Commerce Bancshares (NASDAQ:CBSH) Issues Quarterly Earnings Results

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

Commerce Bancshares Stock Up 2.0 %

NASDAQ:CBSH opened at $53.07 on Thursday. The stock’s 50-day simple moving average is $51.97 and its 200 day simple moving average is $50.92. 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.

Commerce Bancshares Announces Dividend

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

Wall Street Analyst Weigh In

A number of brokerages recently commented on CBSH. Raymond James upgraded Commerce Bancshares from a “market perform” rating to an “outperform” rating and set a $61.00 price target on the stock in a research report on Wednesday. StockNews.com upgraded Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Wednesday. Piper Sandler raised their price target on Commerce Bancshares from $53.00 to $54.00 and gave the stock a “neutral” rating in a research report on Wednesday. Bank of America began coverage on Commerce Bancshares in a research report on Thursday, January 11th. They issued a “neutral” rating and a $55.00 price target on the stock. Finally, Morgan Stanley raised their price target on Commerce Bancshares from $46.00 to $55.00 and gave the stock 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 issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $55.00.

Insider Activity at Commerce Bancshares

In related news, EVP Robert S. Holmes sold 5,000 shares of the firm’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $52.66, for a total value of $263,300.00. Following the sale, the executive vice president now directly owns 50,293 shares of the company’s stock, valued at $2,648,429.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Benjamin F. Rassieur III sold 1,785 shares of Commerce Bancshares stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $53.83, for a total transaction of $96,086.55. Following the sale, the director now directly owns 33,567 shares of the company’s stock, valued at $1,806,911.61. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Robert S. Holmes sold 5,000 shares of Commerce Bancshares 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 sale, the executive vice president now directly owns 50,293 shares in the company, valued at $2,648,429.38. The disclosure for this sale can be found here. Insiders have sold 14,321 shares of company stock valued at $752,387 over the last ninety days. 3.20% of the stock is owned by corporate insiders.

Institutional Trading of Commerce Bancshares

A number of hedge funds have recently made changes to their positions in CBSH. Moneta Group Investment Advisors LLC raised its position in shares of Commerce Bancshares by 102,920.9% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 133,790,172 shares of the financial services provider’s stock worth $9,107,097,000 after acquiring an additional 133,660,305 shares during the last quarter. Morgan Stanley raised its position in shares of Commerce Bancshares by 192.6% during the fourth quarter. Morgan Stanley now owns 1,995,152 shares of the financial services provider’s stock worth $135,810,000 after acquiring an additional 1,313,291 shares during the last quarter. State Street Corp raised its position in shares of Commerce Bancshares by 18.9% during the second quarter. State Street Corp now owns 7,736,375 shares of the financial services provider’s stock worth $376,761,000 after acquiring an additional 1,227,825 shares during the last quarter. Norges Bank bought a new position in shares of Commerce Bancshares during the fourth quarter worth about $77,332,000. Finally, Vanguard Group Inc. raised its position in shares of Commerce Bancshares by 4.7% during the fourth quarter. Vanguard Group Inc. now owns 12,372,518 shares of the financial services provider’s stock worth $660,816,000 after acquiring an additional 558,017 shares during the last quarter. 70.26% of the stock is owned by institutional investors and hedge funds.

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.