Commerce Bancshares Inc. (NASDAQ:CBSH) – Investment analysts at FIG Partners dropped their FY2016 earnings per share (EPS) estimates for shares of Commerce Bancshares in a report released on Friday. FIG Partners analyst J. Rodis now anticipates that the firm will post earnings per share of $2.72 for the year, down from their previous estimate of $2.74. FIG Partners also issued estimates for Commerce Bancshares’ Q4 2016 earnings at $0.66 EPS, Q1 2017 earnings at $0.65 EPS, Q2 2017 earnings at $0.72 EPS, Q3 2017 earnings at $0.73 EPS and FY2017 earnings at $2.84 EPS.
Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings results on Friday, October 14th. The financial services provider reported $0.68 earnings per share for the quarter, missing the consensus estimate of $0.70 by $0.02. The business had revenue of $290.60 million for the quarter, compared to the consensus estimate of $296.49 million. Commerce Bancshares had a return on equity of 11.52% and a net margin of 23.01%. Commerce Bancshares’s revenue was up 6.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.63 earnings per share.
A number of other equities analysts have also commented on the company. Zacks Investment Research raised Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Thursday. Barclays PLC lifted their price objective on Commerce Bancshares from $45.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 11th. Morgan Stanley lowered Commerce Bancshares from an “equal weight” rating to an “underweight” rating and set a $45.00 price objective on the stock. in a research note on Tuesday, September 20th. Jefferies Group reaffirmed a “hold” rating on shares of Commerce Bancshares in a research note on Thursday, August 18th. Finally, Piper Jaffray Cos. initiated coverage on Commerce Bancshares in a research note on Monday, July 11th. They issued a “neutral” rating and a $43.50 price objective on the stock. One research analyst has rated the stock with a sell rating and five have issued a hold rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $45.75.
Commerce Bancshares (NASDAQ:CBSH) opened at 48.43 on Monday. The company has a market capitalization of $4.68 billion, a PE ratio of 18.56 and a beta of 0.74. The stock’s 50 day moving average is $49.56 and its 200 day moving average is $47.87. Commerce Bancshares has a 52 week low of $37.44 and a 52 week high of $51.30.
Several large investors have recently added to or reduced their stakes in the stock. TIAA CREF Investment Management LLC increased its stake in Commerce Bancshares by 46.1% in the first quarter. TIAA CREF Investment Management LLC now owns 267,697 shares of the financial services provider’s stock valued at $12,033,000 after buying an additional 84,407 shares in the last quarter. Teachers Advisors Inc. increased its stake in Commerce Bancshares by 34.4% in the first quarter. Teachers Advisors Inc. now owns 121,887 shares of the financial services provider’s stock valued at $5,479,000 after buying an additional 31,184 shares in the last quarter. Prudential Financial Inc. increased its stake in Commerce Bancshares by 3.0% in the first quarter. Prudential Financial Inc. now owns 74,699 shares of the financial services provider’s stock valued at $3,358,000 after buying an additional 2,200 shares in the last quarter. BlackRock Inc. increased its stake in Commerce Bancshares by 20.8% in the first quarter. BlackRock Inc. now owns 105,081 shares of the financial services provider’s stock valued at $4,723,000 after buying an additional 18,059 shares in the last quarter. Finally, BlackRock Group LTD increased its stake in Commerce Bancshares by 5.2% in the first quarter. BlackRock Group LTD now owns 330,011 shares of the financial services provider’s stock valued at $14,835,000 after buying an additional 16,296 shares in the last quarter. Hedge funds and other institutional investors own 60.82% of the company’s stock.
In other news, Vice Chairman Jonathan M. Kemper sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, July 28th. The stock was sold at an average price of $47.22, for a total transaction of $2,361,000.00. Following the completion of the sale, the insider now owns 1,242,407 shares in the company, valued at $58,666,458.54. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Charles G. Kim sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, July 22nd. The shares were sold at an average price of $48.04, for a total value of $240,200.00. Following the sale, the insider now owns 82,551 shares of the company’s stock, valued at approximately $3,965,750.04. The disclosure for this sale can be found here. Insiders own 4.60% of the company’s stock.
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 26th. Stockholders of record on Friday, September 9th were issued a dividend of $0.225 per share. The ex-dividend date was Wednesday, September 7th. This represents a $0.90 annualized dividend and a dividend yield of 1.86%. Commerce Bancshares’s dividend payout ratio is 33.83%.
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, 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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