Commerce Bancshares, Inc. (NASDAQ:CBSH) Receives “Hold” Rating from Jefferies Group LLC
Commerce Bancshares, Inc. (NASDAQ:CBSH)‘s stock had its “hold” rating reissued by equities research analysts at Jefferies Group LLC in a research note issued to investors on Friday. They presently have a $61.00 price objective on the financial services provider’s stock. Jefferies Group LLC’s price target would suggest a potential upside of 10.47% from the stock’s current price.
Several other equities research analysts have also recently weighed in on CBSH. Stephens reissued a “hold” rating on shares of Commerce Bancshares in a research note on Monday, April 17th. Barclays PLC boosted their price objective on Commerce Bancshares from $54.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 19th. Piper Jaffray Companies reduced their price objective on Commerce Bancshares from $55.00 to $52.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 19th. Morgan Stanley boosted their price objective on Commerce Bancshares from $48.00 to $49.00 and gave the stock an “underweight” rating in a research note on Tuesday, June 6th. Finally, Keefe, Bruyette & Woods reissued a “sell” rating and set a $46.00 price objective on shares of Commerce Bancshares in a research note on Monday, June 12th. Five equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company. Commerce Bancshares currently has an average rating of “Hold” and a consensus price target of $55.00.
Shares of Commerce Bancshares (NASDAQ CBSH) traded down 0.27% during midday trading on Friday, reaching $55.22. The company had a trading volume of 368,459 shares. Commerce Bancshares has a 52 week low of $45.37 and a 52 week high of $60.61. The stock has a 50-day moving average of $57.34 and a 200 day moving average of $56.49. The firm has a market capitalization of $5.61 billion, a price-to-earnings ratio of 20.01 and a beta of 0.81.
Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings data on Thursday, July 13th. The financial services provider reported $0.75 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.05. Commerce Bancshares had a return on equity of 12.01% and a net margin of 23.79%. The company had revenue of $305.89 million for the quarter, compared to analysts’ expectations of $309.44 million. During the same period in the previous year, the firm posted $0.70 earnings per share. The firm’s revenue for the quarter was up 6.1% on a year-over-year basis. On average, analysts anticipate that Commerce Bancshares will post $2.94 earnings per share for the current year.
In other Commerce Bancshares news, Chairman David W. Kemper sold 10,132 shares of the business’s stock in a transaction that occurred on Friday, July 21st. The stock was sold at an average price of $57.83, for a total transaction of $585,933.56. Following the completion of the transaction, the chairman now owns 1,270,757 shares in the company, valued at $73,487,877.31. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Vice Chairman Jonathan M. Kemper sold 36,979 shares of the business’s stock in a transaction that occurred on Wednesday, June 7th. The shares were sold at an average price of $54.10, for a total value of $2,000,563.90. Following the transaction, the insider now owns 1,045,605 shares of the company’s stock, valued at approximately $56,567,230.50. The disclosure for this sale can be found here. Insiders have sold 48,099 shares of company stock valued at $2,643,431 in the last 90 days. Company insiders own 4.30% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Glen Harbor Capital Management LLC raised its position in shares of Commerce Bancshares by 18.2% in the first quarter. Glen Harbor Capital Management LLC now owns 11,254 shares of the financial services provider’s stock valued at $632,000 after buying an additional 1,734 shares during the period. First Citizens Bank & Trust Co. acquired a new position in shares of Commerce Bancshares during the first quarter valued at about $269,000. ProShare Advisors LLC raised its position in shares of Commerce Bancshares by 17.0% in the first quarter. ProShare Advisors LLC now owns 183,856 shares of the financial services provider’s stock valued at $10,325,000 after buying an additional 26,724 shares during the period. Profund Advisors LLC raised its position in shares of Commerce Bancshares by 3.6% in the first quarter. Profund Advisors LLC now owns 15,400 shares of the financial services provider’s stock valued at $865,000 after buying an additional 530 shares during the period. Finally, UMB Bank N A MO raised its position in shares of Commerce Bancshares by 4.6% in the first quarter. UMB Bank N A MO now owns 188,199 shares of the financial services provider’s stock valued at $10,569,000 after buying an additional 8,346 shares during the period. Institutional investors and hedge funds own 62.13% of the company’s stock.
Commerce Bancshares Company Profile
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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