Commerce Bancshares (CBSH) Upgraded at Zacks Investment Research
Commerce Bancshares (NASDAQ:CBSH) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Monday. The firm presently has a $63.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s price target indicates a potential upside of 11.54% from the stock’s previous close.
According to Zacks, “Shares of Commerce Bancshares have 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. Strong loans and deposit balances, and easing margin pressure will continue to support revenue growth. Given, a solid capital position, the company is expected to continue to enhance shareholder value through efficient capital deployment activities. Further, lower tax rates will aid profitability. However, continuously rising expenses and significant exposure to real estate loans, remain the major causes of concern.”
Other equities research analysts have also issued reports about the company. Barclays upped their price objective on Commerce Bancshares from $55.00 to $59.00 and gave the stock an “equal weight” rating in a research note on Tuesday, January 2nd. BidaskClub upgraded Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Thursday, December 28th. Piper Jaffray Companies reiterated a “neutral” rating and issued a $60.00 price target on shares of Commerce Bancshares in a research note on Friday, October 6th. Finally, Keefe, Bruyette & Woods reiterated a “sell” rating and issued a $51.00 price target on shares of Commerce Bancshares in a research note on Friday, September 15th. Five research analysts have rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $56.25.
Shares of Commerce Bancshares (NASDAQ:CBSH) opened at $56.48 on Monday. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $6,030.00, a price-to-earnings ratio of 21.07, a PEG ratio of 3.05 and a beta of 0.80. Commerce Bancshares has a 12 month low of $51.90 and a 12 month high of $60.61.
Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings data 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). The company had revenue of $304.83 million during the quarter, compared to analysts’ expectations of $317.28 million. Commerce Bancshares had a return on equity of 12.08% and a net margin of 23.93%. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter last year, the company earned $0.68 earnings per share. research analysts anticipate that Commerce Bancshares will post 2.76 earnings per share for the current fiscal year.
In other Commerce Bancshares news, Vice Chairman Jonathan M. Kemper sold 55,000 shares of the stock in a transaction on Monday, December 11th. The stock was sold at an average price of $55.06, for a total value of $3,028,300.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider V Raymond Stranghoener sold 6,399 shares of the stock in a transaction on Thursday, October 26th. The stock was sold at an average price of $58.40, for a total value of $373,701.60. Following the completion of the sale, the insider now owns 47,112 shares of the company’s stock, valued at approximately $2,751,340.80. The disclosure for this sale can be found here. Corporate insiders own 4.30% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Captrust Financial Advisors bought a new position in shares of Commerce Bancshares during the 2nd quarter valued at about $106,000. Citizens Financial Group Inc RI boosted its holdings in shares of Commerce Bancshares by 25.5% during the 2nd quarter. Citizens Financial Group Inc RI now owns 2,650 shares of the financial services provider’s stock valued at $151,000 after purchasing an additional 539 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Commerce Bancshares by 8.6% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,339 shares of the financial services provider’s stock valued at $190,000 after purchasing an additional 264 shares during the last quarter. SignalPoint Asset Management LLC bought a new position in shares of Commerce Bancshares during the 3rd quarter valued at about $226,000. Finally, Wedbush Securities Inc. bought a new position in shares of Commerce Bancshares during the 3rd quarter valued at about $229,000. 59.14% of the stock is owned by institutional investors and hedge funds.
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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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