Commerce Bancshares (NASDAQ:CBSH) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “Shares of Commerce Bancshares have underperformed the industry in the past six months. Nonetheless, the company’s earnings surpassed the Zacks Consensus Estimate in three of the trailing four quarters. Its fourth-quarter 2017 results benefited from higher revenues, partly offset by higher expenses and a rise in provisions. Strong loans and deposit balances and higher interest rates will continue to support revenue growth. Further, lower tax rates will aid profitability. However, continuously rising expenses are expected to hurt bottom-line growth, going forward. Also, the company's significant exposure to real estate loans remains a major cause of concern.”
Several other equities research analysts also recently weighed in on the stock. BidaskClub downgraded shares of Commerce Bancshares from a “sell” rating to a “strong sell” rating in a research report on Saturday, December 16th. Barclays reissued a “hold” rating and issued a $55.00 target price on shares of Commerce Bancshares in a research report on Sunday, December 24th. Piper Jaffray Companies reissued a “hold” rating and issued a $58.00 target price on shares of Commerce Bancshares in a research report on Tuesday, January 9th. Finally, Keefe, Bruyette & Woods reissued a “sell” rating and issued a $54.00 target price on shares of Commerce Bancshares in a research report on Friday, January 19th. Four analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. Commerce Bancshares has an average rating of “Hold” and a consensus target price of $57.13.
Commerce Bancshares (NASDAQ:CBSH) last released its earnings results on Thursday, January 18th. The financial services provider reported $0.74 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.03. The company had revenue of $314.22 million during the quarter, compared to the consensus estimate of $312.98 million. Commerce Bancshares had a net margin of 25.27% and a return on equity of 12.22%. analysts anticipate that Commerce Bancshares will post 3.36 earnings per share for the current year.
In related news, insider John W. Kemper sold 78,359 shares of the business’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $57.45, for a total transaction of $4,501,724.55. Following the completion of the sale, the insider now owns 1,284,021 shares of the company’s stock, valued at approximately $73,767,006.45. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Michael J. Petrie sold 1,709 shares of the business’s stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $58.76, for a total transaction of $100,420.84. Following the sale, the insider now directly owns 12,359 shares of the company’s stock, valued at approximately $726,214.84. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 171,298 shares of company stock valued at $9,758,949. Insiders own 4.30% of the company’s stock.
Several large investors have recently made changes to their positions in CBSH. BlackRock Inc. grew its position in shares of Commerce Bancshares by 6.2% during the 4th quarter. BlackRock Inc. now owns 8,217,981 shares of the financial services provider’s stock valued at $458,894,000 after buying an additional 481,612 shares during the last quarter. Schroder Investment Management Group boosted its stake in Commerce Bancshares by 49.9% during the 4th quarter. Schroder Investment Management Group now owns 1,266,154 shares of the financial services provider’s stock valued at $70,702,000 after purchasing an additional 421,526 shares during the period. American Century Companies Inc. boosted its stake in Commerce Bancshares by 11.3% during the 4th quarter. American Century Companies Inc. now owns 3,643,390 shares of the financial services provider’s stock valued at $203,447,000 after purchasing an additional 369,008 shares during the period. Commerce Bank boosted its stake in Commerce Bancshares by 4.6% during the 4th quarter. Commerce Bank now owns 7,369,241 shares of the financial services provider’s stock valued at $411,498,000 after purchasing an additional 325,364 shares during the period. Finally, Lazard Asset Management LLC boosted its stake in Commerce Bancshares by 11.3% during the 4th quarter. Lazard Asset Management LLC now owns 1,637,293 shares of the financial services provider’s stock valued at $91,425,000 after purchasing an additional 165,690 shares during the period. 59.77% of the stock is owned by institutional investors and hedge funds.
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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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