Commerce Bancshares, Inc. (NASDAQ:CBSH) – Equities researchers at Jefferies Financial Group reduced their Q4 2018 earnings estimates for Commerce Bancshares in a research report issued on Monday, October 15th. Jefferies Financial Group analyst C. Haire now expects that the financial services provider will post earnings of $0.97 per share for the quarter, down from their prior estimate of $1.01. Jefferies Financial Group also issued estimates for Commerce Bancshares’ Q1 2019 earnings at $0.95 EPS, Q2 2019 earnings at $1.00 EPS, Q4 2019 earnings at $1.08 EPS and FY2019 earnings at $4.05 EPS.
Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings results on Thursday, October 11th. The financial services provider reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.07. Commerce Bancshares had a return on equity of 14.24% and a net margin of 28.84%. The company had revenue of $331.47 million during the quarter, compared to analysts’ expectations of $330.91 million.
A number of other equities analysts have also recently issued reports on CBSH. BidaskClub raised Commerce Bancshares from a “hold” rating to a “buy” rating in a report on Thursday, June 21st. Wells Fargo & Co upped their target price on Commerce Bancshares from $57.00 to $60.00 and gave the stock a “market perform” rating in a report on Tuesday, June 26th. Zacks Investment Research cut Commerce Bancshares from a “buy” rating to a “hold” rating in a report on Monday, July 2nd. Raymond James cut Commerce Bancshares from a “market perform” rating to an “underperform” rating in a report on Tuesday, July 10th. Finally, Stephens reaffirmed a “hold” rating and issued a $65.00 target price on shares of Commerce Bancshares in a report on Thursday, July 12th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $64.33.
Shares of CBSH opened at $63.56 on Wednesday. Commerce Bancshares has a 12-month low of $54.24 and a 12-month high of $72.55. The stock has a market capitalization of $7.04 billion, a price-to-earnings ratio of 23.07, a PEG ratio of 1.96 and a beta of 0.67.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Schroder Investment Management Group grew its position in shares of Commerce Bancshares by 34.1% in the 2nd quarter. Schroder Investment Management Group now owns 1,621,188 shares of the financial services provider’s stock valued at $72,468,000 after buying an additional 412,145 shares during the last quarter. Findlay Park Partners LLP grew its position in shares of Commerce Bancshares by 15.9% in the 2nd quarter. Findlay Park Partners LLP now owns 1,500,000 shares of the financial services provider’s stock valued at $97,065,000 after buying an additional 206,083 shares during the last quarter. Citadel Advisors LLC grew its position in shares of Commerce Bancshares by 3,463.9% in the 2nd quarter. Citadel Advisors LLC now owns 996,514 shares of the financial services provider’s stock valued at $64,484,000 after buying an additional 968,553 shares during the last quarter. Wells Fargo & Company MN grew its position in shares of Commerce Bancshares by 3.0% in the 2nd quarter. Wells Fargo & Company MN now owns 995,474 shares of the financial services provider’s stock valued at $64,418,000 after buying an additional 28,674 shares during the last quarter. Finally, Northern Trust Corp grew its position in shares of Commerce Bancshares by 1.0% in the 2nd quarter. Northern Trust Corp now owns 736,430 shares of the financial services provider’s stock valued at $47,655,000 after buying an additional 7,402 shares during the last quarter. Hedge funds and other institutional investors own 64.80% of the company’s stock.
In other Commerce Bancshares news, insider Sara E. Foster sold 2,371 shares of the company’s stock in a transaction dated Wednesday, August 8th. The stock was sold at an average price of $69.61, for a total value of $165,045.31. Following the sale, the insider now owns 43,895 shares in the company, valued at approximately $3,055,530.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Jonathan M. Kemper sold 45,000 shares of the company’s stock in a transaction dated Tuesday, September 11th. The shares were sold at an average price of $71.35, for a total value of $3,210,750.00. Following the completion of the sale, the director now owns 902,348 shares in the company, valued at approximately $64,382,529.80. The disclosure for this sale can be found here. Insiders sold a total of 52,466 shares of company stock worth $3,731,731 in the last quarter. Corporate insiders own 4.00% of the company’s stock.
The business also recently declared a quarterly dividend, which was paid on Monday, September 24th. Shareholders of record on Friday, September 7th were given a $0.235 dividend. The ex-dividend date was Thursday, September 6th. This represents a $0.94 dividend on an annualized basis and a dividend yield of 1.48%. Commerce Bancshares’s dividend payout ratio (DPR) is presently 33.94%.
About Commerce Bancshares
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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