Research Analysts Set Expectations for Commerce Bancshares Inc.’s FY2016 Earnings (CBSH)
Commerce Bancshares Inc. (NASDAQ:CBSH) – Research analysts at DA Davidson cut their FY2016 earnings per share estimates for Commerce Bancshares in a research note issued on Monday. DA Davidson analyst J. Rulis now anticipates that the brokerage will post earnings per share of $2.75 for the year, down from their previous estimate of $2.78. DA Davidson also issued estimates for Commerce Bancshares’ Q1 2017 earnings at $0.71 EPS and Q4 2017 earnings at $0.74 EPS.
Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings data on Friday, October 14th. The financial services provider reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.70 by $0.02. Commerce Bancshares had a return on equity of 11.52% and a net margin of 23.01%. The company had revenue of $290.60 million for the quarter. During the same quarter last year, the firm posted $0.63 EPS. The business’s revenue for the quarter was up 6.3% on a year-over-year basis.
Several other equities analysts have also commented on CBSH. Jefferies Group reissued a “hold” rating and issued a $48.00 target price on shares of Commerce Bancshares in a report on Thursday, July 7th. Piper Jaffray Cos. initiated coverage on shares of Commerce Bancshares in a report on Monday, July 11th. They issued a “neutral” rating and a $43.50 target price on the stock. Zacks Investment Research raised shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Friday, July 15th. Morgan Stanley lowered shares of Commerce Bancshares from an “equal weight” rating to an “underweight” rating and set a $45.00 target price on the stock. in a report on Tuesday, September 20th. Finally, Barclays PLC raised their target price on shares of Commerce Bancshares from $45.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday, October 11th. One research analyst has rated the stock with a sell rating and five have issued a hold rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $45.75.
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Commerce Bancshares (NASDAQ:CBSH) traded up 1.85% on Wednesday, hitting $49.42. 147,587 shares of the stock traded hands. Commerce Bancshares has a 52 week low of $37.44 and a 52 week high of $51.30. The firm’s 50 day moving average is $49.47 and its 200 day moving average is $47.95. The stock has a market cap of $4.77 billion, a price-to-earnings ratio of 18.93 and a beta of 0.74.
Several hedge funds and other institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. increased its position in shares of 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 during the period. Principal Financial Group Inc. increased its position in shares of 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 during the period. Vanguard Group Inc. increased its position in shares of 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 during the period. Martingale Asset Management L P increased its position in shares of 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 during the period. Finally, First Quadrant L P CA increased its position in shares of Commerce Bancshares by 36,915.8% in the third quarter. First Quadrant L P CA now owns 178,046 shares of the financial services provider’s stock worth $8,771,000 after buying an additional 177,565 shares during the period. Hedge funds and other institutional investors own 60.82% of the company’s stock.
In other Commerce Bancshares news, insider V Raymond Stranghoener sold 4,964 shares of the business’s stock in a transaction that occurred on Monday, August 8th. The shares were sold at an average price of $48.49, for a total transaction of $240,704.36. Following the sale, the insider now directly owns 80,869 shares of the company’s stock, valued at approximately $3,921,337.81. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Vice Chairman Jonathan M. Kemper sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, September 8th. The stock was sold at an average price of $50.07, for a total transaction of $2,503,500.00. Following the sale, the insider now directly owns 1,192,407 shares in the company, valued at $59,703,818.49. The disclosure for this sale can be found here. Company insiders own 4.60% of the company’s stock.
The firm also recently announced a quarterly dividend, which was paid on Monday, September 26th. Shareholders of record on Friday, September 9th were issued a dividend of $0.225 per share. This represents a $0.90 dividend on an annualized basis and a yield of 1.85%. The ex-dividend date of this dividend was Wednesday, September 7th. Commerce Bancshares’s payout ratio is 33.83%.
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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