FIG Partners Comments on Commerce Bancshares Inc.’s FY2016 Earnings (CBSH)
Commerce Bancshares Inc. (NASDAQ:CBSH) – Equities researchers at FIG Partners decreased their FY2016 earnings per share (EPS) estimates for shares of Commerce Bancshares in a report released on Friday. FIG Partners analyst J. Rodis now expects that the firm will earn $2.72 per share for the year, down from their prior estimate of $2.74. FIG Partners also issued estimates for Commerce Bancshares’ Q4 2016 earnings at $0.66 EPS, Q1 2017 earnings at $0.65 EPS, Q2 2017 earnings at $0.72 EPS, Q3 2017 earnings at $0.73 EPS and FY2017 earnings at $2.84 EPS.
Commerce Bancshares (NASDAQ:CBSH) last released its earnings results on Friday, October 14th. The financial services provider reported $0.68 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.70 by $0.02. The company had revenue of $290.60 million for the quarter, compared to analysts’ expectations of $296.49 million. Commerce Bancshares had a net margin of 23.01% and a return on equity of 11.52%. Commerce Bancshares’s revenue for the quarter was up 6.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.63 earnings per share.
Other analysts have also issued research reports about the company. Barclays PLC increased their price objective on Commerce Bancshares from $45.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday, October 11th. Zacks Investment Research upgraded Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Monday, September 26th. Jefferies Group reiterated a “hold” rating and set a $48.00 price objective on shares of Commerce Bancshares in a report on Thursday, July 7th. Piper Jaffray Cos. started coverage on Commerce Bancshares in a report on Monday, July 11th. They set a “neutral” rating and a $43.50 price objective for the company. Finally, Morgan Stanley lowered Commerce Bancshares from an “equal weight” rating to an “underweight” rating and set a $45.00 price objective for the company. in a report on Tuesday, September 20th. One equities research analyst has rated the stock with a sell rating and five have issued a hold rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $45.75.
Commerce Bancshares (NASDAQ:CBSH) opened at 48.43 on Monday. The stock has a market capitalization of $4.68 billion, a P/E ratio of 18.56 and a beta of 0.74. Commerce Bancshares has a 52-week low of $37.44 and a 52-week high of $51.30. The company’s 50-day moving average price is $49.56 and its 200 day moving average price is $47.87.
A number of large investors have recently made changes to their positions in CBSH. TIAA CREF Investment Management LLC increased its stake in shares of Commerce Bancshares by 46.1% in the first quarter. TIAA CREF Investment Management LLC now owns 267,697 shares of the financial services provider’s stock valued at $12,033,000 after buying an additional 84,407 shares in the last quarter. Teachers Advisors Inc. increased its stake in shares of Commerce Bancshares by 34.4% in the first quarter. Teachers Advisors Inc. now owns 121,887 shares of the financial services provider’s stock valued at $5,479,000 after buying an additional 31,184 shares in the last quarter. Prudential Financial Inc. increased its stake in shares of Commerce Bancshares by 3.0% in the first quarter. Prudential Financial Inc. now owns 74,699 shares of the financial services provider’s stock valued at $3,358,000 after buying an additional 2,200 shares in the last quarter. BlackRock Inc. increased its stake in shares of Commerce Bancshares by 20.8% in the first quarter. BlackRock Inc. now owns 105,081 shares of the financial services provider’s stock valued at $4,723,000 after buying an additional 18,059 shares in the last quarter. Finally, BlackRock Group LTD increased its stake in shares of Commerce Bancshares by 5.2% in the first quarter. BlackRock Group LTD now owns 330,011 shares of the financial services provider’s stock valued at $14,835,000 after buying an additional 16,296 shares in the last quarter. 60.82% of the stock is currently owned by institutional investors.
In other Commerce Bancshares news, Vice Chairman Jonathan M. Kemper sold 50,000 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $59,703,818.49. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Charles G. Kim sold 5,000 shares of the stock in a transaction dated Friday, July 22nd. The stock was sold at an average price of $48.04, for a total value of $240,200.00. Following the sale, the insider now directly owns 82,551 shares in the company, valued at $3,965,750.04. The disclosure for this sale can be found here. 4.60% of the stock is owned by corporate insiders.
The company also recently announced a quarterly dividend, which was paid on Monday, September 26th. Investors of record on Friday, September 9th were given a $0.225 dividend. This represents a $0.90 annualized dividend and a dividend yield of 1.86%. 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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