BidaskClub upgraded shares of Commerce Bancshares (NASDAQ:CBSH) from a hold rating to a buy rating in a research report report published on Friday.
CBSH has been the topic of several other reports. Wells Fargo & Co raised their target price on Commerce Bancshares from $57.00 to $60.00 and gave the stock a market perform rating in a research note on Tuesday, June 26th. Raymond James cut Commerce Bancshares from a market perform rating to an underperform rating in a research note on Tuesday, July 10th. Bank of America cut Commerce Bancshares from a neutral rating to an underperform rating and set a $64.00 target price on the stock. in a research note on Tuesday, May 15th. They noted that the move was a valuation call. Zacks Investment Research cut Commerce Bancshares from a buy rating to a hold rating in a research note on Monday, July 2nd. Finally, Barclays raised their target price on Commerce Bancshares from $63.00 to $68.00 and gave the stock an equal weight rating in a research note on Friday, July 13th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Commerce Bancshares has a consensus rating of Hold and an average price target of $65.22.
Shares of NASDAQ CBSH traded up $0.08 during trading hours on Friday, hitting $71.45. The company’s stock had a trading volume of 367,385 shares, compared to its average volume of 294,543. The stock has a market capitalization of $7.61 billion, a PE ratio of 25.79, a PEG ratio of 1.89 and a beta of 0.65. Commerce Bancshares has a 12 month low of $52.09 and a 12 month high of $72.55.
Commerce Bancshares (NASDAQ:CBSH) last posted its earnings results on Thursday, July 12th. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.89 by $0.12. The company had revenue of $335.81 million for the quarter, compared to analysts’ expectations of $319.25 million. Commerce Bancshares had a return on equity of 14.24% and a net margin of 28.84%. During the same period last year, the firm earned $0.71 earnings per share. equities analysts anticipate that Commerce Bancshares will post 3.88 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 24th. Shareholders of record on Friday, September 7th will be issued a $0.235 dividend. The ex-dividend date of this dividend is Thursday, September 6th. This represents a $0.94 annualized dividend and a yield of 1.32%. Commerce Bancshares’s dividend payout ratio (DPR) is presently 33.94%.
In other Commerce Bancshares news, Vice Chairman Jonathan M. Kemper sold 46,030 shares of the firm’s stock in a transaction dated Tuesday, June 12th. The shares were 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 $64,867,583.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Sara E. Foster sold 1,257 shares of the firm’s stock in a transaction dated Tuesday, August 21st. The stock was sold at an average price of $71.65, for a total transaction of $90,064.05. Following the completion of the sale, the executive vice president now owns 48,455 shares of the company’s stock, valued at $3,471,800.75. The disclosure for this sale can be found here. Insiders sold 70,123 shares of company stock valued at $4,655,377 over the last 90 days. 4.00% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. SG Americas Securities LLC lifted its holdings in Commerce Bancshares by 303.5% in the second quarter. SG Americas Securities LLC now owns 44,504 shares of the financial services provider’s stock worth $2,880,000 after buying an additional 33,474 shares during the period. Citadel Advisors LLC lifted its holdings in Commerce Bancshares by 3,463.9% in the second quarter. Citadel Advisors LLC now owns 996,514 shares of the financial services provider’s stock worth $64,484,000 after buying an additional 968,553 shares during the period. Cullen Frost Bankers Inc. purchased a new position in shares of Commerce Bancshares during the second quarter valued at approximately $206,000. Hsbc Holdings PLC lifted its holdings in shares of Commerce Bancshares by 210.3% during the first quarter. Hsbc Holdings PLC now owns 37,197 shares of the financial services provider’s stock valued at $2,228,000 after purchasing an additional 25,209 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in shares of Commerce Bancshares by 3.4% during the first quarter. Principal Financial Group Inc. now owns 409,032 shares of the financial services provider’s stock valued at $24,546,000 after purchasing an additional 13,366 shares during the last quarter. Institutional investors and hedge funds own 65.44% of the company’s stock.
Commerce Bancshares Company Profile
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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