BidaskClub downgraded shares of Commerce Bancshares (NASDAQ:CBSH) from a strong-buy rating to a buy rating in a research report report published on Tuesday, May 22nd.
Several other research analysts have also commented on the company. Raymond James upgraded Commerce Bancshares from an underperform rating to a market perform rating in a research report on Tuesday, April 10th. Morgan Stanley lifted their target price on Commerce Bancshares from $57.00 to $59.00 and gave the company an underweight rating in a report on Tuesday, April 17th. ValuEngine upgraded Commerce Bancshares from a hold rating to a buy rating in a report on Thursday, April 12th. Zacks Investment Research downgraded Commerce Bancshares from a buy rating to a hold rating in a report on Tuesday, February 13th. Finally, Keefe, Bruyette & Woods upgraded Commerce Bancshares from an underperform rating to a market perform rating and lifted their target price for the stock from $54.00 to $60.00 in a research report on Tuesday, February 27th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have assigned a buy rating to the company’s stock. Commerce Bancshares currently has a consensus rating of Hold and an average price target of $60.70.
Shares of NASDAQ CBSH traded up $0.17 during midday trading on Tuesday, hitting $65.51. The stock had a trading volume of 437,600 shares, compared to its average volume of 487,534. Commerce Bancshares has a 1 year low of $51.90 and a 1 year high of $67.42. The company has a market cap of $7.03 billion, a PE ratio of 23.54, a price-to-earnings-growth ratio of 1.98 and a beta of 0.67.
Commerce Bancshares (NASDAQ:CBSH) last posted its earnings results on Thursday, April 12th. The financial services provider reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.12. Commerce Bancshares had a return on equity of 13.21% and a net margin of 27.16%. The company had revenue of $312.58 million during the quarter, compared to analysts’ expectations of $310.64 million. During the same quarter last year, the firm earned $0.68 earnings per share. research analysts forecast that Commerce Bancshares will post 3.61 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 25th. Stockholders of record on Friday, June 8th will be issued a dividend of $0.235 per share. The ex-dividend date is Thursday, June 7th. This represents a $0.94 dividend on an annualized basis and a dividend yield of 1.43%. Commerce Bancshares’s payout ratio is 33.94%.
In related news, Vice Chairman Jonathan M. Kemper sold 46,030 shares of the stock in a transaction on Tuesday, June 12th. The stock was sold at an average price of $65.30, for a total value of $3,005,759.00. Following the completion of the sale, the insider now directly owns 993,378 shares in the company, valued at approximately $64,867,583.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Charles G. Kim sold 2,135 shares of the company’s stock in a transaction dated Wednesday, April 18th. The shares were sold at an average price of $62.96, for a total transaction of $134,419.60. Following the completion of the transaction, the chief financial officer now directly owns 69,740 shares of the company’s stock, valued at $4,390,830.40. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 61,894 shares of company stock valued at $4,006,330. Insiders own 4.00% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of CBSH. Comerica Bank boosted its stake in Commerce Bancshares by 0.8% in the 1st quarter. Comerica Bank now owns 101,848 shares of the financial services provider’s stock worth $6,458,000 after purchasing an additional 811 shares during the period. Thrivent Financial for Lutherans boosted its position in Commerce Bancshares by 4.1% in the first quarter. Thrivent Financial for Lutherans now owns 21,246 shares of the financial services provider’s stock valued at $1,273,000 after buying an additional 833 shares in the last quarter. Profund Advisors LLC raised its stake in shares of Commerce Bancshares by 6.0% in the first quarter. Profund Advisors LLC now owns 14,905 shares of the financial services provider’s stock worth $893,000 after acquiring an additional 838 shares during the last quarter. Cliftonlarsonallen Wealth Advisors LLC raised its stake in shares of Commerce Bancshares by 5.0% in the fourth quarter. Cliftonlarsonallen Wealth Advisors LLC now owns 18,060 shares of the financial services provider’s stock worth $1,008,000 after acquiring an additional 858 shares during the last quarter. Finally, Bank of Montreal Can raised its stake in shares of Commerce Bancshares by 2.5% in the fourth quarter. Bank of Montreal Can now owns 35,974 shares of the financial services provider’s stock worth $2,009,000 after acquiring an additional 866 shares during the last quarter. Institutional investors and hedge funds own 64.81% of the company’s stock.
About Commerce Bancshares
Commerce Bancshares, Inc operates as the holding company for Commerce Bank that provides retail, mortgage banking, corporate, investment, trust, and asset management products and services to individuals and businesses. It operates through three segments: Consumer, Commercial, and Wealth. The Consumer segment offers various banking products and services, including consumer deposits; consumer loans, such as automobile, motorcycle, marine, tractor/trailer, recreational vehicle, fixed rate and revolving home equity, and other consumer loans; patient health care financing; real estate loans; indirect and other consumer financing; personal mortgage banking; consumer installment lending; and consumer debit and credit bank cards, as well as provides online, mobile, and telephone banking services.
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