Commerce Bancshares (NASDAQ:CBSH) Releases Quarterly Earnings Results, Beats Expectations By $0.36 EPS

Commerce Bancshares (NASDAQ:CBSH) announced its quarterly earnings results on Thursday. The financial services provider reported $1.38 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.02 by $0.36, RTT News reports. Commerce Bancshares had a return on equity of 13.09% and a net margin of 31.41%. The firm had revenue of $347.13 million for the quarter, compared to analysts’ expectations of $350.54 million. During the same period in the prior year, the business posted $0.30 earnings per share. The company’s revenue was up 8.3% on a year-over-year basis.

Shares of NASDAQ CBSH opened at $72.79 on Thursday. Commerce Bancshares has a 12 month low of $50.50 and a 12 month high of $83.06. The stock has a market capitalization of $8.52 billion, a price-to-earnings ratio of 20.21 and a beta of 0.96. The stock’s 50-day simple moving average is $75.34.

In other news, Director Jonathan M. Kemper sold 5,300 shares of the business’s stock in a transaction dated Monday, May 3rd. The stock was sold at an average price of $77.58, for a total transaction of $411,174.00. Following the completion of the transaction, the director now owns 861,000 shares of the company’s stock, valued at $66,796,380. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.30% of the stock is currently owned by insiders.

An institutional investor recently bought a new position in Commerce Bancshares stock. OLD Mission Capital LLC purchased a new position in Commerce Bancshares, Inc. (NASDAQ:CBSH) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 8,457 shares of the financial services provider’s stock, valued at approximately $476,000. 66.14% of the stock is currently owned by hedge funds and other institutional investors.

Several equities research analysts have recently weighed in on CBSH shares. Zacks Investment Research cut Commerce Bancshares from a “buy” rating to a “hold” rating and set a $82.00 price target on the stock. in a research report on Monday, June 7th. Bank of America reiterated an “underperform” rating and set a $78.00 price target on shares of Commerce Bancshares in a research report on Thursday, April 22nd. Finally, Morgan Stanley boosted their price objective on Commerce Bancshares from $65.00 to $67.00 and gave the stock an “underweight” rating in a report on Tuesday, April 20th. Two research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. Commerce Bancshares presently has an average rating of “Hold” and a consensus target price of $71.50.

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.

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Earnings History for Commerce Bancshares (NASDAQ:CBSH)

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