Zacks Investment Research upgraded shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) from a hold rating to a buy rating in a research report released on Monday morning. They currently have $61.00 target price on the financial services provider’s stock.
According to Zacks, “Commerce Bancshares’ shares have outperformed the industry in the last six months. 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. Also, strong loan and deposit balance should support its profitability. Given a solid liquidity position, the company should be able to continue enhancing shareholder value through efficient capital deployment activities. However, persistently rising expenses (mainly due to increase in personnel costs) and significant exposure to risky loans remains major headwinds.”
A number of other brokerages also recently weighed in on CBSH. Wells Fargo & Company reaffirmed a market perform rating and issued a $53.00 target price (up from $51.00) on shares of Commerce Bancshares in a research note on Friday, July 14th. Jefferies Group LLC reaffirmed a hold rating and issued a $61.00 target price on shares of Commerce Bancshares in a research note on Friday, July 14th. Piper Jaffray Companies reaffirmed a hold rating and issued a $52.00 target price on shares of Commerce Bancshares in a research note on Friday, July 14th. Stephens reaffirmed an equal weight rating and issued a $56.00 target price (up from $52.00) on shares of Commerce Bancshares in a research note on Monday, July 17th. Finally, BidaskClub downgraded shares of Commerce Bancshares from a sell rating to a strong sell rating in a research note on Monday, July 31st. Five research analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company. Commerce Bancshares currently has an average rating of Hold and a consensus price target of $54.50.
Commerce Bancshares (NASDAQ CBSH) opened at 54.09 on Monday. Commerce Bancshares has a 12 month low of $45.37 and a 12 month high of $60.61. The company’s 50 day moving average price is $57.16 and its 200 day moving average price is $56.45. The firm has a market capitalization of $5.50 billion, a P/E ratio of 19.60 and a beta of 0.81.
Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings results on Thursday, July 13th. The financial services provider reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.05. Commerce Bancshares had a net margin of 23.79% and a return on equity of 12.01%. The firm had revenue of $305.89 million during the quarter, compared to the consensus estimate of $309.44 million. During the same period last year, the firm posted $0.70 EPS. The firm’s quarterly revenue was up 6.1% on a year-over-year basis. Analysts anticipate that Commerce Bancshares will post $2.94 EPS for the current year.
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The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 25th. Investors of record on Friday, September 8th will be issued a dividend of $0.225 per share. This represents a $0.90 dividend on an annualized basis and a yield of 1.66%. The ex-dividend date is Thursday, September 7th. Commerce Bancshares’s dividend payout ratio is currently 32.64%.
In related news, Chairman David W. Kemper sold 10,132 shares of the business’s stock in a transaction that occurred on Friday, July 21st. The shares were sold at an average price of $57.83, for a total transaction of $585,933.56. Following the completion of the transaction, the chairman now owns 1,270,757 shares in the company, valued at $73,487,877.31. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Jeffery D. Aberdeen sold 687 shares of the business’s stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $59.09, for a total transaction of $40,594.83. Following the transaction, the insider now owns 40,232 shares of the company’s stock, valued at approximately $2,377,308.88. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 48,099 shares of company stock valued at $2,643,431. Corporate insiders own 4.30% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Captrust Financial Advisors bought a new position in Commerce Bancshares during the second quarter valued at $106,000. Citizens Financial Group Inc. RI bought a new position in Commerce Bancshares during the first quarter valued at $119,000. Citizens Financial Group Inc RI boosted its position in Commerce Bancshares by 25.5% in the second quarter. Citizens Financial Group Inc RI now owns 2,650 shares of the financial services provider’s stock valued at $151,000 after buying an additional 539 shares during the period. Mosaic Family Wealth LLC boosted its position in Commerce Bancshares by 2.9% in the first quarter. Mosaic Family Wealth LLC now owns 3,116 shares of the financial services provider’s stock valued at $175,000 after buying an additional 89 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Commerce Bancshares by 8.6% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,339 shares of the financial services provider’s stock valued at $190,000 after buying an additional 264 shares during the period. Institutional investors own 61.42% of the company’s stock.
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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