Commerce Bancshares (NASDAQ:CBSH) Releases Earnings Results, Beats Expectations By $0.06 EPS

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

Commerce Bancshares Price Performance

Shares of CBSH stock opened at $53.07 on Thursday. Commerce Bancshares has a fifty-two week low of $40.91 and a fifty-two week high of $56.75. The stock’s 50-day moving average is $51.97 and its two-hundred day moving average is $50.92. The firm has a market cap of $6.89 billion, a P/E ratio of 14.80 and a beta of 0.79.

Commerce Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Wednesday, June 5th will be given a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 2.04%. Commerce Bancshares’s payout ratio is currently 30.12%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on CBSH shares. Bank of America started coverage on Commerce Bancshares in a research report on Thursday, January 11th. They set a “neutral” rating and a $55.00 target price on the stock. Raymond James raised Commerce Bancshares from a “market perform” rating to an “outperform” rating and set a $61.00 target price on the stock in a research report on Wednesday. StockNews.com raised Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Wednesday. Keefe, Bruyette & Woods upped their price target on Commerce Bancshares from $56.00 to $58.00 and gave the company a “market perform” rating in a research report on Wednesday. Finally, Morgan Stanley upped their price target on Commerce Bancshares from $46.00 to $55.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 7th. Six equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $55.00.

Insiders Place Their Bets

In other Commerce Bancshares news, SVP Douglas D. Neff sold 614 shares of the company’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $50.25, for a total value of $30,853.50. Following the transaction, the senior vice president now directly owns 8,038 shares of the company’s stock, valued at approximately $403,909.50. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Commerce Bancshares news, Director Benjamin F. Rassieur III sold 1,785 shares of the company’s stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $53.83, for a total value of $96,086.55. Following the transaction, the director now directly owns 33,567 shares of the company’s stock, valued at approximately $1,806,911.61. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Douglas D. Neff sold 614 shares of the company’s stock in a transaction dated 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 transaction, the senior vice president now directly owns 8,038 shares in the company, valued at $403,909.50. The disclosure for this sale can be found here. Insiders have sold a total of 14,321 shares of company stock valued at $752,387 in the last three months. Insiders own 3.20% of the company’s stock.

Institutional Trading of Commerce Bancshares

Large investors have recently made changes to their positions in the stock. Quantbot Technologies LP bought a new stake in shares of Commerce Bancshares during the 2nd quarter worth about $42,000. Altshuler Shaham Ltd bought a new stake in shares of Commerce Bancshares during the 4th quarter worth about $47,000. PCA Investment Advisory Services Inc. bought a new stake in shares of Commerce Bancshares during the 2nd quarter worth about $38,000. Rockefeller Capital Management L.P. boosted its stake in shares of Commerce Bancshares by 429.4% during 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 in the last quarter. Finally, Point72 Middle East FZE bought a new stake in shares of Commerce Bancshares during the 4th quarter worth about $82,000. Institutional investors own 70.26% of the company’s stock.

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.