Commerce Bancshares, Inc. (CBSH) Stock Rating Upgraded by Zacks Investment Research
Commerce Bancshares, Inc. (NASDAQ:CBSH) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday. The firm presently has a $65.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s target price suggests a potential upside of 11.51% from the stock’s previous close.
According to Zacks, “Shares of Commerce Bancshares have outperformed the industry in the past three months. The performance was supported by the company’s impressive earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in three of the trailing four quarters. The bank's efforts to expand its footprint in newer markets and an improving rate scenario are projected to boost revenues further. While rising expenses and significant exposure to real estate loans remain major near-term concerns, strong loan and deposit growth should support its profitability. Also, the company's impressive capital deployment activities reflect strong capital position.”
CBSH has been the subject of several other reports. Keefe, Bruyette & Woods reiterated a “sell” rating and issued a $46.00 price target on shares of Commerce Bancshares in a report on Monday, June 12th. BidaskClub cut shares of Commerce Bancshares from a “hold” rating to a “sell” rating in a research note on Saturday, June 24th. Raymond James Financial, Inc. reissued an “underperform” rating on shares of Commerce Bancshares in a research note on Thursday, August 10th. Barclays PLC reaffirmed an “equal weight” rating and set a $54.00 price target (down from $55.00) on shares of Commerce Bancshares in a research report on Wednesday, July 12th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $61.00 price target on shares of Commerce Bancshares in a research report on Friday, July 14th. Five analysts have rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $56.63.
Commerce Bancshares (CBSH) traded up 0.26% during midday trading on Friday, hitting $58.44. The company had a trading volume of 84,587 shares. The stock has a market cap of $5.94 billion, a PE ratio of 21.17 and a beta of 0.83. The stock’s 50-day moving average price is $55.47 and its 200-day moving average price is $55.87. Commerce Bancshares has a 52-week low of $47.64 and a 52-week high of $60.61.
Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings results on Thursday, July 13th. The financial services provider reported $0.75 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.05. The company had revenue of $305.89 million during the quarter, compared to the consensus estimate of $309.44 million. Commerce Bancshares had a return on equity of 12.01% and a net margin of 23.79%. Commerce Bancshares’s revenue was up 6.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.70 EPS. On average, equities research analysts expect that Commerce Bancshares will post $2.94 EPS for the current fiscal year.
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In other news, insider Jeffery D. Aberdeen sold 687 shares of the company’s stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $59.09, for a total value of $40,594.83. Following the sale, the insider now owns 40,232 shares in the company, valued at approximately $2,377,308.88. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director John R. Capps sold 10,000 shares of the company’s stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $54.82, for a total transaction of $548,200.00. Following the completion of the sale, the director now owns 12,828 shares in the company, valued at approximately $703,230.96. The disclosure for this sale can be found here. Over the last three months, insiders sold 20,819 shares of company stock valued at $1,174,728. 4.30% of the stock is currently owned by corporate insiders.
Institutional investors have recently modified their holdings of the company. Captrust Financial Advisors acquired a new stake in shares of Commerce Bancshares in the 2nd quarter valued at about $106,000. Citizens Financial Group Inc RI raised its stake in shares of Commerce Bancshares by 25.5% in the 2nd quarter. Citizens Financial Group Inc RI now owns 2,650 shares of the financial services provider’s stock valued at $151,000 after purchasing an additional 539 shares in the last quarter. Mosaic Family Wealth LLC raised its stake in shares of Commerce Bancshares by 5.8% in the 2nd quarter. Mosaic Family Wealth LLC now owns 3,297 shares of the financial services provider’s stock valued at $187,000 after purchasing an additional 181 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Commerce Bancshares by 8.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,339 shares of the financial services provider’s stock valued at $190,000 after purchasing an additional 264 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of Commerce Bancshares by 5.9% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 4,229 shares of the financial services provider’s stock valued at $240,000 after purchasing an additional 237 shares in the last quarter. Institutional investors and hedge funds own 62.20% 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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