Commerce Bancshares, Inc. (CBSH) Downgraded to Hold at Zacks Investment Research
Zacks Investment Research cut shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) from a buy rating to a hold rating in a research report report published on Thursday morning.
According to Zacks, “Shares of Commerce Bancshares have underperformed the industry in the past year. However, the company has surpassed the Zacks Consensus Estimate for earnings in three of the trailing four quarters. The company's efforts to expand its footprint in newer markets, an improving rate scenario and expectation of lesser regulations are expected to boost revenues further. Also, strong loan and deposit balance should support its profitability. Given a solid liquidity position, the company should be able to continue enhancing shareholder value through efficient capital deployment activities. However, rising expenses mainly due to increase in personnel costs and investments in franchise remain a major headwind. Further, a significant exposure to real estate loans remains a near-term concern for the company.”
Other equities analysts have also recently issued reports about the stock. Stephens restated an equal weight rating and set a $56.00 price target (up from $52.00) on shares of Commerce Bancshares in a report on Monday, July 17th. Barclays PLC restated an equal weight rating and set a $54.00 price target (down from $55.00) on shares of Commerce Bancshares in a report on Wednesday, July 12th. BidaskClub upgraded shares of Commerce Bancshares from a sell rating to a hold rating in a report on Wednesday, July 5th. Jefferies Group LLC restated a hold rating and set a $61.00 price target on shares of Commerce Bancshares in a report on Sunday, June 11th. Finally, Piper Jaffray Companies restated a hold rating and set a $52.00 price target on shares of Commerce Bancshares in a report on Friday, July 14th. Five investment analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. The stock currently has a consensus rating of Hold and a consensus target price of $54.63.
Shares of Commerce Bancshares (NASDAQ CBSH) traded up 0.58% on Thursday, hitting $55.31. The company had a trading volume of 99,190 shares. The company has a 50 day moving average of $56.65 and a 200-day moving average of $56.36. The company has a market cap of $5.62 billion, a price-to-earnings ratio of 20.04 and a beta of 0.81. Commerce Bancshares has a 12-month low of $45.37 and a 12-month high of $60.61.
Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings data on Thursday, July 13th. The financial services provider reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.05. Commerce Bancshares had a net margin of 23.79% and a return on equity of 12.01%. The firm 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 company posted $0.70 EPS. The company’s quarterly revenue was up 6.1% compared to the same quarter last year. On average, analysts forecast that Commerce Bancshares will post $2.94 earnings per share for the current year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 25th. Investors of record on Friday, September 8th will be paid a $0.225 dividend. This represents a $0.90 annualized dividend and a dividend yield of 1.64%. The ex-dividend date of this dividend is Thursday, September 7th. Commerce Bancshares’s payout ratio is presently 32.64%.
In related news, Chairman David W. Kemper sold 10,132 shares of Commerce Bancshares stock in a transaction on Friday, July 21st. The shares were sold at an average price of $57.83, for a total value of $585,933.56. Following the completion of the sale, the chairman now owns 1,270,757 shares of the company’s stock, valued at approximately $73,487,877.31. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Vice Chairman Jonathan M. Kemper sold 36,979 shares of Commerce Bancshares stock in a transaction on Wednesday, June 7th. The shares were 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 directly 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. In the last ninety days, insiders sold 58,099 shares of company stock valued at $3,191,631. 4.30% of the stock is owned by company insiders.
Several large investors have recently added to or reduced their stakes in the stock. Intl Fcstone Inc. raised its stake in Commerce Bancshares by 120.6% in the second quarter. Intl Fcstone Inc. now owns 24,892 shares of the financial services provider’s stock valued at $1,415,000 after buying an additional 13,606 shares during the last quarter. Cetera Investment Advisers acquired a new stake in Commerce Bancshares during the second quarter valued at about $272,000. Ameritas Investment Partners Inc. raised its stake in Commerce Bancshares by 3.6% in the second quarter. Ameritas Investment Partners Inc. now owns 34,152 shares of the financial services provider’s stock valued at $1,940,000 after buying an additional 1,191 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its stake in Commerce Bancshares by 64.1% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 57,616 shares of the financial services provider’s stock valued at $3,274,000 after buying an additional 22,496 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in Commerce Bancshares by 10.3% in the second quarter. The Manufacturers Life Insurance Company now owns 755,584 shares of the financial services provider’s stock valued at $42,940,000 after buying an additional 70,376 shares during the last quarter. 62.19% of the stock is owned by institutional investors and hedge funds.
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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