Commerce Bancshares (CBSH) Raised to “Hold” at BidaskClub
BidaskClub upgraded shares of Commerce Bancshares (NASDAQ:CBSH) from a sell rating to a hold rating in a research note released on Monday morning.
Other equities research analysts have also recently issued reports about the company. Keefe, Bruyette & Woods reiterated a sell rating and set a $54.00 price target on shares of Commerce Bancshares in a research report on Friday, January 19th. Piper Jaffray Companies reiterated a hold rating and set a $58.00 price target on shares of Commerce Bancshares in a research report on Tuesday, January 9th. Barclays reiterated a hold rating and set a $63.00 price target on shares of Commerce Bancshares in a research report on Sunday, January 21st. Finally, Zacks Investment Research cut Commerce Bancshares from a hold rating to a sell rating in a research report on Tuesday, December 12th. Four analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company. The company currently has a consensus rating of Hold and a consensus target price of $57.13.
Shares of Commerce Bancshares (NASDAQ CBSH) opened at $55.95 on Monday. Commerce Bancshares has a 52-week low of $51.90 and a 52-week high of $60.61. The firm has a market capitalization of $6,127.16, a PE ratio of 20.69, a PEG ratio of 2.16 and a beta of 0.77.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 26th. Stockholders of record on Friday, March 9th will be issued a dividend of $0.235 per share. This is a positive change from Commerce Bancshares’s previous quarterly dividend of $0.23. The ex-dividend date is Thursday, March 8th. This represents a $0.94 annualized dividend and a dividend yield of 1.68%. Commerce Bancshares’s payout ratio is presently 31.05%.
In other news, CFO Charles G. Kim sold 6,909 shares of the business’s stock in a transaction dated Tuesday, January 30th. The stock was sold at an average price of $58.66, for a total transaction of $405,281.94. Following the completion of the transaction, the chief financial officer now owns 87,303 shares of the company’s stock, valued at $5,121,193.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Jonathan M. Kemper sold 55,000 shares of the business’s stock in a transaction dated Monday, December 11th. The stock was sold at an average price of $55.06, for a total value of $3,028,300.00. The disclosure for this sale can be found here. Insiders have sold 92,939 shares of company stock valued at $5,257,224 in the last three months. 4.30% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of CBSH. SignalPoint Asset Management LLC purchased a new position in shares of Commerce Bancshares during the third quarter worth about $226,000. Wedbush Securities Inc. purchased a new position in shares of Commerce Bancshares during the third quarter worth about $229,000. Advisor Group Inc. grew its holdings in shares of Commerce Bancshares by 2.4% during the second quarter. Advisor Group Inc. now owns 5,023 shares of the financial services provider’s stock worth $250,000 after purchasing an additional 120 shares in the last quarter. Cetera Investment Advisers purchased a new position in shares of Commerce Bancshares during the second quarter worth about $272,000. Finally, GSA Capital Partners LLP purchased a new position in shares of Commerce Bancshares during the third quarter worth about $283,000. 59.55% of the stock is owned by institutional investors.
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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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