FY2016 Earnings Forecast for Commerce Bancshares Inc. (CBSH) Issued By Jefferies Group
Commerce Bancshares Inc. (NASDAQ:CBSH) – Equities researchers at Jefferies Group reduced their FY2016 earnings estimates for shares of Commerce Bancshares in a research report issued on Friday. Jefferies Group analyst E. Harmon now forecasts that the brokerage will post earnings of $2.79 per share for the year, down from their previous estimate of $2.80. Jefferies Group currently has a “Hold” rating on the stock. Jefferies Group also issued estimates for Commerce Bancshares’ FY2017 earnings at $3.00 EPS and FY2018 earnings at $3.20 EPS.
Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings results on Wednesday, July 13th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.68 by $0.02. The business earned $288.40 million during the quarter, compared to the consensus estimate of $295.65 million. Commerce Bancshares had a return on equity of 11.58% and a net margin of 23.03%. The business’s quarterly revenue was up 3.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.71 EPS.
Several other research analysts have also recently issued reports on the company. Piper Jaffray Cos. started coverage on Commerce Bancshares in a research note on Monday, July 11th. They issued a “neutral” rating and a $43.50 price objective for the company. Morgan Stanley cut Commerce Bancshares from an “equal weight” rating to an “underweight” rating and set a $45.00 price objective for the company. in a research note on Tuesday, September 20th. Zacks Investment Research cut Commerce Bancshares from a “hold” rating to a “sell” rating in a research note on Monday, September 19th. Finally, Barclays PLC raised their target price on Commerce Bancshares from $45.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday. One analyst has rated the stock with a sell rating and five have issued a hold rating to the company. Commerce Bancshares has a consensus rating of “Hold” and a consensus target price of $45.75.
Shares of Commerce Bancshares (NASDAQ:CBSH) opened at 50.27 on Monday. The firm’s 50 day moving average price is $49.54 and its 200-day moving average price is $47.81. Commerce Bancshares has a 1-year low of $37.44 and a 1-year high of $51.30. The company has a market capitalization of $4.85 billion, a P/E ratio of 19.26 and a beta of 0.74.
Hedge funds have recently modified their holdings of the company. Walleye Trading LLC purchased a new stake in shares of Commerce Bancshares during the second quarter worth about $101,000. Pacad Investment Ltd. purchased a new stake in shares of Commerce Bancshares during the second quarter worth about $120,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Commerce Bancshares by 28.6% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,547 shares of the financial services provider’s stock worth $122,000 after buying an additional 566 shares in the last quarter. WFG Advisors LP raised its stake in shares of Commerce Bancshares by 0.5% in the second quarter. WFG Advisors LP now owns 3,725 shares of the financial services provider’s stock worth $178,000 after buying an additional 20 shares in the last quarter. Finally, Advisor Group Inc. purchased a new stake in shares of Commerce Bancshares during the second quarter worth about $183,000. 60.86% of the stock is currently owned by hedge funds and other institutional investors.
In other news, Vice Chairman Jonathan M. Kemper sold 50,000 shares of Commerce Bancshares stock in a transaction that occurred on Thursday, July 28th. The stock was sold at an average price of $47.22, for a total value of $2,361,000.00. Following the sale, the insider now directly owns 1,242,407 shares of the company’s stock, valued at $58,666,458.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider V Raymond Stranghoener sold 4,964 shares of Commerce Bancshares stock in a transaction that occurred on Monday, August 8th. The stock was sold at an average price of $48.49, for a total value of $240,704.36. Following the completion of the sale, the insider now directly owns 80,869 shares in the company, valued at $3,921,337.81. The disclosure for this sale can be found here. 4.60% of the stock is owned by company insiders.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 26th. Shareholders of record on Friday, September 9th were issued a $0.225 dividend. This represents a $0.90 annualized dividend and a yield of 1.79%. The ex-dividend date was Wednesday, September 7th. Commerce Bancshares’s payout ratio is currently 34.50%.
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, 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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