Commerce Bancshares, Inc. (NASDAQ:CBSH) – Equities research analysts at Jefferies Group lowered their Q3 2017 earnings estimates for Commerce Bancshares in a report released on Monday. Jefferies Group analyst C. Haire now expects that the financial services provider will post earnings per share of $0.74 for the quarter, down from their previous estimate of $0.75. Jefferies Group has a “Hold” rating and a $61.00 price target on the stock. Jefferies Group also issued estimates for Commerce Bancshares’ FY2017 earnings at $2.94 EPS.
Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings data on Thursday, July 13th. The financial services provider reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.05. The firm had revenue of $305.89 million during the quarter, compared to the consensus estimate of $309.44 million. Commerce Bancshares had a net margin of 23.79% and a return on equity of 12.01%. The firm’s revenue was up 6.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.70 earnings per share.
ILLEGAL ACTIVITY NOTICE: This piece was reported by StockNewsTimes and is the sole property of of StockNewsTimes. If you are accessing this piece on another publication, it was copied illegally and republished in violation of U.S. and international copyright & trademark law. The legal version of this piece can be viewed at https://stocknewstimes.com/2017/10/11/jefferies-group-analysts-cut-earnings-estimates-for-commerce-bancshares-inc-cbsh.html.
A number of other analysts have also recently issued reports on the company. BidaskClub cut Commerce Bancshares from a “hold” rating to a “sell” rating in a research report on Saturday, June 24th. Zacks Investment Research upgraded Commerce Bancshares from a “hold” rating to a “buy” rating and set a $62.00 price objective on the stock in a research report on Tuesday, September 5th. Barclays PLC set a $58.00 price objective on Commerce Bancshares and gave the company a “hold” rating in a research report on Sunday, July 16th. Piper Jaffray Companies restated a “hold” rating and set a $52.00 price objective on shares of Commerce Bancshares in a research report on Friday, July 14th. Finally, Stephens restated an “equal weight” rating and set a $56.00 price objective (up from $52.00) on shares of Commerce Bancshares in a research report on Monday, July 17th. Five investment analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $56.63.
Commerce Bancshares (NASDAQ:CBSH) opened at 58.44 on Wednesday. The firm has a 50-day moving average of $55.81 and a 200-day moving average of $55.94. Commerce Bancshares has a 12-month low of $47.64 and a 12-month high of $60.61. The firm has a market cap of $5.94 billion, a P/E ratio of 21.17 and a beta of 0.83.
A number of institutional investors have recently bought and sold shares of the business. Intl Fcstone Inc. boosted its stake in Commerce Bancshares by 120.6% in the second quarter. Intl Fcstone Inc. now owns 24,892 shares of the financial services provider’s stock worth $1,415,000 after purchasing an additional 13,606 shares in the last quarter. Cetera Investment Advisers acquired a new position in Commerce Bancshares in the second quarter worth $272,000. Ameritas Investment Partners Inc. boosted its stake in Commerce Bancshares by 3.6% in the second quarter. Ameritas Investment Partners Inc. now owns 34,152 shares of the financial services provider’s stock worth $1,940,000 after purchasing an additional 1,191 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its stake in Commerce Bancshares by 64.1% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 57,616 shares of the financial services provider’s stock worth $3,274,000 after purchasing an additional 22,496 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in Commerce Bancshares by 10.3% in the second quarter. The Manufacturers Life Insurance Company now owns 755,584 shares of the financial services provider’s stock worth $42,940,000 after purchasing an additional 70,376 shares in the last quarter. 62.20% of the stock is currently owned by institutional investors.
In other Commerce Bancshares news, Chairman David W. Kemper sold 10,132 shares of the business’s stock in a transaction on Friday, July 21st. The stock was sold at an average price of $57.83, for a total value of $585,933.56. Following the transaction, the chairman now owns 1,270,757 shares of the company’s stock, valued at $73,487,877.31. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Jeffery D. Aberdeen sold 687 shares of the business’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $59.09, for a total value of $40,594.83. Following the completion of the transaction, the insider now directly owns 40,232 shares in the company, valued at approximately $2,377,308.88. The disclosure for this sale can be found here. Insiders sold 20,819 shares of company stock worth $1,174,728 over the last quarter. Company insiders own 4.30% of the company’s stock.
The business also recently declared a quarterly dividend, which was paid on Monday, September 25th. Shareholders of record on Friday, September 8th were given a $0.225 dividend. This represents a $0.90 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date was Thursday, September 7th. Commerce Bancshares’s dividend payout ratio (DPR) is 32.64%.
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.
Receive News & Ratings for Commerce Bancshares Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Commerce Bancshares Inc. and related companies with MarketBeat.com's FREE daily email newsletter.