Zacks Investment Research Downgrades Commerce Bancshares, Inc. (CBSH) to Hold

Commerce Bancshares, Inc. (NASDAQ:CBSH) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Monday.

According to Zacks, “Shares of Commerce Bancshares have outperformed the industry in the past six 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. Also, strong loan and deposit growth should support its profitability. However, rising expenses are likely to curb bottom line growth. Also, significant exposure to real estate loans remains a major near-term concern, which might hurt the company’s financials.”

Several other equities analysts have also issued reports on the stock. BidaskClub lowered shares of Commerce Bancshares from a “hold” rating to a “sell” rating in a report on Saturday, June 24th. Barclays PLC set a $58.00 price target on shares of Commerce Bancshares and gave the company a “hold” rating in a report on Sunday, July 16th. Piper Jaffray Companies reissued a “hold” rating and issued a $52.00 price target on shares of Commerce Bancshares in a report on Friday, July 14th. Jefferies Group LLC reissued a “hold” rating and issued a $61.00 price target on shares of Commerce Bancshares in a report on Friday, July 14th. Finally, Stephens reissued an “equal weight” rating and issued a $56.00 price target (up previously from $52.00) on shares of Commerce Bancshares in a report on Monday, July 17th. Five research analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. Commerce Bancshares currently has a consensus rating of “Hold” and an average target price of $55.25.

Shares of Commerce Bancshares (NASDAQ:CBSH) opened at 55.89 on Monday. The stock has a market cap of $5.68 billion, a price-to-earnings ratio of 20.25 and a beta of 0.82. Commerce Bancshares has a 12-month low of $47.64 and a 12-month high of $60.61. The stock has a 50 day moving average price of $55.42 and a 200-day moving average price of $55.91.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings results on Thursday, July 13th. The financial services provider reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $309.44 million. During the same quarter in the previous year, the business earned $0.70 EPS. The firm’s revenue was up 6.1% on a year-over-year basis. Equities analysts anticipate that Commerce Bancshares will post $2.94 EPS for the current fiscal year.

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In related news, Chairman David W. Kemper sold 10,132 shares of the business’s stock in a transaction 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 sale, the chairman now directly owns 1,270,757 shares of the company’s stock, valued at approximately $73,487,877.31. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John R. Capps sold 10,000 shares of the business’s stock in a transaction 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 sale, 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 a total of 20,819 shares of company stock worth $1,174,728 over the last ninety days. 4.30% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in Commerce Bancshares by 2.9% in the 2nd quarter. Vanguard Group Inc. now owns 8,599,122 shares of the financial services provider’s stock valued at $488,688,000 after acquiring an additional 246,065 shares in the last quarter. BlackRock Inc. lifted its position in Commerce Bancshares by 1.1% in the 2nd quarter. BlackRock Inc. now owns 7,591,937 shares of the financial services provider’s stock valued at $431,451,000 after acquiring an additional 82,095 shares in the last quarter. FMR LLC lifted its position in Commerce Bancshares by 2.0% in the 2nd quarter. FMR LLC now owns 2,029,867 shares of the financial services provider’s stock valued at $115,357,000 after acquiring an additional 40,600 shares in the last quarter. Lazard Asset Management LLC lifted its position in Commerce Bancshares by 27.1% in the 2nd quarter. Lazard Asset Management LLC now owns 1,448,515 shares of the financial services provider’s stock valued at $82,318,000 after acquiring an additional 308,460 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in Commerce Bancshares by 5.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,288,663 shares of the financial services provider’s stock valued at $72,371,000 after acquiring an additional 61,106 shares in the last quarter. 62.20% of the stock is currently owned by institutional investors and hedge funds.

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.

Analyst Recommendations for Commerce Bancshares (NASDAQ:CBSH)

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