UBS AG cut shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) to an underperform rating in a report released on Thursday, The Fly reports.
A number of other equities analysts have also recently issued reports on CBSH. BidaskClub cut Commerce Bancshares from a hold rating to a sell rating in a report on Wednesday, July 12th. Jefferies Group LLC reiterated a hold rating and issued a $61.00 target price on shares of Commerce Bancshares in a report on Sunday, June 11th. Keefe, Bruyette & Woods reiterated a sell rating and issued a $46.00 target price on shares of Commerce Bancshares in a report on Monday, June 12th. Zacks Investment Research upgraded Commerce Bancshares from a hold rating to a buy rating and set a $65.00 target price for the company in a report on Monday, July 17th. Finally, Piper Jaffray Companies lowered their target price on Commerce Bancshares from $55.00 to $52.00 and set a neutral rating for the company in a report on Wednesday, April 19th. Five analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the stock. The stock has a consensus rating of Hold and an average price target of $55.00.
Commerce Bancshares (NASDAQ CBSH) traded down 0.27% during trading on Thursday, reaching $55.22. The company’s stock had a trading volume of 368,459 shares. The firm’s 50-day moving average price is $57.34 and its 200 day moving average price is $56.49. The company has a market capitalization of $5.61 billion, a P/E ratio of 20.01 and a beta of 0.81. Commerce Bancshares has a 12-month low of $45.37 and a 12-month high of $60.61.
Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings data on Thursday, July 13th. The financial services provider reported $0.75 earnings per share (EPS) for the quarter, beating 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 company had revenue of $305.89 million during the quarter, compared to analysts’ expectations of $309.44 million. During the same quarter in the previous year, the business earned $0.70 EPS. Commerce Bancshares’s revenue was up 6.1% compared to the same quarter last year. On average, analysts predict that Commerce Bancshares will post $2.94 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, September 25th. Shareholders of record on Friday, September 8th will be issued a $0.225 dividend. This represents a $0.90 annualized dividend and a dividend yield of 1.63%. The ex-dividend date of this dividend is Thursday, September 7th. Commerce Bancshares’s dividend payout ratio is 32.64%.
In other news, 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 completion of the transaction, the insider now directly owns 1,045,605 shares of the company’s stock, valued at approximately $56,567,230.50. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Jeffery D. Aberdeen sold 687 shares of the business’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $59.09, for a total value of $40,594.83. Following the completion of the transaction, the insider now directly owns 40,232 shares of the company’s stock, valued at $2,377,308.88. The disclosure for this sale can be found here. Insiders sold a total of 48,099 shares of company stock valued at $2,643,431 over the last quarter. Company insiders own 4.30% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Comerica Bank raised its position in Commerce Bancshares by 3.3% in the first quarter. Comerica Bank now owns 93,208 shares of the financial services provider’s stock valued at $5,224,000 after buying an additional 3,017 shares during the last quarter. Wesbanco Bank Inc. raised its position in Commerce Bancshares by 11.2% in the first quarter. Wesbanco Bank Inc. now owns 9,300 shares of the financial services provider’s stock valued at $522,000 after buying an additional 940 shares during the last quarter. Elkfork Partners LLC raised its position in Commerce Bancshares by 18.2% in the first quarter. Elkfork Partners LLC now owns 7,282 shares of the financial services provider’s stock valued at $409,000 after buying an additional 1,122 shares during the last quarter. Rafferty Asset Management LLC raised its position in Commerce Bancshares by 260.6% in the first quarter. Rafferty Asset Management LLC now owns 15,822 shares of the financial services provider’s stock valued at $889,000 after buying an additional 11,434 shares during the last quarter. Finally, Lazard Asset Management LLC bought a new position in Commerce Bancshares during the first quarter valued at approximately $64,025,000. 62.13% of the stock is owned by hedge funds and other 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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