Wells Fargo & Company reiterated their market perform rating on shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) in a report released on Friday morning. The brokerage currently has a $53.00 price target on the financial services provider’s stock, up from their previous price target of $51.00.
Other equities research analysts have also issued reports about the company. Piper Jaffray Companies decreased their price objective on Commerce Bancshares from $55.00 to $52.00 and set a neutral rating for the company in a research report on Wednesday, April 19th. Barclays PLC raised their price objective on Commerce Bancshares from $54.00 to $55.00 and gave the stock an equal weight rating in a research report on Wednesday, April 19th. Stephens restated a hold rating on shares of Commerce Bancshares in a research report on Monday, April 17th. Jefferies Group LLC restated a hold rating and set a $61.00 price objective on shares of Commerce Bancshares in a research report on Tuesday, April 4th. Finally, Morgan Stanley raised their price objective on Commerce Bancshares from $48.00 to $49.00 and gave the stock an underweight rating in a research report on Tuesday, June 6th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $55.00.
Commerce Bancshares (NASDAQ CBSH) traded down 0.93% on Friday, hitting $57.67. 463,825 shares of the stock were exchanged. The company’s 50-day moving average is $55.41 and its 200-day moving average is $56.46. The company has a market cap of $5.90 billion, a PE ratio of 20.87 and a beta of 0.81. Commerce Bancshares has a 52 week low of $44.27 and a 52 week high of $60.61.
Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings data on Thursday, July 13th. The financial services provider reported $0.75 EPS for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.05. Commerce Bancshares had a return on equity of 12.01% and a net margin of 23.79%. The firm had revenue of $305.89 million during the quarter, compared to analyst estimates of $309.44 million. During the same period last year, the company posted $0.70 EPS. The business’s quarterly revenue was up 6.1% compared to the same quarter last year. On average, analysts predict that Commerce Bancshares will post $2.92 earnings per share for the current year.
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The company also recently declared a quarterly dividend, which was paid on Monday, June 26th. Stockholders of record on Friday, June 9th were paid a dividend of $0.225 per share. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.56%. The ex-dividend date was Wednesday, June 7th. Commerce Bancshares’s dividend payout ratio (DPR) is presently 32.64%.
In other news, insider V Raymond Stranghoener sold 4,182 shares of the firm’s stock in a transaction dated Tuesday, April 25th. The stock was sold at an average price of $56.22, for a total transaction of $235,112.04. Following the completion of the sale, the insider now directly owns 47,112 shares of the company’s stock, valued at approximately $2,648,636.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Jonathan M. Kemper sold 36,979 shares of the firm’s stock in a transaction dated Wednesday, June 7th. The stock was sold at an average price of $54.10, for a total value of $2,000,563.90. Following the sale, the insider now directly owns 1,045,605 shares of the company’s stock, valued at $56,567,230.50. The disclosure for this sale can be found here. Insiders have sold a total of 66,167 shares of company stock valued at $3,602,308 over the last ninety days. Company insiders own 4.30% of the company’s stock.
Large investors have recently bought and sold shares of the company. BlackRock Inc. increased its stake in Commerce Bancshares by 5,297.5% in the first quarter. BlackRock Inc. now owns 7,509,842 shares of the financial services provider’s stock worth $421,752,000 after buying an additional 7,370,707 shares during the period. Lazard Asset Management LLC purchased a new stake in Commerce Bancshares during the first quarter worth $64,025,000. Vanguard Group Inc. increased its stake in Commerce Bancshares by 10.4% in the first quarter. Vanguard Group Inc. now owns 8,353,057 shares of the financial services provider’s stock worth $469,107,000 after buying an additional 785,218 shares during the period. Norges Bank purchased a new stake in Commerce Bancshares during the fourth quarter worth $44,629,000. Finally, Karp Capital Management Corp purchased a new stake in Commerce Bancshares during the first quarter worth $36,174,000. 62.07% of the stock is owned by institutional investors.
About Commerce Bancshares
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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