Wall Street analysts expect Commerce Bancshares, Inc. (NASDAQ:CBSH) to announce sales of $334.50 million for the current fiscal quarter, Zacks Investment Research reports. Three analysts have provided estimates for Commerce Bancshares’ earnings, with the lowest sales estimate coming in at $324.90 million and the highest estimate coming in at $346.00 million. Commerce Bancshares reported sales of $336.26 million in the same quarter last year, which would suggest a negative year-over-year growth rate of 0.5%. The company is expected to report its next quarterly earnings results before the market opens on Tuesday, October 20th.
On average, analysts expect that Commerce Bancshares will report full-year sales of $1.31 billion for the current financial year, with estimates ranging from $1.30 billion to $1.32 billion. For the next fiscal year, analysts anticipate that the company will report sales of $1.30 billion, with estimates ranging from $1.27 billion to $1.35 billion. Zacks’ sales calculations are a mean average based on a survey of research firms that follow Commerce Bancshares.
Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.34 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.54 by ($0.20). Commerce Bancshares had a return on equity of 10.03% and a net margin of 21.82%. The business had revenue of $320.57 million for the quarter, compared to analysts’ expectations of $322.49 million. During the same quarter in the prior year, the business earned $0.96 EPS. The company’s revenue was down 5.4% compared to the same quarter last year.
A number of brokerages have issued reports on CBSH. Raymond James downgraded shares of Commerce Bancshares from a “market perform” rating to an “underperform” rating in a report on Wednesday, June 17th. Morgan Stanley lifted their price target on shares of Commerce Bancshares from $50.00 to $53.00 and gave the company an “underweight” rating in a report on Monday, June 8th. Finally, BidaskClub downgraded shares of Commerce Bancshares from a “sell” rating to a “strong sell” rating in a report on Friday, July 10th. Four research analysts have rated the stock with a sell rating and three have assigned a hold rating to the stock. Commerce Bancshares has a consensus rating of “Sell” and a consensus target price of $55.20.
CBSH opened at $56.39 on Thursday. Commerce Bancshares has a fifty-two week low of $45.51 and a fifty-two week high of $71.92. The firm’s fifty day moving average is $58.77 and its 200 day moving average is $58.12. The stock has a market cap of $6.29 billion, a price-to-earnings ratio of 21.33 and a beta of 0.98.
The firm also recently announced a quarterly dividend, which will be paid on Monday, September 21st. Stockholders of record on Friday, September 4th will be issued a $0.27 dividend. The ex-dividend date of this dividend is Thursday, September 3rd. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.92%. Commerce Bancshares’s dividend payout ratio (DPR) is presently 30.17%.
Several institutional investors have recently bought and sold shares of the company. First Citizens Bank & Trust Co. increased its holdings in shares of Commerce Bancshares by 4.3% in the 2nd quarter. First Citizens Bank & Trust Co. now owns 4,292 shares of the financial services provider’s stock worth $255,000 after buying an additional 175 shares during the last quarter. Telemus Capital LLC increased its holdings in shares of Commerce Bancshares by 4.3% in the 2nd quarter. Telemus Capital LLC now owns 5,359 shares of the financial services provider’s stock worth $298,000 after buying an additional 222 shares during the last quarter. Federated Hermes Inc. increased its holdings in shares of Commerce Bancshares by 0.9% in the 1st quarter. Federated Hermes Inc. now owns 26,176 shares of the financial services provider’s stock worth $1,318,000 after buying an additional 244 shares during the last quarter. Wealth Alliance Advisory Group LLC grew its holdings in Commerce Bancshares by 5.5% during the 2nd quarter. Wealth Alliance Advisory Group LLC now owns 5,509 shares of the financial services provider’s stock valued at $328,000 after purchasing an additional 289 shares during the last quarter. Finally, ICW Investment Advisors LLC grew its holdings in Commerce Bancshares by 5.4% during the 2nd quarter. ICW Investment Advisors LLC now owns 6,335 shares of the financial services provider’s stock valued at $377,000 after purchasing an additional 327 shares during the last quarter. Hedge funds and other institutional investors own 66.55% 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. It operates through three segments: Consumer, Commercial, and Wealth. The Consumer segment offers various banking products and services, including consumer deposits; consumer loans, such as automobile, motorcycle, marine, tractor/trailer, recreational vehicle, fixed rate and revolving home equity, and other consumer loans; patient health care financing; real estate loans; indirect and other consumer financing; personal mortgage banking; consumer installment lending; and consumer debit and credit bank cards, as well as provides online banking services.
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