Commerce Bancshares (NASDAQ:CBSH)‘s stock had its “hold” rating reiterated by equities researchers at Stephens in a research note issued to investors on Wednesday, AnalystRatings.com reports. They currently have a $57.00 price objective on the financial services provider’s stock. Stephens’ price objective indicates a potential upside of 0.58% from the company’s current price.
The analysts wrote, “We reiterate our Equal-Weight rating given the valuation of 2.2x tbv and 15.5x 2020 consensus EPS forecast. KEY POINTS: CPI Add NIM Pressure in 3Q19. Our updated forecast assumes a 3Q19 NIM of 3.43%, which implies a 17 bps LQ decrease. July CPI index reading, we believe it will represent an ~9 bps headwind to 3Q19 NIM. Excluding the impact of TIPS, our Core” NIM forecast assumes an 8 bps LQ decrease in 3Q19 driven by the recent Fed IR cut and challenging YC shape. Capital Return Via ASR Plan. Last week, CBSH announced it entered into an accelerated share repurchase (ASR) agreement of $150 million, in which ~75% of shares to be repurchased will be delivered to CBSH at inception and the remaining shares received (pending adjustments) at the end of the program in December 2019.””
Several other research firms have also recently weighed in on CBSH. DA Davidson increased their price objective on Commerce Bancshares to $62.00 and gave the stock a “neutral” rating in a report on Wednesday, July 17th. Raymond James cut Commerce Bancshares from a “market perform” rating to an “underperform” rating in a report on Monday, July 8th. BidaskClub cut Commerce Bancshares from a “hold” rating to a “sell” rating in a report on Thursday, August 8th. Finally, Zacks Investment Research upgraded Commerce Bancshares from a “sell” rating to a “hold” rating and set a $50.00 target price for the company in a research note on Wednesday, June 12th. Three analysts have rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $58.41.
Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.94 by $0.02. Commerce Bancshares had a return on equity of 15.02% and a net margin of 29.90%. The business had revenue of $338.90 million during the quarter, compared to analysts’ expectations of $339.94 million. During the same quarter last year, the business posted $0.96 EPS. The business’s revenue was up 4.4% on a year-over-year basis. Equities research analysts expect that Commerce Bancshares will post 3.68 earnings per share for the current year.
Several institutional investors and hedge funds have recently added to or reduced their stakes in CBSH. First Trust Advisors LP raised its stake in Commerce Bancshares by 5.9% during the first quarter. First Trust Advisors LP now owns 202,361 shares of the financial services provider’s stock valued at $11,749,000 after buying an additional 11,336 shares during the last quarter. Gemmer Asset Management LLC raised its stake in Commerce Bancshares by 79.4% during the first quarter. Gemmer Asset Management LLC now owns 452 shares of the financial services provider’s stock valued at $26,000 after buying an additional 200 shares during the last quarter. Champlain Investment Partners LLC raised its stake in Commerce Bancshares by 3.4% during the first quarter. Champlain Investment Partners LLC now owns 1,242,242 shares of the financial services provider’s stock valued at $72,125,000 after buying an additional 40,762 shares during the last quarter. BlackRock Inc. raised its stake in Commerce Bancshares by 1.2% during the first quarter. BlackRock Inc. now owns 9,449,871 shares of the financial services provider’s stock valued at $548,659,000 after buying an additional 109,409 shares during the last quarter. Finally, Dearborn Partners LLC raised its stake in Commerce Bancshares by 4.1% during the second quarter. Dearborn Partners LLC now owns 387,194 shares of the financial services provider’s stock valued at $23,100,000 after buying an additional 15,308 shares during the last quarter. Institutional investors own 63.46% of the company’s stock.
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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