Morgan Stanley Downgrades Commerce Bancshares Inc. (CBSH) to Underweight
Commerce Bancshares Inc. (NASDAQ:CBSH) was downgraded by Morgan Stanley from an “equal weight” rating to an “underweight” rating in a report issued on Tuesday.
Other equities research analysts have also issued research reports about the company. Zacks Investment Research lowered Commerce Bancshares from a “hold” rating to a “sell” rating in a research report on Monday. Piper Jaffray Cos. assumed coverage on Commerce Bancshares in a research report on Monday, July 11th. They issued a “neutral” rating and a $43.50 price target on the stock. Finally, Jefferies Group reiterated a “hold” rating and issued a $48.00 price target on shares of Commerce Bancshares in a research report on Thursday, July 7th. Two investment analysts have rated the stock with a sell rating and four have issued a hold rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $45.08.
Commerce Bancshares (NASDAQ:CBSH) traded down 0.79% on Tuesday, hitting $48.67. The company had a trading volume of 528,567 shares. Commerce Bancshares has a one year low of $37.44 and a one year high of $51.30. The company has a market capitalization of $4.70 billion, a P/E ratio of 18.65 and a beta of 0.81. The stock’s 50-day moving average price is $49.08 and its 200 day moving average price is $47.32.
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Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings results on Wednesday, July 13th. The financial services provider reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.02. Commerce Bancshares had a return on equity of 11.58% and a net margin of 23.03%. The firm had revenue of $288.40 million for the quarter, compared to analyst estimates of $295.65 million. During the same quarter in the previous year, the company posted $0.71 EPS. The business’s revenue was up 3.9% on a year-over-year basis. On average, analysts expect that Commerce Bancshares will post $2.77 EPS for the current fiscal 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. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.85%. The ex-dividend date is Wednesday, September 7th. Commerce Bancshares’s dividend payout ratio is 34.50%.
In other news, CEO David W. Kemper sold 40,000 shares of the business’s stock in a transaction dated Friday, July 15th. The stock was sold at an average price of $48.86, for a total value of $1,954,400.00. Following the transaction, the chief executive officer now directly owns 1,316,068 shares of the company’s stock, valued at approximately $64,303,082.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider V Raymond Stranghoener sold 4,964 shares of the business’s stock in a transaction dated 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 transaction, the insider now directly owns 80,869 shares in the company, valued at $3,921,337.81. The disclosure for this sale can be found here. 4.60% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Walleye Trading LLC purchased a new position in Commerce Bancshares during the second quarter worth $101,000. Pacad Investment Ltd. purchased a new position in Commerce Bancshares during the second quarter worth $120,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Commerce Bancshares by 28.6% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,547 shares of the financial services provider’s stock worth $122,000 after buying an additional 566 shares during the period. WFG Advisors LP increased its position in Commerce Bancshares by 0.5% in the second quarter. WFG Advisors LP now owns 3,725 shares of the financial services provider’s stock worth $178,000 after buying an additional 20 shares during the period. Finally, Advisor Group Inc. purchased a new position in Commerce Bancshares during the second quarter worth $183,000. 60.87% of the stock is currently owned by institutional investors.
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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