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

Commerce Bancshares (NASDAQ:CBSH) announced its earnings results on Tuesday. The financial services provider reported $0.86 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analyst estimates of $389.49 million. During the same period last year, the firm posted $0.90 EPS. The business’s revenue was up 2.2% compared to the same quarter last year.

Commerce Bancshares Stock Performance

Shares of CBSH stock opened at $53.07 on Thursday. Commerce Bancshares has a fifty-two week low of $40.91 and a fifty-two week high of $56.75. The stock has a 50 day moving average price of $51.97 and a two-hundred day moving average price of $50.92. The company has a market capitalization of $6.89 billion, a P/E ratio of 14.80 and a beta of 0.79.

Commerce Bancshares Dividend Announcement

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

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CBSH. Morgan Stanley raised their target price on Commerce Bancshares from $46.00 to $55.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 7th. Piper Sandler raised their target price on Commerce Bancshares from $53.00 to $54.00 and gave the company a “neutral” rating in a research report on Wednesday. Raymond James raised Commerce Bancshares from a “market perform” rating to an “outperform” rating and set a $61.00 target price for the company in a research report on Wednesday. Keefe, Bruyette & Woods raised their target price on Commerce Bancshares from $56.00 to $58.00 and gave the company a “market perform” rating in a research report on Wednesday. Finally, Bank of America started coverage on Commerce Bancshares in a report on Thursday, January 11th. They issued a “neutral” rating and a $55.00 price objective for the company. Six investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $55.00.

Insider Buying and Selling at Commerce Bancshares

In related news, SVP Douglas D. Neff sold 614 shares of the company’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 completion of the transaction, the senior vice president now owns 8,038 shares in the company, valued at $403,909.50. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, Director Benjamin F. Rassieur III sold 1,785 shares of the company’s stock in a transaction on 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 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 SEC, which is available through the SEC website. Also, SVP Douglas D. Neff sold 614 shares of the company’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $50.25, for a total value of $30,853.50. Following the completion of the sale, the senior vice president now directly owns 8,038 shares in the company, valued at $403,909.50. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 14,321 shares of company stock worth $752,387. 3.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Commerce Bancshares

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. PCA Investment Advisory Services Inc. purchased a new stake in Commerce Bancshares in the second quarter worth $38,000. Quantbot Technologies LP purchased a new stake in Commerce Bancshares in the second quarter worth $42,000. Altshuler Shaham Ltd purchased a new stake in Commerce Bancshares in the fourth quarter worth $47,000. Rockefeller Capital Management L.P. grew its stake in shares of Commerce Bancshares by 429.4% in the fourth quarter. Rockefeller Capital Management L.P. now owns 863 shares of the financial services provider’s stock worth $58,000 after acquiring an additional 700 shares during the last quarter. Finally, Point72 Middle East FZE purchased a new stake in shares of Commerce Bancshares in the fourth quarter worth $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.