Commerce Bancshares (NASDAQ:CBSH) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Monday.
According to Zacks, “Shares of Commerce Bancshares have outperformed the industry in the past six months. Also, the company’s earnings surpassed the Zacks Consensus Estimate in three of the trailing four quarters. Impressive loans and deposit balances, higher interest rates and efforts to grow fee income will continue supporting revenue growth. Lower tax rates and easing of regulations will also likely provide support to some extent. However, continuously rising operating expenses are expected to hurt bottom-line growth. Also, the company’s exposure to risky loan portfolios remains a concern.”
Several other research analysts have also commented on the stock. BidaskClub lowered shares of Commerce Bancshares from a “buy” rating to a “hold” rating in a report on Wednesday, August 1st. Raymond James lowered shares of Commerce Bancshares from a “market perform” rating to an “underperform” rating in a report on Tuesday, July 10th. Bank of America set a $68.00 target price on shares of Commerce Bancshares and gave the company a “sell” rating in a research note on Friday, July 13th. Stephens reissued a “hold” rating and set a $65.00 target price on shares of Commerce Bancshares in a research note on Thursday, July 12th. Finally, ValuEngine raised shares of Commerce Bancshares from a “hold” rating to a “buy” rating in a research note on Tuesday, June 5th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the company. Commerce Bancshares presently has a consensus rating of “Hold” and a consensus target price of $65.22.
Shares of NASDAQ CBSH traded down $0.95 during midday trading on Monday, hitting $68.01. The company’s stock had a trading volume of 9,896 shares, compared to its average volume of 376,213. Commerce Bancshares has a 1-year low of $54.24 and a 1-year high of $72.55. The firm has a market capitalization of $7.35 billion, a PE ratio of 24.56, a price-to-earnings-growth ratio of 2.05 and a beta of 0.65.
Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings results on Thursday, July 12th. The financial services provider reported $1.01 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.89 by $0.12. Commerce Bancshares had a net margin of 28.84% and a return on equity of 14.24%. The business had revenue of $335.81 million during the quarter, compared to analyst estimates of $319.25 million. During the same period in the previous year, the business posted $0.71 EPS. equities research analysts expect that Commerce Bancshares will post 3.88 earnings per share for the current year.
In other Commerce Bancshares news, Director Jonathan M. Kemper sold 45,000 shares of the business’s stock in a transaction dated Tuesday, September 11th. The shares were sold at an average price of $71.35, for a total transaction of $3,210,750.00. Following the sale, the director now directly owns 902,348 shares in the company, valued at approximately $64,382,529.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Paula S. Petersen sold 838 shares of the business’s stock in a transaction dated Monday, September 10th. The stock was sold at an average price of $71.72, for a total transaction of $60,101.36. Following the sale, the insider now owns 17,698 shares in the company, valued at $1,269,300.56. The disclosure for this sale can be found here. Insiders have sold a total of 69,931 shares of company stock valued at $4,920,470 over the last three months. 4.00% of the stock is currently owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the business. Cullen Frost Bankers Inc. bought a new stake in shares of Commerce Bancshares during the 2nd quarter worth about $206,000. Natixis bought a new stake in shares of Commerce Bancshares during the 2nd quarter worth about $207,000. Martingale Asset Management L P bought a new stake in shares of Commerce Bancshares during the 2nd quarter worth about $212,000. Clarus Wealth Advisors bought a new stake in shares of Commerce Bancshares during the 2nd quarter worth about $200,000. Finally, Ausdal Financial Partners Inc. bought a new stake in shares of Commerce Bancshares during the 2nd quarter worth about $217,000. Institutional investors own 64.76% 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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