Commerce Bancshares (NASDAQ:CBSH) Issues Quarterly Earnings Results

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

Commerce Bancshares Price Performance

Shares of Commerce Bancshares stock opened at $53.07 on Thursday. The business has a 50 day simple moving average of $51.97 and a two-hundred day simple moving average of $50.92. Commerce Bancshares has a 12 month low of $40.91 and a 12 month high of $56.75. The stock has a market capitalization of $6.89 billion, a P/E ratio of 14.80 and a beta of 0.79.

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 issued a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 2.04%. Commerce Bancshares’s payout ratio is 30.12%.

Analyst Ratings Changes

Several analysts have weighed in on CBSH shares. Piper Sandler boosted their price target on Commerce Bancshares from $53.00 to $54.00 and gave the company a “neutral” rating in a research note on Wednesday. StockNews.com upgraded Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Wednesday. Bank of America started coverage on Commerce Bancshares in a research note on Thursday, January 11th. They issued a “neutral” rating and a $55.00 target price on the stock. Keefe, Bruyette & Woods upped their target price on Commerce Bancshares from $56.00 to $58.00 and gave the stock a “market perform” rating in a research note on Wednesday. Finally, Morgan Stanley upped their target price on Commerce Bancshares from $46.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 7th. Six equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $55.00.

Insider Buying and Selling at Commerce Bancshares

In other news, SVP Douglas D. Neff sold 614 shares of the company’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $50.25, for a total value of $30,853.50. Following the completion of the sale, the senior vice president now directly owns 8,038 shares in the company, valued at $403,909.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, SVP Douglas D. Neff sold 614 shares of the company’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $50.25, for a total value of $30,853.50. Following the completion of the sale, the senior vice president now directly owns 8,038 shares in the company, valued at $403,909.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Robert S. Holmes sold 5,000 shares of the stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $52.66, for a total value of $263,300.00. Following the completion of the transaction, the executive vice president now owns 50,293 shares of the company’s stock, valued at $2,648,429.38. The disclosure for this sale can be found here. Insiders sold 14,321 shares of company stock valued at $752,387 over the last quarter. 3.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. First Republic Investment Management Inc. boosted its position in shares of Commerce Bancshares by 0.3% during the second quarter. First Republic Investment Management Inc. now owns 53,245 shares of the financial services provider’s stock worth $3,496,000 after buying an additional 138 shares during the period. Cetera Advisors LLC raised its stake in shares of Commerce Bancshares by 3.6% in the fourth quarter. Cetera Advisors LLC now owns 5,099 shares of the financial services provider’s stock valued at $347,000 after acquiring an additional 179 shares in the last quarter. Treasurer of the State of North Carolina raised its stake in shares of Commerce Bancshares by 0.5% in the second quarter. Treasurer of the State of North Carolina now owns 49,934 shares of the financial services provider’s stock valued at $2,432,000 after acquiring an additional 230 shares in the last quarter. Mercer Global Advisors Inc. ADV raised its stake in shares of Commerce Bancshares by 1.1% in the third quarter. Mercer Global Advisors Inc. ADV now owns 23,906 shares of the financial services provider’s stock valued at $1,147,000 after acquiring an additional 250 shares in the last quarter. Finally, FMR LLC raised its stake in shares of Commerce Bancshares by 3.3% in the third quarter. FMR LLC now owns 8,817 shares of the financial services provider’s stock valued at $423,000 after acquiring an additional 282 shares in the last quarter. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

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