Commerce Bancshares (NASDAQ:CBSH) Sets New 1-Year Low – Here’s What Happened

Commerce Bancshares, Inc. (NASDAQ:CBSH) reached a new 52-week low on Monday . The stock traded as low as $51.39 and last traded at $51.3370, with a volume of 427270 shares changing hands. The stock had previously closed at $53.53.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. TD Cowen assumed coverage on Commerce Bancshares in a report on Thursday, September 25th. They issued a “hold” rating and a $63.00 target price for the company. Cowen reiterated a “hold” rating on shares of Commerce Bancshares in a report on Tuesday, October 21st. Hovde Group began coverage on shares of Commerce Bancshares in a research report on Monday, October 6th. They issued an “outperform” rating and a $70.00 price target for the company. Wall Street Zen lowered shares of Commerce Bancshares from a “hold” rating to a “sell” rating in a report on Saturday, October 18th. Finally, Wells Fargo & Company lowered their target price on Commerce Bancshares from $65.00 to $60.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 21st. One equities research analyst has rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $65.29.

Commerce Bancshares Stock Performance

The stock has a market cap of $6.80 billion, a P/E ratio of 12.25, a price-to-earnings-growth ratio of 4.71 and a beta of 0.62. The firm’s fifty day simple moving average is $56.59 and its 200-day simple moving average is $60.53.

Commerce Bancshares’s stock is scheduled to split on Tuesday, December 2nd. The 1.05-1 split was recently announced. The newly issued shares will be issued to shareholders after the market closes on Monday, December 1st.

Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings data on Thursday, October 16th. The financial services provider reported $1.06 earnings per share for the quarter, missing the consensus estimate of $1.09 by ($0.03). The firm had revenue of $448.85 million for the quarter, compared to analyst estimates of $447.04 million. Commerce Bancshares had a return on equity of 15.73% and a net margin of 26.48%.The company’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same quarter last year, the company earned $1.07 earnings per share. Analysts predict that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current fiscal year.

Commerce Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Tuesday, December 2nd will be given a $0.275 dividend. The ex-dividend date of this dividend is Tuesday, December 2nd. This represents a $1.10 annualized dividend and a dividend yield of 2.1%. Commerce Bancshares’s dividend payout ratio (DPR) is 26.25%.

Institutional Investors Weigh In On Commerce Bancshares

Several large investors have recently added to or reduced their stakes in the business. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Commerce Bancshares in the first quarter valued at approximately $3,033,000. IMA Advisory Services Inc. acquired a new position in shares of Commerce Bancshares during the 1st quarter valued at $29,000. AE Wealth Management LLC boosted its stake in Commerce Bancshares by 13.3% during the first quarter. AE Wealth Management LLC now owns 6,212 shares of the financial services provider’s stock worth $387,000 after acquiring an additional 730 shares in the last quarter. Kovack Advisors Inc. grew its holdings in Commerce Bancshares by 8.4% in the first quarter. Kovack Advisors Inc. now owns 6,945 shares of the financial services provider’s stock worth $432,000 after purchasing an additional 539 shares during the period. Finally, Cetera Investment Advisers increased its stake in Commerce Bancshares by 29.9% in the first quarter. Cetera Investment Advisers now owns 74,660 shares of the financial services provider’s stock valued at $4,646,000 after purchasing an additional 17,167 shares in the last quarter. Institutional investors and hedge funds own 70.26% of the company’s stock.

About Commerce Bancshares

Commerce Bancshares, Inc operates as the bank holding company for Commerce Bank that provides retail, mortgage banking, corporate, investment, trust, and asset management products and services to individuals and businesses in the United States. It operates through three segments: Consumer, Commercial, and Wealth.