Commerce Bancshares Inc. (CBSH) Downgraded by Morgan Stanley to “Underweight”
Commerce Bancshares Inc. (NASDAQ:CBSH) was downgraded by equities research analysts at Morgan Stanley from an “equal weight” rating to an “underweight” rating in a research note issued on Tuesday.
A number of other equities analysts have also recently commented on the stock. Zacks Investment Research cut shares of Commerce Bancshares from a “hold” rating to a “sell” rating in a research note on Monday. Jefferies Group reissued a “hold” rating on shares of Commerce Bancshares in a research note on Thursday, August 18th. Finally, Piper Jaffray Cos. assumed coverage on shares of Commerce Bancshares in a research note on Monday, July 11th. They issued a “neutral” rating and a $43.50 price target for the company. Two analysts have rated the stock with a sell rating and four have given a hold rating to the stock. The stock has an average rating of “Hold” and an average target price of $45.08.
Shares of Commerce Bancshares (NASDAQ:CBSH) traded down 0.16% during trading on Tuesday, reaching $48.98. 143,523 shares of the company were exchanged. The stock has a market capitalization of $4.73 billion, a PE ratio of 18.77 and a beta of 0.81. The stock has a 50-day moving average price of $49.08 and a 200-day moving average price of $47.32. Commerce Bancshares has a one year low of $37.44 and a one year high of $51.30.
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Commerce Bancshares (NASDAQ:CBSH) last posted its earnings results on Wednesday, July 13th. The financial services provider reported $0.70 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.68 by $0.02. The business had revenue of $288.40 million for the quarter, compared to analyst estimates of $295.65 million. Commerce Bancshares had a net margin of 23.03% and a return on equity of 11.58%. Commerce Bancshares’s revenue was up 3.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.71 EPS. Analysts forecast that Commerce Bancshares will post $2.77 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 26th. Stockholders of record on Friday, September 9th will be paid a $0.225 dividend. The ex-dividend date of this dividend is Wednesday, September 7th. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.83%. Commerce Bancshares’s dividend payout ratio (DPR) is 34.50%.
In other news, insider V Raymond Stranghoener sold 4,964 shares of the company’s stock in a transaction on Monday, August 8th. The shares were sold at an average price of $48.49, for a total value of $240,704.36. Following the completion of the sale, the insider now owns 80,869 shares of the company’s stock, valued at approximately $3,921,337.81. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Vice Chairman Jonathan M. Kemper sold 50,000 shares of the company’s stock in a transaction on Thursday, July 28th. The shares were sold at an average price of $47.22, for a total transaction of $2,361,000.00. Following the sale, the insider now owns 1,242,407 shares of the company’s stock, valued at $58,666,458.54. The disclosure for this sale can be found here. 4.60% of the stock is currently owned by insiders.
A number of large investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. raised its stake in Commerce Bancshares by 142.8% in the second quarter. JPMorgan Chase & Co. now owns 555,447 shares of the financial services provider’s stock worth $26,606,000 after buying an additional 326,694 shares in the last quarter. Principal Financial Group Inc. raised its stake in Commerce Bancshares by 88.0% in the second quarter. Principal Financial Group Inc. now owns 518,053 shares of the financial services provider’s stock worth $24,827,000 after buying an additional 242,451 shares in the last quarter. Vanguard Group Inc. raised its stake in Commerce Bancshares by 3.3% in the second quarter. Vanguard Group Inc. now owns 6,706,151 shares of the financial services provider’s stock worth $321,225,000 after buying an additional 217,230 shares in the last quarter. Aperio Group LLC raised its stake in Commerce Bancshares by 72.2% in the first quarter. Aperio Group LLC now owns 495,525 shares of the financial services provider’s stock worth $22,274,000 after buying an additional 207,833 shares in the last quarter. Finally, Martingale Asset Management L P raised its stake in Commerce Bancshares by 76.5% in the second quarter. Martingale Asset Management L P now owns 447,072 shares of the financial services provider’s stock worth $21,416,000 after buying an additional 193,807 shares in the last quarter. Institutional investors own 60.87% of the company’s stock.
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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