Commerce Bancshares, Inc. (NASDAQ:CBSH) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Friday, October 6th. The firm currently has a $65.00 price target on the financial services provider’s stock. Zacks Investment Research‘s price target suggests a potential upside of 14.04% from the stock’s current price.
According to Zacks, “Shares of Commerce Bancshares have outperformed the industry in the past three months. The performance was supported by the company’s impressive earnings surprise history. It surpassed the Zacks Consensus Estimate for earnings in three of the trailing four quarters. The bank's efforts to expand its footprint in newer markets and an improving rate scenario are projected to boost revenues further. While rising expenses and significant exposure to real estate loans remain major near-term concerns, strong loan and deposit growth should support its profitability. Also, the company's impressive capital deployment activities reflect strong capital position.”
Several other equities research analysts have also commented on the stock. Piper Jaffray Companies reaffirmed a “neutral” rating and set a $60.00 price target on shares of Commerce Bancshares in a research report on Friday, October 6th. Keefe, Bruyette & Woods reaffirmed a “sell” rating and set a $51.00 price target on shares of Commerce Bancshares in a research report on Friday, September 15th. Jefferies Group LLC reissued a “hold” rating and issued a $61.00 target price on shares of Commerce Bancshares in a report on Friday, August 11th. Raymond James Financial, Inc. reissued an “underperform” rating on shares of Commerce Bancshares in a report on Thursday, August 10th. Finally, UBS AG lowered shares of Commerce Bancshares to an “underperform” rating in a report on Thursday, August 10th. Five analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $56.63.
Commerce Bancshares (NASDAQ:CBSH) opened at 57.00 on Friday. The stock’s 50 day moving average is $56.05 and its 200-day moving average is $55.99. The company has a market capitalization of $5.79 billion, a PE ratio of 20.19 and a beta of 0.83. Commerce Bancshares has a 12 month low of $47.94 and a 12 month high of $60.61.
Commerce Bancshares (NASDAQ:CBSH) last issued its earnings results on Thursday, October 12th. The financial services provider reported $0.71 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.74 by ($0.03). Commerce Bancshares had a return on equity of 12.08% and a net margin of 23.93%. The business had revenue of $304.83 million during the quarter, compared to analysts’ expectations of $317.28 million. During the same period last year, the firm posted $0.68 EPS. Commerce Bancshares’s quarterly revenue was up 4.9% compared to the same quarter last year. On average, analysts expect that Commerce Bancshares will post $2.91 EPS for the current year.
In other news, Chairman David W. Kemper sold 10,132 shares of the firm’s stock in a transaction on Friday, July 21st. The stock was sold at an average price of $57.83, for a total transaction of $585,933.56. Following the transaction, the chairman now owns 1,270,757 shares in the company, valued at $73,487,877.31. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director John R. Capps sold 10,000 shares of the firm’s stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $54.82, for a total value of $548,200.00. Following the transaction, the director now owns 12,828 shares in the company, valued at approximately $703,230.96. The disclosure for this sale can be found here. Insiders have sold a total of 20,819 shares of company stock worth $1,174,728 in the last 90 days. 4.30% of the stock is currently owned by insiders.
Several institutional investors have recently made changes to their positions in the company. BlackRock Inc. boosted its position in Commerce Bancshares by 5,297.5% during the first quarter. BlackRock Inc. now owns 7,509,842 shares of the financial services provider’s stock valued at $421,752,000 after purchasing an additional 7,370,707 shares in the last quarter. Lazard Asset Management LLC bought a new stake in Commerce Bancshares during the first quarter valued at about $64,025,000. Nuance Investments LLC boosted its position in Commerce Bancshares by 814.4% during the second quarter. Nuance Investments LLC now owns 955,417 shares of the financial services provider’s stock valued at $54,296,000 after purchasing an additional 850,930 shares in the last quarter. Vanguard Group Inc. boosted its position in Commerce Bancshares by 10.4% during the first quarter. Vanguard Group Inc. now owns 8,353,057 shares of the financial services provider’s stock valued at $469,107,000 after purchasing an additional 785,218 shares in the last quarter. Finally, AQR Capital Management LLC boosted its position in Commerce Bancshares by 41.1% during the first quarter. AQR Capital Management LLC now owns 1,233,144 shares of the financial services provider’s stock valued at $69,254,000 after purchasing an additional 359,363 shares in the last quarter. Hedge funds and other institutional investors own 62.20% of the company’s stock.
Commerce Bancshares Company Profile
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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