Piper Jaffray Companies reiterated their hold rating on shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) in a research note issued to investors on Friday. The firm currently has a $52.00 price objective on the financial services provider’s stock.
CBSH has been the subject of several other reports. Keefe, Bruyette & Woods reaffirmed a sell rating and issued a $46.00 price objective on shares of Commerce Bancshares in a report on Wednesday, April 5th. Stephens reaffirmed a hold rating on shares of Commerce Bancshares in a report on Monday, April 17th. BidaskClub cut Commerce Bancshares from a hold rating to a sell rating in a report on Saturday, June 24th. Morgan Stanley lifted their price objective on Commerce Bancshares from $48.00 to $49.00 and gave the company an underweight rating in a report on Tuesday, June 6th. Finally, Barclays PLC reaffirmed an equal weight rating and issued a $54.00 price objective (down from $55.00) on shares of Commerce Bancshares in a report on Wednesday, July 12th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the stock. The stock currently has an average rating of Hold and an average price target of $54.50.
Shares of Commerce Bancshares (CBSH) traded down 0.93% on Friday, hitting $57.67. The company had a trading volume of 463,825 shares. The company has a market capitalization of $5.90 billion, a P/E ratio of 20.87 and a beta of 0.81. The firm has a 50-day moving average price of $55.41 and a 200 day moving average price of $56.46. Commerce Bancshares has a 12-month low of $44.27 and a 12-month high of $60.61.
Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings results on Thursday, July 13th. The financial services provider reported $0.75 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.05. The business 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 revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period last year, the firm posted $0.70 EPS. Equities analysts expect that Commerce Bancshares will post $2.92 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, June 26th. Stockholders of record on Friday, June 9th were issued a dividend of $0.225 per share. The ex-dividend date of this dividend was Wednesday, June 7th. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.56%. Commerce Bancshares’s dividend payout ratio (DPR) is currently 32.64%.
In other news, insider Charles G. Kim sold 3,712 shares of the business’s stock in a transaction on Friday, April 28th. The stock was sold at an average price of $55.31, for a total transaction of $205,310.72. Following the completion of the transaction, the insider now owns 80,475 shares of the company’s stock, valued at approximately $4,451,072.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Vice Chairman Jonathan M. Kemper sold 36,979 shares of the business’s stock in a transaction on 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 transaction, the insider now directly owns 1,045,605 shares of the company’s stock, valued at approximately $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 in the last three months. 4.30% of the stock is owned by insiders.
A number of large investors have recently modified their holdings of CBSH. Citizens Financial Group Inc. RI purchased a new stake in shares of Commerce Bancshares during the first quarter worth $119,000. Mosaic Family Wealth LLC raised its stake in shares of Commerce Bancshares by 2.9% in the first quarter. Mosaic Family Wealth LLC now owns 3,116 shares of the financial services provider’s stock worth $175,000 after buying an additional 89 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in shares of Commerce Bancshares by 67.0% in the fourth quarter. Envestnet Asset Management Inc. now owns 3,173 shares of the financial services provider’s stock worth $185,000 after buying an additional 1,273 shares in the last quarter. Tudor Investment Corp Et Al purchased a new stake in shares of Commerce Bancshares during the fourth quarter worth $206,000. Finally, WFG Advisors LP raised its stake in shares of Commerce Bancshares by 2.8% in the first quarter. WFG Advisors LP now owns 3,939 shares of the financial services provider’s stock worth $221,000 after buying an additional 109 shares in the last quarter. Institutional investors and hedge funds own 62.07% of the company’s stock.
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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