Commerce Bancshares Inc. (CBSH) PT Raised to $48.00
Commerce Bancshares Inc. (NASDAQ:CBSH) had its price objective increased by equities researchers at Barclays PLC from $45.00 to $48.00 in a research report issued on Tuesday. The firm currently has an “equal weight” rating on the financial services provider’s stock. Barclays PLC’s price target indicates a potential downside of 4.86% from the stock’s current price.
A number of other research analysts also recently issued reports on the company. Zacks Investment Research raised Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Monday, September 26th. Morgan Stanley downgraded Commerce Bancshares from an “equal weight” rating to an “underweight” rating and set a $45.00 price target on the stock. in a report on Tuesday, September 20th. Jefferies Group reaffirmed a “hold” rating on shares of Commerce Bancshares in a report on Thursday, August 18th. Finally, Piper Jaffray Cos. began coverage on Commerce Bancshares in a report on Monday, July 11th. They set a “neutral” rating and a $43.50 price target on the stock. One investment analyst has rated the stock with a sell rating and five have given a hold rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $45.75.
Commerce Bancshares (NASDAQ:CBSH) traded down 1.05% on Tuesday, reaching $49.92. The company’s stock had a trading volume of 94,903 shares. The stock has a market cap of $4.82 billion, a P/E ratio of 19.13 and a beta of 0.74. The stock has a 50-day moving average of $49.51 and a 200-day moving average of $47.79. 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 announced its quarterly earnings results on Wednesday, July 13th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.02. The firm had revenue of $288.40 million for the quarter, compared to the consensus estimate of $295.65 million. Commerce Bancshares had a return on equity of 11.58% and a net margin of 23.03%. The company’s quarterly revenue was up 3.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.71 earnings per share. On average, analysts predict that Commerce Bancshares will post $2.77 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, September 26th. Shareholders of record on Friday, September 9th were given a $0.225 dividend. This represents a $0.90 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date was Wednesday, September 7th. Commerce Bancshares’s payout ratio is 34.50%.
In other Commerce Bancshares news, insider Charles G. Kim sold 5,000 shares of the company’s stock in a transaction dated Friday, July 22nd. The stock was sold at an average price of $48.04, for a total value of $240,200.00. Following the completion of the sale, the insider now owns 82,551 shares in the company, valued at $3,965,750.04. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Vice Chairman Jonathan M. Kemper sold 50,000 shares of the company’s stock in a transaction dated Thursday, September 8th. The stock was sold at an average price of $50.07, for a total value of $2,503,500.00. Following the completion of the sale, the insider now owns 1,192,407 shares of the company’s stock, valued at approximately $59,703,818.49. The disclosure for this sale can be found here. 4.60% of the stock is owned by company insiders.
A number of hedge funds have recently modified their holdings of CBSH. Walleye Trading LLC bought a new stake in shares of Commerce Bancshares during the second quarter worth approximately $101,000. Pacad Investment Ltd. bought a new stake in shares of Commerce Bancshares during the second quarter worth approximately $120,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of 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 last quarter. WFG Advisors LP boosted its stake in shares of 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 last quarter. Finally, Advisor Group Inc. bought a new stake in shares of Commerce Bancshares during the second quarter worth approximately $183,000. Institutional investors and hedge funds own 60.86% 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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