Zacks Investment Research Downgrades Commerce Bancshares, Inc. (CBSH) to Hold

Zacks Investment Research cut shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) from a buy rating to a hold rating in a research note issued to investors on Monday morning.

According to Zacks, “Shares of Commerce Bancshares have marginally underperformed the industry in the past three months. Nonetheless, the company’s earnings surpassed the Zacks Consensus Estimate 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. Also, strong loan and deposit growth should support its profitability. However, continuously rising expenses are expected to hurt bottom-line growth. Further, the company’s significant exposure to real estate loans remains a major near-term concern.”

Several other equities research analysts have also recently commented on CBSH. Jefferies Group LLC reiterated a hold rating and set a $61.00 price target on shares of Commerce Bancshares in a research report on Sunday, June 11th. Keefe, Bruyette & Woods reiterated a sell rating and set a $46.00 price target on shares of Commerce Bancshares in a research report on Monday, June 12th. BidaskClub upgraded shares of Commerce Bancshares from a sell rating to a hold rating in a research report on Tuesday, June 13th. Barclays PLC reiterated an equal weight rating and set a $54.00 price target (down previously from $55.00) on shares of Commerce Bancshares in a research report on Wednesday, July 12th. Finally, Wells Fargo & Company reiterated a market perform rating and set a $53.00 price target (up previously from $51.00) on shares of Commerce Bancshares in a research report on Friday, July 14th. Five investment analysts have rated the stock with a sell rating and six have issued a hold rating to the company. The company presently has a consensus rating of Hold and a consensus target price of $56.63.

Shares of Commerce Bancshares (NASDAQ:CBSH) opened at 56.68 on Monday. The firm has a market capitalization of $5.76 billion, a price-to-earnings ratio of 20.54 and a beta of 0.83. Commerce Bancshares has a 1-year low of $45.37 and a 1-year high of $60.61. The company’s 50-day moving average is $55.98 and its 200 day moving average is $55.96.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings results on Thursday, October 12th. The financial services provider reported $0.71 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.03). Commerce Bancshares had a return on equity of 12.01% and a net margin of 23.79%. The business had revenue of $304.83 million for the quarter, compared to analyst estimates of $317.28 million. During the same quarter in the prior year, the firm earned $0.68 EPS. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. On average, analysts expect that Commerce Bancshares will post $2.93 EPS for the current fiscal year.

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The company also recently disclosed a quarterly dividend, which was paid on Monday, September 25th. Investors of record on Friday, September 8th were issued a dividend of $0.225 per share. This represents a $0.90 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date of this dividend was Thursday, September 7th. Commerce Bancshares’s dividend payout ratio is currently 32.64%.

In related news, Director John R. Capps sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $54.82, for a total transaction of $548,200.00. Following the completion of the transaction, the director now owns 12,828 shares in the company, valued at $703,230.96. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman David W. Kemper sold 10,132 shares of the business’s stock in a transaction that occurred on Friday, July 21st. The shares were 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 of the company’s stock, valued at approximately $73,487,877.31. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,819 shares of company stock valued at $1,174,728. Corporate insiders own 4.30% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in Commerce Bancshares by 2.9% during the second quarter. Vanguard Group Inc. now owns 8,599,122 shares of the financial services provider’s stock valued at $488,688,000 after purchasing an additional 246,065 shares during the period. BlackRock Inc. grew its holdings in Commerce Bancshares by 1.1% during the second quarter. BlackRock Inc. now owns 7,591,937 shares of the financial services provider’s stock valued at $431,451,000 after purchasing an additional 82,095 shares during the period. FMR LLC grew its holdings in Commerce Bancshares by 2.0% during the second quarter. FMR LLC now owns 2,029,867 shares of the financial services provider’s stock valued at $115,357,000 after purchasing an additional 40,600 shares during the period. Lazard Asset Management LLC grew its holdings in Commerce Bancshares by 27.1% during the second quarter. Lazard Asset Management LLC now owns 1,448,515 shares of the financial services provider’s stock valued at $82,318,000 after purchasing an additional 308,460 shares during the period. Finally, Goldman Sachs Group Inc. grew its holdings in Commerce Bancshares by 5.0% during the first quarter. Goldman Sachs Group Inc. now owns 1,288,663 shares of the financial services provider’s stock valued at $72,371,000 after purchasing an additional 61,106 shares during the period. 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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