Commerce Bancshares (NASDAQ:CBSH) Issues Earnings Results, Beats Estimates By $0.06 EPS

Commerce Bancshares (NASDAQ:CBSH) posted its earnings results on Tuesday. The financial services provider reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.06, RTT News reports. Commerce Bancshares had a net margin of 23.33% and a return on equity of 16.78%. The company had revenue of $397.80 million during the quarter, compared to the consensus estimate of $389.49 million. During the same period in the previous year, the firm posted $0.90 earnings per share. The firm’s quarterly revenue was up 2.2% on a year-over-year basis.

Commerce Bancshares Trading Up 2.0 %

CBSH opened at $53.07 on Thursday. The firm has a market capitalization of $6.89 billion, a PE ratio of 14.80 and a beta of 0.79. Commerce Bancshares has a twelve month low of $40.91 and a twelve month high of $56.75. The firm’s 50-day moving average price is $51.97 and its 200 day moving average price is $50.92.

Commerce Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Investors of record on Wednesday, June 5th will be given a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 2.04%. Commerce Bancshares’s payout ratio is presently 30.12%.

Insider Buying and Selling

In other Commerce Bancshares news, EVP Robert S. Holmes sold 5,000 shares of the business’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $52.66, for a total value of $263,300.00. Following the transaction, the executive vice president now directly owns 50,293 shares in the company, valued at approximately $2,648,429.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Commerce Bancshares news, EVP Robert S. Holmes sold 5,000 shares of the business’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $52.66, for a total value of $263,300.00. Following the transaction, the executive vice president now directly owns 50,293 shares in the company, valued at approximately $2,648,429.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Patricia R. Kellerhals sold 730 shares of the business’s stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $54.87, for a total transaction of $40,055.10. Following the completion of the transaction, the senior vice president now owns 25,502 shares in the company, valued at $1,399,294.74. The disclosure for this sale can be found here. Over the last three months, insiders have sold 14,321 shares of company stock worth $752,387. 3.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Commerce Bancshares

Large investors have recently made changes to their positions in the stock. PCA Investment Advisory Services Inc. acquired a new position in shares of Commerce Bancshares in the 2nd quarter worth approximately $38,000. Quantbot Technologies LP acquired a new position in shares of Commerce Bancshares in the 2nd quarter worth approximately $42,000. Altshuler Shaham Ltd acquired a new position in shares of Commerce Bancshares in the 4th quarter worth approximately $47,000. Rockefeller Capital Management L.P. lifted its holdings in shares of Commerce Bancshares by 429.4% in the 4th quarter. Rockefeller Capital Management L.P. now owns 863 shares of the financial services provider’s stock worth $58,000 after acquiring an additional 700 shares during the last quarter. Finally, Point72 Middle East FZE acquired a new position in shares of Commerce Bancshares in the 4th quarter worth approximately $82,000. 70.26% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Morgan Stanley lifted their price objective on shares of Commerce Bancshares from $46.00 to $55.00 and gave the company an “equal weight” rating in a report on Wednesday, February 7th. Bank of America began coverage on shares of Commerce Bancshares in a research note on Thursday, January 11th. They set a “neutral” rating and a $55.00 target price for the company. Keefe, Bruyette & Woods boosted their target price on shares of Commerce Bancshares from $56.00 to $58.00 and gave the stock a “market perform” rating in a research note on Wednesday. Piper Sandler boosted their target price on shares of Commerce Bancshares from $53.00 to $54.00 and gave the stock a “neutral” rating in a research note on Wednesday. Finally, Raymond James raised shares of Commerce Bancshares from a “market perform” rating to an “outperform” rating and set a $61.00 target price for the company in a research note on Wednesday. Six investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $55.00.

About Commerce Bancshares

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 in the United States. It operates through three segments: Consumer, Commercial, and Wealth.