Commerzbank (OTCMKTS:CRZBY) Reaches New 12-Month High on Better-Than-Expected Earnings

Shares of Commerzbank AG (OTCMKTS:CRZBY) hit a new 52-week high during trading on Monday after the company announced better than expected quarterly earnings. The company traded as high as $29.14 and last traded at $28.94, with a volume of 74538 shares trading hands. The stock had previously closed at $28.64.

The financial services provider reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.01. The business had revenue of $3.52 billion during the quarter, compared to analyst estimates of $2.96 billion. Commerzbank had a net margin of 8.55% and a return on equity of 6.33%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Morgan Stanley reiterated an “overweight” rating on shares of Commerzbank in a research report on Friday, March 7th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Commerzbank in a research note on Thursday, April 24th.

Institutional Trading of Commerzbank

An institutional investor recently raised its position in Commerzbank stock. Rhumbline Advisers increased its holdings in Commerzbank AG (OTCMKTS:CRZBY) by 14.5% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,140 shares of the financial services provider’s stock after purchasing an additional 650 shares during the period. Rhumbline Advisers’ holdings in Commerzbank were worth $117,000 at the end of the most recent quarter.

Commerzbank Stock Up 0.8%

The stock’s 50 day moving average is $25.70 and its 200-day moving average is $20.56. The company has a market cap of $34.55 billion, a PE ratio of 15.27 and a beta of 0.68.

Commerzbank Company Profile

Commerzbank AG provides banking and capital market products and services to private and small business customers, corporate, financial service providers, and institutional clients in Germany, rest of Europe, the Americas, Asia, and internationally. It operates through two segments, Private and Small-Business Customers, and Corporate Clients.