Commerce Bancshares (NASDAQ:CBSH) Issues Quarterly Earnings Results

Commerce Bancshares (NASDAQ:CBSH) announced its quarterly earnings results on Tuesday. The financial services provider reported $0.86 EPS for the quarter, topping 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 analyst estimates 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% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.90 EPS.

Commerce Bancshares Price Performance

NASDAQ CBSH opened at $53.07 on Thursday. The firm has a market capitalization of $6.89 billion, a P/E ratio of 14.80 and a beta of 0.79. Commerce Bancshares has a 1-year low of $40.91 and a 1-year high of $56.75. The business’s 50-day simple moving average is $51.97 and its 200-day simple moving average is $50.92.

Commerce Bancshares Dividend Announcement

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

Analyst Upgrades and Downgrades

CBSH has been the topic of several research analyst reports. Raymond James raised Commerce Bancshares from a “market perform” rating to an “outperform” rating and set a $61.00 price target on the stock in a research note on Wednesday. Piper Sandler upped their target price on Commerce Bancshares from $53.00 to $54.00 and gave the company a “neutral” rating in a research note on Wednesday. StockNews.com raised Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Wednesday. Bank of America assumed 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. Finally, Morgan Stanley increased their price target 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 research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, Commerce Bancshares has a consensus rating of “Hold” and an average price target of $55.00.

Insider Activity

In other news, SVP Patricia R. Kellerhals sold 730 shares of Commerce Bancshares stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $54.87, for a total value of $40,055.10. Following the transaction, the senior vice president now directly owns 25,502 shares of the company’s stock, valued at approximately $1,399,294.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, SVP Douglas D. Neff sold 614 shares of the business’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 transaction 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Patricia R. Kellerhals sold 730 shares of the business’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $54.87, for a total value of $40,055.10. Following the transaction, the senior vice president now directly owns 25,502 shares in the company, valued at $1,399,294.74. The disclosure for this sale can be found here. Insiders have sold 14,321 shares of company stock valued at $752,387 in the last three months. Corporate insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Commerce Bancshares

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Moneta Group Investment Advisors LLC lifted its position in Commerce Bancshares by 102,920.9% during the 4th 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 in the last quarter. Vanguard Group Inc. lifted its position in Commerce Bancshares by 4.7% during the 4th 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 in the last quarter. BlackRock Inc. lifted its position in Commerce Bancshares by 2.0% during the 1st quarter. BlackRock Inc. now owns 10,934,079 shares of the financial services provider’s stock worth $638,003,000 after acquiring an additional 217,024 shares in the last quarter. State Street Corp lifted its position in Commerce Bancshares by 18.9% during the 2nd 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 in the last quarter. Finally, Lazard Asset Management LLC lifted its position in Commerce Bancshares by 2.1% during the 1st quarter. Lazard Asset Management LLC now owns 5,304,379 shares of the financial services provider’s stock worth $379,739,000 after acquiring an additional 111,594 shares in the last quarter. 70.26% of the stock is owned by institutional investors and hedge funds.

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.