Barclays PLC restated their equal weight rating on shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) in a report released on Wednesday, July 12th. The brokerage currently has a $54.00 price target on the financial services provider’s stock, down from their prior price target of $55.00.
Other equities analysts also recently issued reports about the company. Zacks Investment Research raised Commerce Bancshares from a hold rating to a buy rating and set a $64.00 target price for the company in a research report on Tuesday, March 21st. Jefferies Group LLC reaffirmed a hold rating and issued a $61.00 target price on shares of Commerce Bancshares in a research report on Sunday, June 11th. BidaskClub raised Commerce Bancshares from a sell rating to a hold rating in a research report on Tuesday, June 13th. Stephens reaffirmed a hold rating on shares of Commerce Bancshares in a research report on Monday, April 17th. Finally, Piper Jaffray Companies dropped their target price 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. Three investment 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. The company has an average rating of Hold and an average price target of $55.00.
Shares of Commerce Bancshares (NASDAQ:CBSH) opened at 57.73 on Wednesday. The stock has a market capitalization of $5.87 billion, a price-to-earnings ratio of 20.92 and a beta of 0.81. Commerce Bancshares has a 1-year low of $45.37 and a 1-year high of $60.61. The company has a 50-day moving average of $57.36 and a 200-day moving average of $56.43.
Commerce Bancshares (NASDAQ:CBSH) last released its earnings results on Thursday, July 13th. The financial services provider reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.05. The company had revenue of $305.89 million during the quarter, compared to the consensus estimate of $309.44 million. Commerce Bancshares had a return on equity of 12.01% and a net margin of 23.79%. Commerce Bancshares’s revenue was up 6.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.70 EPS. On average, equities research analysts expect that Commerce Bancshares will post $2.94 EPS for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 25th. Stockholders of record on Friday, September 8th will be given 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 is Thursday, September 7th. Commerce Bancshares’s dividend payout ratio is presently 32.64%.
In other news, Chairman David W. Kemper sold 10,132 shares of the business’s stock in a transaction dated Friday, July 21st. The stock was sold at an average price of $57.83, for a total transaction of $585,933.56. Following the completion of the transaction, the chairman now directly owns 1,270,757 shares of the company’s stock, valued at $73,487,877.31. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Jeffery D. Aberdeen sold 687 shares of the business’s stock in a transaction that occurred 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 sale, the insider now owns 40,232 shares of the company’s stock, valued at approximately $2,377,308.88. The disclosure for this sale can be found here. Over the last three months, insiders have sold 48,099 shares of company stock valued at $2,643,431. Corporate insiders own 4.30% of the company’s stock.
A number of large investors have recently bought and sold shares of the company. BlackRock Inc. boosted 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 valued at $421,752,000 after buying an additional 7,370,707 shares during the last quarter. Lazard Asset Management LLC acquired a new stake in Commerce Bancshares during the first quarter valued at $64,025,000. Vanguard Group Inc. boosted 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 valued at $469,107,000 after buying an additional 785,218 shares during the last quarter. Norges Bank acquired a new stake in Commerce Bancshares during the fourth quarter valued at $44,629,000. Finally, Karp Capital Management Corp acquired a new stake in Commerce Bancshares during the first quarter valued at $36,174,000. Hedge funds and other institutional investors own 62.13% 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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