Commerce Bancshares (NASDAQ:CBSH) Releases Earnings Results, Beats Expectations By $0.02 EPS

Commerce Bancshares (NASDAQ:CBSH) announced its earnings results on Tuesday. The financial services provider reported $0.96 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.94 by $0.02, RTT News reports. Commerce Bancshares had a return on equity of 15.02% and a net margin of 29.90%. The business had revenue of $338.90 million for the quarter, compared to analyst estimates of $339.94 million. During the same period in the previous year, the company earned $0.96 earnings per share. The company’s revenue for the quarter was up 4.4% compared to the same quarter last year.

Shares of Commerce Bancshares stock opened at $57.41 on Thursday. The company has a market capitalization of $6.47 billion, a price-to-earnings ratio of 15.19, a P/E/G ratio of 2.00 and a beta of 0.73. Commerce Bancshares has a fifty-two week low of $53.40 and a fifty-two week high of $72.55. The company has a 50-day moving average price of $58.82.

In related news, insider John K. Handy sold 3,541 shares of the business’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $61.79, for a total value of $218,798.39. Following the completion of the sale, the insider now directly owns 35,251 shares of the company’s stock, valued at $2,178,159.29. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 3.60% of the stock is owned by insiders.

A number of institutional investors have recently made changes to their positions in CBSH. Segall Bryant & Hamill LLC boosted its stake in Commerce Bancshares by 4.9% in the fourth quarter. Segall Bryant & Hamill LLC now owns 3,573 shares of the financial services provider’s stock valued at $201,000 after acquiring an additional 168 shares during the period. Commonwealth Equity Services LLC boosted its stake in Commerce Bancshares by 1.4% in the fourth quarter. Commonwealth Equity Services LLC now owns 12,503 shares of the financial services provider’s stock valued at $704,000 after acquiring an additional 169 shares during the period. Gemmer Asset Management LLC boosted its stake in Commerce Bancshares by 79.4% in the first quarter. Gemmer Asset Management LLC now owns 452 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 200 shares during the period. Hancock Whitney Corp boosted its stake in Commerce Bancshares by 5.0% in the fourth quarter. Hancock Whitney Corp now owns 4,268 shares of the financial services provider’s stock valued at $241,000 after acquiring an additional 203 shares during the period. Finally, Parallel Advisors LLC boosted its stake in Commerce Bancshares by 5.8% in the first quarter. Parallel Advisors LLC now owns 3,779 shares of the financial services provider’s stock valued at $219,000 after acquiring an additional 207 shares during the period. 63.08% of the stock is owned by hedge funds and other institutional investors.

A number of analysts have recently issued reports on CBSH shares. DA Davidson lifted their target price on Commerce Bancshares to $62.00 and gave the stock a “neutral” rating in a research report on Wednesday. Stephens began coverage on Falcon Minerals in a report on Thursday, April 11th. They issued an “overweight” rating and a $12.00 price objective for the company. Zacks Investment Research raised Eutelsat Communications from a “hold” rating to a “strong-buy” rating and set a $21.00 price objective for the company in a report on Wednesday, June 12th. Raymond James lowered First Midwest Bancorp to a “hold” rating in a report on Monday, July 8th. Finally, BidaskClub lowered Ames National from a “hold” rating to a “sell” rating in a report on Wednesday. Three investment analysts have rated the stock with a sell rating and five have issued a hold rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $59.24.

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. 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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Earnings History for Commerce Bancshares (NASDAQ:CBSH)

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