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

Commerce Bancshares (NASDAQ:CBSH) released its quarterly earnings results on Tuesday. The financial services provider reported $0.86 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.06, RTT News reports. Commerce Bancshares had a net margin of 23.33% and a return on equity of 16.78%. The company had revenue of $397.80 million for the quarter, compared to analyst estimates of $389.49 million. During the same quarter last year, the firm posted $0.90 earnings per share. The company’s quarterly revenue was up 2.2% compared to the same quarter last year.

Commerce Bancshares Stock Performance

Shares of NASDAQ:CBSH traded down $0.38 on Thursday, hitting $52.69. The stock had a trading volume of 72,692 shares, compared to its average volume of 483,309. Commerce Bancshares has a twelve month low of $40.91 and a twelve month high of $56.75. The firm’s 50 day moving average price is $51.97 and its 200-day moving average price is $50.92. The company has a market capitalization of $6.84 billion, a price-to-earnings ratio of 14.80 and a beta of 0.79.

Commerce Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 18th. Stockholders of record on Wednesday, June 5th will be paid a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 2.05%. Commerce Bancshares’s dividend payout ratio is presently 30.12%.

Wall Street Analyst Weigh In

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

Insider Activity

In other news, SVP Patricia R. Kellerhals sold 730 shares of the business’s stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $54.87, for a total value of $40,055.10. Following the sale, the senior vice president now owns 25,502 shares in the company, valued at approximately $1,399,294.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, SVP Patricia R. Kellerhals sold 730 shares of the company’s stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $54.87, for a total transaction of $40,055.10. Following the transaction, the senior vice president now owns 25,502 shares in the company, valued at approximately $1,399,294.74. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP John K. Handy sold 1,508 shares of the company’s stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $54.79, for a total transaction of $82,623.32. Following the transaction, the executive vice president now owns 46,524 shares in the company, valued at approximately $2,549,049.96. The disclosure for this sale can be found here. In the last quarter, insiders have sold 14,321 shares of company stock worth $752,387. Corporate insiders own 3.20% of the company’s stock.

Institutional Trading of Commerce Bancshares

A number of institutional investors and hedge funds have recently modified their holdings of CBSH. PCA Investment Advisory Services Inc. acquired a new position in shares of Commerce Bancshares in the 2nd quarter valued at approximately $38,000. Quantbot Technologies LP acquired a new position in Commerce Bancshares during the 2nd quarter worth approximately $42,000. Altshuler Shaham Ltd acquired a new position in Commerce Bancshares during the 4th quarter worth approximately $47,000. Rockefeller Capital Management L.P. boosted its position in 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 acquiring an additional 700 shares during the last quarter. Finally, Point72 Middle East FZE acquired a new position in Commerce Bancshares during the 4th quarter worth approximately $82,000. 70.26% of the stock is owned by institutional investors.

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.