Keefe, Bruyette & Woods reissued their sell rating on shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) in a research note published on Friday. The brokerage currently has a $51.00 target price on the financial services provider’s stock.
Several other analysts have also recently commented on the company. BidaskClub cut Commerce Bancshares from a hold rating to a sell rating in a report on Saturday, June 24th. Barclays PLC set a $58.00 price target on Commerce Bancshares and gave the company a hold rating in a report on Sunday, July 16th. Piper Jaffray Companies restated a hold rating and issued a $52.00 price target on shares of Commerce Bancshares in a report on Friday, July 14th. Jefferies Group LLC restated a hold rating and issued a $61.00 price target on shares of Commerce Bancshares in a report on Friday, July 14th. Finally, Zacks Investment Research cut Commerce Bancshares from a buy rating to a hold rating in a report on Friday, August 25th. Five analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company’s stock. Commerce Bancshares has an average rating of Hold and an average price target of $55.25.
Shares of Commerce Bancshares (CBSH) traded up 0.84% during midday trading on Friday, hitting $55.17. 1,068,133 shares of the company were exchanged. Commerce Bancshares has a 52-week low of $47.64 and a 52-week high of $60.61. The company has a 50-day moving average price of $55.53 and a 200-day moving average price of $56.01. The stock has a market capitalization of $5.61 billion, a price-to-earnings ratio of 19.99 and a beta of 0.82.
Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings data on Thursday, July 13th. The financial services provider reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.05. The firm had revenue of $305.89 million during the quarter, compared to analysts’ expectations of $309.44 million. Commerce Bancshares had a return on equity of 12.01% and a net margin of 23.79%. The firm’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.70 EPS. On average, analysts forecast that Commerce Bancshares will post $2.94 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, September 25th. Stockholders of record on Friday, September 8th will be issued a dividend of $0.225 per share. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date of this dividend is Thursday, September 7th. Commerce Bancshares’s payout ratio is currently 32.64%.
In other news, Director John R. Capps sold 10,000 shares of the business’s stock in a transaction dated Wednesday, August 30th. The stock was 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman David W. Kemper sold 10,132 shares of the business’s stock in a transaction dated Friday, July 21st. The stock was sold at an average price of $57.83, for a total value of $585,933.56. Following the sale, the chairman now owns 1,270,757 shares of the company’s stock, valued at approximately $73,487,877.31. The disclosure for this sale can be found here. Insiders have sold a total of 20,819 shares of company stock valued at $1,174,728 in the last quarter. Company insiders own 4.30% of the company’s stock.
Large investors have recently modified their holdings of the company. Captrust Financial Advisors acquired a new position in Commerce Bancshares during the 2nd quarter worth approximately $106,000. Citizens Financial Group Inc. RI acquired a new position in Commerce Bancshares during the 1st quarter worth approximately $119,000. Citizens Financial Group Inc RI lifted its position in Commerce Bancshares by 25.5% during the 2nd quarter. Citizens Financial Group Inc RI now owns 2,650 shares of the financial services provider’s stock worth $151,000 after acquiring an additional 539 shares in the last quarter. Mosaic Family Wealth LLC lifted its position in Commerce Bancshares by 5.8% during the 2nd quarter. Mosaic Family Wealth LLC now owns 3,297 shares of the financial services provider’s stock worth $187,000 after acquiring an additional 181 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Commerce Bancshares by 8.6% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,339 shares of the financial services provider’s stock worth $190,000 after acquiring an additional 264 shares in the last quarter. Institutional investors and hedge funds own 62.20% 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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