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

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

Commerce Bancshares Stock Performance

Shares of CBSH stock 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 fifty-two week low of $40.91 and a fifty-two week high of $56.75.

Commerce Bancshares Announces Dividend

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

Insider Activity

In other 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 sale, the director now owns 33,567 shares in the company, valued at $1,806,911.61. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other 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 sale, the director now owns 33,567 shares in the company, valued at $1,806,911.61. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Robert S. Holmes sold 5,000 shares of the company’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 completion of the sale, the executive vice president now owns 50,293 shares in the company, valued at approximately $2,648,429.38. The disclosure for this sale can be found here. Over the last three months, insiders have sold 14,321 shares of company stock valued at $752,387. Company insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Commerce Bancshares

Hedge funds have recently bought and sold shares of the business. Quantbot Technologies LP purchased a new position in Commerce Bancshares during the second quarter worth approximately $42,000. Altshuler Shaham Ltd purchased a new position in Commerce Bancshares during the fourth quarter worth approximately $47,000. PCA Investment Advisory Services Inc. purchased a new position in Commerce Bancshares during the second quarter worth approximately $38,000. Rockefeller Capital Management L.P. boosted its position in Commerce Bancshares by 429.4% during the fourth 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 in the last quarter. Finally, Point72 Middle East FZE purchased a new position in Commerce Bancshares during the fourth quarter worth approximately $82,000. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CBSH. Raymond James upgraded Commerce Bancshares from a “market perform” rating to an “outperform” rating and set a $61.00 price objective for the company in a research note on Wednesday. Keefe, Bruyette & Woods upped their price objective on Commerce Bancshares from $56.00 to $58.00 and gave the stock a “market perform” rating in a research note on Wednesday. Morgan Stanley upped their price objective 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. StockNews.com upgraded Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Wednesday. Finally, Piper Sandler upped their price objective on Commerce Bancshares from $53.00 to $54.00 and gave the stock a “neutral” rating in a research note on Wednesday. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, Commerce Bancshares has an average rating of “Hold” and a consensus target price of $55.00.

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.