Commerce Bancshares Stock Rating Reaffirmed by Zacks (CBSH)
Commerce Bancshares (NASDAQ:CBSH)‘s stock had its “neutral” rating reaffirmed by Zacks in a report issued on Wednesday. They currently have a $48.50 price objective on the stock. Zacks‘s price target would suggest a potential upside of 4.86% from the stock’s previous close.
Zacks’ analyst wrote, “Commerce Bancshares’ second-quarter 2014 earnings outpaced the Zacks Consensus Estimate. Steady improvement in revenues and growth in loans and deposits were the favorable factors. On the other hand, elevated operating expense and provision for loan losses continue to be causes of concern. We believe the company has healthy growth prospects on the back of a sound capital base and strong liquidity level. Also, the company’s enhanced capital deployment activities and inclination towards inorganic growth will work in its favor going forward. However, the company’s failure to curb expenses which may get further aggravated by stringent regulatory requirements along with the prevailing low interest rate environment as well as sluggish economic recovery will likely keep the financials under pressure in the near term.”
CBSH has been the subject of a number of other recent research reports. Analysts at Macquarie reiterated a “neutral” rating on shares of Commerce Bancshares in a research note on Wednesday, July 16th. They now have a $45.00 price target on the stock, up previously from $42.00. Separately, analysts at DA Davidson raised their price target on shares of Commerce Bancshares from $52.00 to $54.00 in a research note on Wednesday, July 16th. They now have a “buy” rating on the stock. Finally, analysts at Barclays raised their price target on shares of Commerce Bancshares from $47.00 to $53.00 in a research note on Wednesday, July 9th. They now have an “overweight” rating on the stock. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Commerce Bancshares has an average rating of “Buy” and a consensus price target of $47.31.
Shares of Commerce Bancshares (NASDAQ:CBSH) traded down 0.50% on Wednesday, hitting $46.02. The stock had a trading volume of 66,003 shares. Commerce Bancshares has a one year low of $40.0381 and a one year high of $47.65. The stock’s 50-day moving average is $45.60 and its 200-day moving average is $44.85. The company has a market cap of $4.217 billion and a price-to-earnings ratio of 16.76.
Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings data on Tuesday, July 15th. The company reported $0.70 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.68 by $0.02. During the same quarter in the prior year, the company posted $0.69 earnings per share. On average, analysts predict that Commerce Bancshares will post $2.81 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Thursday, September 25th. Investors of record on Friday, September 5th will be given a dividend of $0.225 per share. This represents a $0.90 dividend on an annualized basis and a yield of 1.95%. The ex-dividend date of this dividend is Wednesday, September 3rd.
In other Commerce Bancshares news, Chairman Jonathan M. Kemper sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $46.08, for a total value of $2,304,000.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.
Commerce Bancshares, Inc is a bank holding company. Through a wholly owned bank holding company, it owns all of the outstanding capital stock of Commerce Bank (NASDAQ:CBSH).
To view Zacks’ full report, visit Zacks’ official website.
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