Commerce Bancshares, Inc. (CBSH) Cut to Underperform at UBS AG
Commerce Bancshares, Inc. (NASDAQ:CBSH) was downgraded by equities research analysts at UBS AG to an “underperform” rating in a research note issued to investors on Thursday, The Fly reports.
Several other equities analysts have also weighed in on CBSH. Jefferies Group LLC reiterated a “hold” rating and issued a $61.00 target price on shares of Commerce Bancshares in a report on Sunday, June 11th. BidaskClub lowered shares of Commerce Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. Keefe, Bruyette & Woods reiterated a “sell” rating and issued a $46.00 target price on shares of Commerce Bancshares in a report on Monday, June 12th. Wells Fargo & Company reiterated a “market perform” rating and issued a $53.00 target price (up from $51.00) on shares of Commerce Bancshares in a report on Friday, July 14th. Finally, Zacks Investment Research upgraded shares of Commerce Bancshares from a “hold” rating to a “buy” rating and set a $65.00 target price on the stock in a report on Monday, July 17th. Four investment analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $55.00.
Shares of Commerce Bancshares (NASDAQ:CBSH) opened at 56.97 on Thursday. The firm has a 50-day moving average of $57.40 and a 200 day moving average of $56.49. The company has a market cap of $5.79 billion, a P/E ratio of 20.65 and a beta of 0.81. Commerce Bancshares has a 52 week low of $45.37 and a 52 week high of $60.61.
Commerce Bancshares (NASDAQ:CBSH) last posted its earnings results on Thursday, July 13th. The financial services provider reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.05. The company had revenue of $305.89 million for the quarter, compared to analyst estimates of $309.44 million. Commerce Bancshares had a net margin of 23.79% and a return on equity of 12.01%. Commerce Bancshares’s revenue was up 6.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.70 EPS. Equities analysts expect that Commerce Bancshares will post $2.94 EPS for the current fiscal year.
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In other news, Vice Chairman Jonathan M. Kemper sold 36,979 shares of the company’s stock in a transaction that occurred on Wednesday, June 7th. The shares were sold at an average price of $54.10, for a total value of $2,000,563.90. Following the transaction, the insider now directly owns 1,045,605 shares in the company, valued at approximately $56,567,230.50. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman David W. Kemper sold 10,132 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the chairman now owns 1,270,757 shares in the company, valued at $73,487,877.31. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 48,099 shares of company stock worth $2,643,431. Company insiders own 4.30% of the company’s stock.
Several institutional investors have recently modified their holdings of CBSH. Citizens Financial Group Inc. RI bought a new position in shares of Commerce Bancshares during the first quarter valued at approximately $119,000. Mosaic Family Wealth LLC raised its position in shares of 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 valued at $175,000 after buying an additional 89 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Commerce Bancshares by 8.6% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,339 shares of the financial services provider’s stock valued at $190,000 after buying an additional 264 shares in the last quarter. WFG Advisors LP raised its position in shares of Commerce Bancshares by 2.8% in the first quarter. WFG Advisors LP now owns 3,939 shares of the financial services provider’s stock valued at $221,000 after buying an additional 109 shares in the last quarter. Finally, Parametrica Management Ltd bought a new position in shares of Commerce Bancshares during the first quarter valued at approximately $233,000. Hedge funds and other institutional investors own 62.13% 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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