Commerce Bancshares, Inc. (NASDAQ:CBSH)‘s stock had its “market perform” rating reissued by Wells Fargo & Company in a note issued to investors on Friday, July 14th. They presently have a $53.00 price target on the financial services provider’s stock, up from their previous price target of $51.00. Wells Fargo & Company’s price target points to a potential downside of 8.19% from the stock’s current price.
Several other research analysts have also recently weighed in on the company. Zacks Investment Research upgraded Commerce Bancshares from a “hold” rating to a “buy” rating and set a $64.00 target price on the stock in a report on Tuesday, March 21st. BidaskClub cut Commerce Bancshares from a “hold” rating to a “sell” rating in a report on Saturday, June 24th. Stephens reiterated a “hold” rating on shares of Commerce Bancshares in a report on Monday, April 17th. Barclays PLC upped their price objective on Commerce Bancshares from $54.00 to $55.00 and gave the company an “equal weight” rating in a report on Wednesday, April 19th. Finally, Jefferies Group LLC reiterated a “hold” rating and issued a $61.00 price objective on shares of Commerce Bancshares in a report on Tuesday, April 4th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $55.00.
Commerce Bancshares (NASDAQ CBSH) traded down 0.07% during midday trading on Friday, hitting $57.73. The stock had a trading volume of 266,028 shares. Commerce Bancshares has a 12-month low of $45.37 and a 12-month high of $60.61. The firm has a 50-day moving average of $57.36 and a 200-day moving average of $56.43. The company has a market cap of $5.87 billion, a PE ratio of 20.92 and a beta of 0.81.
Commerce Bancshares (NASDAQ:CBSH) last issued its 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 for 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 business’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.70 EPS. Equities research analysts forecast that Commerce Bancshares will post $2.94 EPS for the current year.
In other Commerce Bancshares news, Chairman David W. Kemper sold 10,132 shares of the company’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 directly owns 1,270,757 shares in the company, valued at $73,487,877.31. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jeffery D. Aberdeen sold 687 shares of the company’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 transaction, the insider now owns 40,232 shares in the company, valued at $2,377,308.88. The disclosure for this sale can be found here. Insiders have sold 48,099 shares of company stock worth $2,643,431 over the last 90 days. 4.30% of the stock is owned by insiders.
Hedge funds have recently bought and sold shares of the company. Capstone Asset Management Co. raised its stake in Commerce Bancshares by 0.5% in the first quarter. Capstone Asset Management Co. now owns 7,220 shares of the financial services provider’s stock worth $405,000 after buying an additional 37 shares in the last quarter. Public Employees Retirement Association of Colorado raised its stake in Commerce Bancshares by 0.3% in the second quarter. Public Employees Retirement Association of Colorado now owns 12,520 shares of the financial services provider’s stock worth $712,000 after buying an additional 42 shares in the last quarter. Bank of The Ozarks raised its stake in Commerce Bancshares by 0.4% in the first quarter. Bank of The Ozarks now owns 20,027 shares of the financial services provider’s stock worth $1,125,000 after buying an additional 74 shares in the last quarter. Mosaic Family Wealth LLC raised its stake in 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. Finally, Teacher Retirement System of Texas raised its stake in Commerce Bancshares by 1.4% in the second quarter. Teacher Retirement System of Texas now owns 7,354 shares of the financial services provider’s stock worth $418,000 after buying an additional 103 shares in the last quarter. 62.13% of the stock is currently owned by institutional investors and hedge funds.
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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