Commerce Bancshares, Inc. (NASDAQ:CBSH) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Monday. The firm currently has a $65.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 11.66% from the company’s previous close.
According to Zacks, “Commerce Bancshares’ shares have outperformed the Zacks categorized Midwest Banking industry in the last three months. The company’s second-quarter 2017 earnings easily outpaced the Zacks Consensus Estimate, mainly driven by improvement in revenues. The company's efforts to expand its footprint in newer markets, an improving rate scenario and expectation of lesser regulations are expected to boost revenues further. While rising expenses and a significant exposure to real estate loans remain near-term concerns, strong loan and deposit balance should support its profitability. Given a solid liquidity position, the company should be able to continue with its capital deployment activities, thus enhancing shareholder value.”
Several other analysts have also recently commented on the company. Stephens restated a “hold” rating on shares of Commerce Bancshares in a research report on Monday, April 17th. Barclays PLC raised their target price on Commerce Bancshares from $54.00 to $55.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 19th. BidaskClub cut Commerce Bancshares from a “hold” rating to a “sell” rating in a research report on Saturday, June 24th. Jefferies Group LLC restated a “hold” rating and issued a $61.00 target price on shares of Commerce Bancshares in a research report on Tuesday, April 4th. Finally, Morgan Stanley raised their target price on Commerce Bancshares from $48.00 to $49.00 and gave the company an “underweight” rating in a research report on Tuesday, June 6th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company’s stock. Commerce Bancshares presently has an average rating of “Hold” and an average price target of $54.50.
Commerce Bancshares (CBSH) traded down 0.249% on Monday, reaching $58.065. The company’s stock had a trading volume of 86,944 shares. The company has a market capitalization of $5.94 billion, a price-to-earnings ratio of 21.015 and a beta of 0.81. Commerce Bancshares has a 52 week low of $44.27 and a 52 week high of $60.61. The firm’s 50 day moving average price is $55.41 and its 200-day moving average price is $56.46.
Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings results on Thursday, July 13th. The financial services provider reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.05. The business had revenue of $305.89 million for the quarter, compared to analysts’ expectations of $309.44 million. Commerce Bancshares had a return on equity of 12.01% and a net margin of 23.79%. The business’s quarterly revenue was up 6.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.70 EPS. On average, equities analysts predict that Commerce Bancshares will post $2.92 EPS for the current year.
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In other news, insider Patricia R. Kellerhals sold 604 shares of the firm’s stock in a transaction on Wednesday, April 19th. The stock was sold at an average price of $54.50, for a total transaction of $32,918.00. Following the completion of the sale, the insider now directly owns 5,563 shares of the company’s stock, valued at approximately $303,183.50. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Vice Chairman Jonathan M. Kemper sold 36,979 shares of the firm’s stock in a transaction on Wednesday, June 7th. The stock was sold at an average price of $54.10, for a total value of $2,000,563.90. Following the sale, the insider now directly owns 1,045,605 shares of the company’s stock, valued at $56,567,230.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 66,167 shares of company stock valued at $3,602,308. 4.30% of the stock is currently owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. raised its stake in Commerce Bancshares by 67.0% in the fourth quarter. Envestnet Asset Management Inc. now owns 3,173 shares of the financial services provider’s stock worth $185,000 after buying an additional 1,273 shares during the last quarter. Tudor Investment Corp Et Al acquired a new stake in Commerce Bancshares during the fourth quarter worth about $206,000. Thrivent Financial for Lutherans raised its stake in Commerce Bancshares by 15.2% in the fourth quarter. Thrivent Financial for Lutherans now owns 15,001 shares of the financial services provider’s stock worth $867,000 after buying an additional 1,981 shares during the last quarter. Norges Bank acquired a new stake in Commerce Bancshares during the fourth quarter worth about $44,629,000. Finally, Quadrature Capital Ltd acquired a new stake in Commerce Bancshares during the fourth quarter worth about $680,000. 62.07% of the stock is owned by institutional investors and hedge funds.
Commerce Bancshares Company Profile
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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