Commerce Bancshares, Inc. (CBSH) Rating Increased to Buy at Zacks Investment Research
Commerce Bancshares, Inc. (NASDAQ:CBSH) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Friday. The firm presently has a $65.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 11.24% from the company’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.”
CBSH has been the subject of a number of other reports. Barclays PLC set a $58.00 price target on shares of Commerce Bancshares and gave the company a “hold” rating in a research report on Sunday, July 16th. Keefe, Bruyette & Woods reiterated a “sell” rating and issued a $51.00 price target on shares of Commerce Bancshares in a research report on Friday, September 15th. UBS AG downgraded shares of Commerce Bancshares to an “underperform” rating in a research report on Thursday, August 10th. BidaskClub upgraded shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. Finally, Wells Fargo & Company reiterated a “market perform” rating and issued a $53.00 price target (up from $51.00) on shares of Commerce Bancshares in a research report on Friday, July 14th. Five research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $56.63.
Shares of Commerce Bancshares (NASDAQ:CBSH) opened at 58.41 on Friday. The stock has a 50 day moving average price of $55.58 and a 200 day moving average price of $55.87. Commerce Bancshares has a 1-year low of $47.64 and a 1-year high of $60.61. The company has a market capitalization of $5.94 billion, a price-to-earnings ratio of 21.16 and a beta of 0.83.
Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings results on Thursday, July 13th. The financial services provider reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.05. Commerce Bancshares had a net margin of 23.79% and a return on equity of 12.01%. The company had revenue of $305.89 million during the quarter, compared to the consensus estimate of $309.44 million. During the same period in the previous year, the business earned $0.70 earnings per share. The firm’s quarterly revenue was up 6.1% on a year-over-year basis. Analysts forecast that Commerce Bancshares will post $2.94 earnings per share for the current year.
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In related news, Chairman David W. Kemper sold 10,132 shares of Commerce Bancshares stock in a transaction that occurred on Friday, July 21st. The shares were sold at an average price of $57.83, for a total value of $585,933.56. Following 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John R. Capps sold 10,000 shares of Commerce Bancshares 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 directly owns 12,828 shares in the company, valued at $703,230.96. The disclosure for this sale can be found here. Insiders sold 20,819 shares of company stock worth $1,174,728 over the last three months. 4.30% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Captrust Financial Advisors bought a new stake in shares of Commerce Bancshares during the second quarter worth $106,000. Citizens Financial Group Inc RI grew its stake in shares of Commerce Bancshares by 25.5% during the second quarter. Citizens Financial Group Inc RI now owns 2,650 shares of the financial services provider’s stock worth $151,000 after buying an additional 539 shares during the last quarter. Mosaic Family Wealth LLC grew its stake in shares of Commerce Bancshares by 5.8% during the second quarter. Mosaic Family Wealth LLC now owns 3,297 shares of the financial services provider’s stock worth $187,000 after buying an additional 181 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Commerce Bancshares by 8.6% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,339 shares of the financial services provider’s stock worth $190,000 after buying an additional 264 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of Commerce Bancshares by 5.9% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 4,229 shares of the financial services provider’s stock worth $240,000 after buying an additional 237 shares during the last quarter. 62.20% of the stock is currently owned by hedge funds and other institutional investors.
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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