumer loans; patient health care financing; real estate loans; indirect and other consumer financing; personal mortgage banking; consumer installment lending; and consumer debit and credit bank cards, as well as provides online, mobile, and telephone banking services.
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