Zacks Investment Research upgraded shares of Commerce Bancshares (NASDAQ:CBSH) from a hold rating to a buy rating in a report released on Monday, January 8th. The brokerage currently has $63.00 price target on the financial services provider’s stock.
According to Zacks, “Shares of Commerce Bancshares have underperformed the industry in the past three months. Nonetheless, the company’s earnings surpassed the Zacks Consensus Estimate in three of the trailing four quarters. Strong loans and deposit balances, and easing margin pressure will continue to support revenue growth. Given, a solid capital position, the company is expected to continue to enhance shareholder value through efficient capital deployment activities. Further, lower tax rates will aid profitability. However, continuously rising expenses and significant exposure to real estate loans, remain the major causes of concern.”
A number of other research analysts have also recently issued reports on CBSH. BidaskClub cut Commerce Bancshares from a hold rating to a sell rating in a report on Thursday, January 4th. Barclays raised their target price on Commerce Bancshares from $55.00 to $59.00 and gave the company an equal weight rating in a research note on Tuesday, January 2nd. Piper Jaffray Companies restated a neutral rating and issued a $60.00 target price on shares of Commerce Bancshares in a research note on Friday, October 6th. Finally, Keefe, Bruyette & Woods restated a sell rating and issued a $51.00 target price on shares of Commerce Bancshares in a research note on Friday, September 15th. Four analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company. The company presently has a consensus rating of Hold and a consensus target price of $56.25.
The business also recently announced a quarterly dividend, which was paid on Monday, December 18th. Stockholders of record on Thursday, November 30th were given a dividend of $0.225 per share. The ex-dividend date was Wednesday, November 29th. This represents a $0.90 annualized dividend and a dividend yield of 1.56%. Commerce Bancshares’s payout ratio is currently 33.51%.
In other news, Vice Chairman Jonathan M. Kemper sold 55,000 shares of Commerce Bancshares stock in a transaction dated Monday, December 11th. The stock was sold at an average price of $55.06, for a total transaction of $3,028,300.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider V Raymond Stranghoener sold 6,399 shares of the business’s stock in a transaction that occurred on Thursday, October 26th. The shares were sold at an average price of $58.40, for a total value of $373,701.60. Following the completion of the sale, the insider now owns 47,112 shares in the company, valued at approximately $2,751,340.80. The disclosure for this sale can be found here. 4.30% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Captrust Financial Advisors bought a new stake in Commerce Bancshares in the 2nd quarter valued at approximately $106,000. Citizens Financial Group Inc RI lifted its stake in Commerce Bancshares by 25.5% in the 2nd quarter. Citizens Financial Group Inc RI now owns 2,650 shares of the financial services provider’s stock valued at $151,000 after acquiring an additional 539 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Commerce Bancshares by 8.6% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,339 shares of the financial services provider’s stock valued at $190,000 after acquiring an additional 264 shares in the last quarter. SignalPoint Asset Management LLC bought a new stake in Commerce Bancshares in the 3rd quarter valued at approximately $226,000. Finally, Wedbush Securities Inc. bought a new stake in Commerce Bancshares in the 3rd quarter valued at approximately $229,000. Hedge funds and other institutional investors own 59.15% of the company’s stock.
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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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