Commerce Bancshares, Inc. (NASDAQ:CBSH) – Investment analysts at DA Davidson increased their FY2019 EPS estimates for shares of Commerce Bancshares in a research note issued on Thursday, October 17th. DA Davidson analyst J. Rulis now expects that the financial services provider will post earnings of $3.73 per share for the year, up from their prior forecast of $3.62. DA Davidson currently has a “Neutral” rating and a $62.00 target price on the stock. DA Davidson also issued estimates for Commerce Bancshares’ Q4 2019 earnings at $0.94 EPS and FY2020 earnings at $3.80 EPS.
A number of other analysts have also issued reports on the stock. BidaskClub upgraded shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Thursday, September 12th. Raymond James lowered shares of Commerce Bancshares from a “market perform” rating to an “underperform” rating in a research note on Monday, July 8th. Stephens reaffirmed a “hold” rating and issued a $59.00 price objective on shares of Commerce Bancshares in a report on Wednesday, October 16th. Finally, Morgan Stanley decreased their price objective on shares of Commerce Bancshares from $56.00 to $55.00 and set an “underweight” rating for the company in a report on Thursday, October 3rd. Two analysts have rated the stock with a sell rating and five have issued a hold rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $58.57.
Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings results on Wednesday, October 16th. The financial services provider reported $0.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.06. The business had revenue of $336.30 million during the quarter, compared to analyst estimates of $337.31 million. Commerce Bancshares had a net margin of 29.34% and a return on equity of 14.52%. The business’s revenue was down .8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.03 earnings per share.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 23rd. Shareholders of record on Friday, September 6th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 1.64%. The ex-dividend date was Thursday, September 5th. Commerce Bancshares’s dividend payout ratio is presently 27.51%.
In other Commerce Bancshares news, SVP Jeffrey M. Burik sold 3,200 shares of Commerce Bancshares stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $60.96, for a total value of $195,072.00. Following the completion of the transaction, the senior vice president now owns 17,120 shares of the company’s stock, valued at $1,043,635.20. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO John W. Kemper sold 2,077 shares of Commerce Bancshares stock in a transaction on Monday, September 16th. The stock was sold at an average price of $61.45, for a total transaction of $127,631.65. Following the completion of the transaction, the chief executive officer now directly owns 152,280 shares of the company’s stock, valued at approximately $9,357,606. The disclosure for this sale can be found here. Insiders own 3.60% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Boston Trust Walden Corp boosted its holdings in shares of Commerce Bancshares by 3.2% during the third quarter. Boston Trust Walden Corp now owns 705,433 shares of the financial services provider’s stock valued at $42,784,000 after acquiring an additional 21,799 shares during the period. Stephens Inc. AR boosted its holdings in shares of Commerce Bancshares by 2.0% during the third quarter. Stephens Inc. AR now owns 68,128 shares of the financial services provider’s stock valued at $4,132,000 after acquiring an additional 1,336 shares during the period. Envestnet Asset Management Inc. boosted its holdings in shares of Commerce Bancshares by 2.1% during the third quarter. Envestnet Asset Management Inc. now owns 17,632 shares of the financial services provider’s stock valued at $1,069,000 after acquiring an additional 364 shares during the period. Meeder Asset Management Inc. boosted its holdings in shares of Commerce Bancshares by 217.0% during the third quarter. Meeder Asset Management Inc. now owns 821 shares of the financial services provider’s stock valued at $50,000 after acquiring an additional 562 shares during the period. Finally, Confluence Investment Management LLC boosted its holdings in shares of Commerce Bancshares by 5.2% during the third quarter. Confluence Investment Management LLC now owns 379,709 shares of the financial services provider’s stock valued at $23,029,000 after acquiring an additional 18,803 shares during the period. 65.86% of the stock is owned by institutional investors.
About Commerce Bancshares
Commerce Bancshares, Inc operates as the bank holding company for Commerce Bank that provides retail, mortgage banking, corporate, investment, trust, and asset management products and services to individuals and businesses. It operates through three segments: Consumer, Commercial, and Wealth. The Consumer segment offers various banking products and services, including consumer deposits; consumer loans, such as automobile, motorcycle, marine, tractor/trailer, recreational vehicle, fixed rate and revolving home equity, and other consumer loans; patient health care financing; real estate loans; indirect and other consumer financing; personal mortgage banking; consumer installment lending; and consumer debit and credit bank cards, as well as provides online banking services.
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