Commerce Bancshares, Inc. (NASDAQ:CBSH) – FIG Partners cut their FY2019 earnings estimates for Commerce Bancshares in a research report issued on Thursday, April 11th. FIG Partners analyst J. Rodis now anticipates that the financial services provider will post earnings of $3.71 per share for the year, down from their previous forecast of $3.74. FIG Partners also issued estimates for Commerce Bancshares’ FY2020 earnings at $3.76 EPS.
CBSH has been the subject of several other research reports. BidaskClub raised Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Thursday, January 31st. Stephens reissued a “hold” rating and issued a $65.00 price objective on shares of Commerce Bancshares in a report on Wednesday, December 19th. Raymond James raised Commerce Bancshares from an “underperform” rating to a “market perform” rating and set a $60.43 price objective for the company in a report on Friday, January 18th. They noted that the move was a valuation call. Barclays reissued a “hold” rating and issued a $65.00 price objective on shares of Commerce Bancshares in a report on Friday, January 11th. Finally, Zacks Investment Research downgraded Commerce Bancshares from a “hold” rating to a “sell” rating in a report on Tuesday. Four equities research analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. Commerce Bancshares presently has an average rating of “Hold” and an average price target of $62.68.
Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings results on Thursday, April 11th. The financial services provider reported $0.85 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.06). The business had revenue of $324.73 million for the quarter, compared to the consensus estimate of $333.99 million. Commerce Bancshares had a return on equity of 15.65% and a net margin of 30.39%.
Institutional investors have recently made changes to their positions in the business. CX Institutional acquired a new stake in Commerce Bancshares during the 1st quarter valued at $28,000. Pearl River Capital LLC acquired a new stake in Commerce Bancshares during the 4th quarter valued at $28,000. O Shaughnessy Asset Management LLC acquired a new stake in Commerce Bancshares during the 4th quarter valued at $48,000. Toronto Dominion Bank acquired a new stake in Commerce Bancshares during the 4th quarter valued at $72,000. Finally, Enlightenment Research LLC acquired a new stake in Commerce Bancshares during the 4th quarter valued at $73,000. 64.19% of the stock is owned by institutional investors and hedge funds.
In other Commerce Bancshares news, insider Daniel D. Callahan sold 3,300 shares of the firm’s stock in a transaction on Tuesday, January 22nd. The stock was sold at an average price of $61.11, for a total transaction of $201,663.00. Following the completion of the sale, the insider now owns 24,037 shares of the company’s stock, valued at approximately $1,468,901.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David W. Kemper sold 27,728 shares of the firm’s stock in a transaction on Monday, February 4th. The shares were sold at an average price of $60.12, for a total value of $1,667,007.36. Following the sale, the director now directly owns 1,291,896 shares of the company’s stock, valued at approximately $77,668,787.52. The disclosure for this sale can be found here. In the last three months, insiders sold 94,093 shares of company stock valued at $5,735,892. 3.60% of the stock is currently owned by insiders.
The business also recently disclosed a quarterly dividend, which was paid on Monday, March 25th. Stockholders of record on Friday, March 8th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 1.73%. The ex-dividend date of this dividend was Thursday, March 7th. This is an increase from Commerce Bancshares’s previous quarterly dividend of $0.24. Commerce Bancshares’s dividend payout ratio is presently 27.51%.
Commerce Bancshares Company Profile
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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