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

Commerce Bancshares (NASDAQ:CBSH) issued its quarterly earnings results 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. The business had revenue of $397.80 million for the quarter, compared to analysts’ expectations of $389.49 million. Commerce Bancshares had a net margin of 23.33% and a return on equity of 16.78%. The company’s revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.90 EPS.

Commerce Bancshares Stock Performance

Shares of NASDAQ CBSH opened at $53.07 on Thursday. The company has a market cap of $6.89 billion, a P/E ratio of 14.80 and a beta of 0.79. The firm’s fifty day moving average is $51.97 and its two-hundred day moving average is $50.92. Commerce Bancshares has a 52-week low of $40.91 and a 52-week high of $56.75.

Commerce Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders 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 dividend payout ratio is currently 30.12%.

Analyst Upgrades and Downgrades

CBSH has been the topic of several recent analyst reports. Piper Sandler raised their price objective on shares of Commerce Bancshares from $53.00 to $54.00 and gave the company a “neutral” rating in a research report on Wednesday. Bank of America initiated coverage on shares of Commerce Bancshares in a research report on Thursday, January 11th. They set a “neutral” rating and a $55.00 price objective on the stock. StockNews.com upgraded shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Wednesday. Morgan Stanley raised their price objective on shares of Commerce Bancshares from $46.00 to $55.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 7th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of Commerce Bancshares from $56.00 to $58.00 and gave the company a “market perform” rating in a research report on Wednesday. Six analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, Commerce Bancshares has an average rating of “Hold” and a consensus target price of $55.00.

Insider Buying and Selling at Commerce Bancshares

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

Hedge Funds Weigh In On Commerce Bancshares

A number of institutional investors and hedge funds have recently made changes to their positions in CBSH. PCA Investment Advisory Services Inc. purchased a new position in shares of Commerce Bancshares in the 2nd quarter worth $38,000. Quantbot Technologies LP purchased a new position in shares of Commerce Bancshares during the 2nd quarter worth about $42,000. Altshuler Shaham Ltd purchased a new position in shares of Commerce Bancshares during the 4th quarter worth about $47,000. 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 purchasing an additional 700 shares during the period. Finally, Point72 Middle East FZE purchased a new position in shares of Commerce Bancshares during the 4th quarter worth about $82,000. 70.26% of the stock is 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.