Commerce Bancshares, Inc. (CBSH) Upgraded by Zacks Investment Research to “Hold”
Commerce Bancshares, Inc. (NASDAQ:CBSH) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Monday.
According to Zacks, “Commerce Bancshares’ shares marginally underperformed the Zacks categorized Midwest Banking industry in the last three months. Rising expenses continue to be a major concern for the company. Also, significant exposure to real estate loans might pose some risks for the company in the near-term. Nevertheless, the company's efforts to expand its footprint in newer markets, expectation of lesser regulations and an improving rate scenario are expected to improve revenues. Given a solid capital position, the company should be able to continue its capital deployment activities, thus enhancing shareholder value.”
CBSH has been the topic of a number of other reports. BidaskClub raised Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Barclays PLC cut their price objective on Commerce Bancshares from $55.00 to $54.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 11th. Keefe, Bruyette & Woods reissued a “sell” rating and issued a $46.00 price target on shares of Commerce Bancshares in a research note on Wednesday, April 5th. Jefferies Group LLC reissued a “hold” rating and issued a $61.00 price target on shares of Commerce Bancshares in a research note on Sunday, June 11th. Finally, Morgan Stanley boosted their price target on Commerce Bancshares from $48.00 to $49.00 and gave the company an “underweight” rating in a research note on Tuesday, June 6th. Two research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. The stock has a consensus rating of “Hold” and an average price target of $54.50.
Shares of Commerce Bancshares (CBSH) traded down 0.12% during mid-day trading on Monday, hitting $57.05. The stock had a trading volume of 68,473 shares. The stock’s 50-day moving average is $55.41 and its 200-day moving average is $56.46. Commerce Bancshares has a 1-year low of $44.27 and a 1-year high of $60.61. The firm has a market capitalization of $5.80 billion, a PE ratio of 21.34 and a beta of 0.81.
Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings data on Thursday, April 13th. The financial services provider reported $0.68 EPS for the quarter, topping the Zacks’ consensus estimate of $0.65 by $0.03. The company had revenue of $295.30 million for the quarter, compared to analyst estimates of $298.61 million. Commerce Bancshares had a return on equity of 11.76% and a net margin of 23.43%. The firm’s quarterly revenue was up 4.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.62 earnings per share. Equities analysts expect that Commerce Bancshares will post $2.84 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, June 26th. Stockholders of record on Friday, June 9th were issued a dividend of $0.225 per share. The ex-dividend date of this dividend was Wednesday, June 7th. This represents a $0.90 annualized dividend and a dividend yield of 1.58%. Commerce Bancshares’s dividend payout ratio is 33.65%.
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In related news, Vice Chairman Jonathan M. Kemper sold 36,979 shares of the company’s stock in a transaction on Wednesday, June 7th. The stock was sold at an average price of $54.10, for a total transaction of $2,000,563.90. Following the completion of the sale, the insider now owns 1,045,605 shares in the company, valued at $56,567,230.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Patricia R. Kellerhals sold 604 shares of the company’s stock in a transaction on Wednesday, April 19th. The stock was sold at an average price of $54.50, for a total value of $32,918.00. Following the sale, the insider now owns 5,563 shares of the company’s stock, valued at approximately $303,183.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 66,167 shares of company stock valued at $3,602,308. Corporate insiders own 4.30% of the company’s stock.
A number of large investors have recently made changes to their positions in the company. Citizens Financial Group Inc. RI bought a new stake in shares of Commerce Bancshares during the first quarter valued at about $119,000. Mosaic Family Wealth LLC increased its stake in shares of Commerce Bancshares by 2.9% in the first quarter. Mosaic Family Wealth LLC now owns 3,116 shares of the financial services provider’s stock valued at $175,000 after buying an additional 89 shares during the period. Envestnet Asset Management Inc. increased its stake in shares of Commerce Bancshares by 67.0% in the fourth quarter. Envestnet Asset Management Inc. now owns 3,173 shares of the financial services provider’s stock valued at $185,000 after buying an additional 1,273 shares during the period. Tudor Investment Corp Et Al bought a new stake in shares of Commerce Bancshares during the fourth quarter valued at about $206,000. Finally, WFG Advisors LP increased its stake in shares of Commerce Bancshares by 2.8% in the first quarter. WFG Advisors LP now owns 3,939 shares of the financial services provider’s stock valued at $221,000 after buying an additional 109 shares during the period. Institutional investors and hedge funds own 62.11% 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, mortgage banking, 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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