Commerce Bancshares (NASDAQ:CBSH) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday.
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. Though, strong loans and deposit balances, and easing margin pressure should support revenue growth in the quarters ahead, continuously rising expenses are expected to hurt profitability. Also, the company has significant exposure to real estate loans, which remains a major concern. Though there has been an improvement in the housing sector, any further deterioration in the real estate prices will pose a problem for the company.”
Several other brokerages also recently issued reports on CBSH. Piper Jaffray Companies reiterated a “neutral” rating and issued a $60.00 target price on shares of Commerce Bancshares in a research note on Friday, October 6th. Keefe, Bruyette & Woods reiterated a “sell” rating and issued a $51.00 target price on shares of Commerce Bancshares in a research note on Friday, September 15th. Six investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. The company has an average rating of “Sell” and an average price target of $56.63.
Commerce Bancshares (CBSH) traded down $0.68 during trading hours on Tuesday, reaching $55.01. 388,300 shares of the company traded hands, compared to its average volume of 390,214. Commerce Bancshares has a 1-year low of $51.90 and a 1-year high of $60.61. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.68 and a quick ratio of 0.68. The company has a market capitalization of $5,870.00, a price-to-earnings ratio of 20.74, a P/E/G ratio of 3.24 and a beta of 0.80.
Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings data on Thursday, October 12th. The financial services provider reported $0.71 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.03). Commerce Bancshares had a return on equity of 12.08% and a net margin of 23.93%. The business had revenue of $304.83 million for the quarter, compared to the consensus estimate of $317.28 million. During the same period in the previous year, the firm earned $0.68 EPS. The company’s revenue was up 4.9% on a year-over-year basis. analysts anticipate that Commerce Bancshares will post 2.77 earnings per share for the current year.
In other news, insider V Raymond Stranghoener sold 6,399 shares of the company’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 transaction, the insider now owns 47,112 shares in the company, valued at $2,751,340.80. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 4.30% of the company’s stock.
A number of institutional investors have recently modified their holdings of the stock. Steward Partners Investment Advisory LLC bought a new position in Commerce Bancshares during the third quarter valued at approximately $452,000. GSA Capital Partners LLP bought a new position in Commerce Bancshares during the third quarter valued at approximately $283,000. Archford Capital Strategies LLC lifted its position in Commerce Bancshares by 25.3% during the third quarter. Archford Capital Strategies LLC now owns 5,003 shares of the financial services provider’s stock valued at $289,000 after purchasing an additional 1,011 shares during the period. Walthausen & Co. LLC lifted its position in Commerce Bancshares by 11.7% during the third quarter. Walthausen & Co. LLC now owns 115,575 shares of the financial services provider’s stock valued at $6,677,000 after purchasing an additional 12,070 shares during the period. Finally, Cubist Systematic Strategies LLC bought a new position in Commerce Bancshares during the third quarter valued at approximately $1,106,000. Institutional investors own 59.15% of the company’s stock.
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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