DA Davidson Raises Commerce Bancshares (CBSH) Price Target to $67.00

Commerce Bancshares (NASDAQ:CBSH) had its target price lifted by DA Davidson to $67.00 in a report issued on Friday. They currently have a neutral rating on the financial services provider’s stock. DA Davidson also issued estimates for Commerce Bancshares’ Q2 2018 earnings at $0.87 EPS, Q3 2018 earnings at $0.87 EPS, Q4 2018 earnings at $0.89 EPS, FY2018 earnings at $3.55 EPS and FY2019 earnings at $3.75 EPS.

Several other analysts have also recently commented on the company. BidaskClub cut Commerce Bancshares from a sell rating to a strong sell rating in a research report on Saturday, December 16th. Zacks Investment Research raised Commerce Bancshares from a hold rating to a buy rating and set a $63.00 price objective on the stock in a research note on Monday, January 8th. Barclays boosted their price objective on Commerce Bancshares from $55.00 to $59.00 and gave the stock an equal weight rating in a research note on Tuesday, January 2nd. Keefe, Bruyette & Woods raised Commerce Bancshares from an underperform rating to a market perform rating and boosted their price objective for the stock from $54.00 to $60.00 in a research note on Tuesday, February 27th. Finally, Piper Jaffray reissued a hold rating and set a $58.00 price objective on shares of Commerce Bancshares in a research note on Tuesday, January 9th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus target price of $59.22.

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Shares of CBSH opened at $63.42 on Friday. Commerce Bancshares has a one year low of $51.90 and a one year high of $64.21. The company has a market cap of $6,689.18, a P/E ratio of 22.90, a PEG ratio of 2.25 and a beta of 0.69.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings results on Thursday, January 18th. The financial services provider reported $0.74 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.03. Commerce Bancshares had a return on equity of 13.21% and a net margin of 27.16%. The firm had revenue of $314.22 million during the quarter, compared to analysts’ expectations of $312.98 million. analysts predict that Commerce Bancshares will post 3.51 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 26th. Shareholders of record on Friday, March 9th were paid a dividend of $0.235 per share. The ex-dividend date was Thursday, March 8th. This represents a $0.94 dividend on an annualized basis and a yield of 1.48%. This is a positive change from Commerce Bancshares’s previous quarterly dividend of $0.23. Commerce Bancshares’s payout ratio is 33.94%.

In other news, VP Daniel D. Callahan sold 2,972 shares of the company’s stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $58.56, for a total value of $174,040.32. Following the transaction, the vice president now owns 36,266 shares of the company’s stock, valued at approximately $2,123,736.96. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Daniel D. Callahan sold 1,090 shares of the company’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $56.95, for a total value of $62,075.50. Following the completion of the transaction, the vice president now directly owns 32,822 shares in the company, valued at approximately $1,869,212.90. The disclosure for this sale can be found here. Insiders have sold 168,774 shares of company stock worth $9,878,981 in the last three months. 4.00% of the stock is currently owned by corporate insiders.

Institutional investors have recently made changes to their positions in the company. Bank of The Ozarks lifted its stake in shares of Commerce Bancshares by 5.4% in the 4th quarter. Bank of The Ozarks now owns 21,101 shares of the financial services provider’s stock valued at $1,178,000 after purchasing an additional 1,074 shares during the last quarter. Schroder Investment Management Group lifted its stake in shares of Commerce Bancshares by 49.9% in the 4th quarter. Schroder Investment Management Group now owns 1,266,154 shares of the financial services provider’s stock valued at $70,702,000 after purchasing an additional 421,526 shares during the last quarter. State of Wisconsin Investment Board lifted its stake in shares of Commerce Bancshares by 5.4% in the 4th quarter. State of Wisconsin Investment Board now owns 19,336 shares of the financial services provider’s stock valued at $1,080,000 after purchasing an additional 988 shares during the last quarter. Koch Industries Inc. acquired a new position in shares of Commerce Bancshares in the 4th quarter valued at $652,000. Finally, UMB Bank N A MO lifted its stake in shares of Commerce Bancshares by 5.5% in the 4th quarter. UMB Bank N A MO now owns 192,541 shares of the financial services provider’s stock valued at $10,751,000 after purchasing an additional 9,955 shares during the last quarter. 62.76% of the stock is currently owned by institutional investors and hedge funds.

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About Commerce Bancshares

Commerce Bancshares, Inc operates as the 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, mobile, and telephone banking services.

Analyst Recommendations for Commerce Bancshares (NASDAQ:CBSH)

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