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

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

Commerce Bancshares Price Performance

Commerce Bancshares stock opened at $53.07 on Thursday. The firm’s 50 day moving average price is $51.97 and its 200-day moving average price is $50.92. Commerce Bancshares has a 1 year low of $40.91 and a 1 year high of $56.75. The stock has a market cap 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. Stockholders 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 dividend yield of 2.04%. Commerce Bancshares’s payout ratio is currently 30.12%.

Insider Activity at Commerce Bancshares

In related news, SVP Patricia R. Kellerhals sold 730 shares of the firm’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 completion of the transaction, the senior vice president now directly owns 25,502 shares of the company’s stock, valued at $1,399,294.74. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Commerce Bancshares news, EVP Robert S. Holmes sold 5,000 shares of Commerce Bancshares stock in a transaction on Monday, March 11th. The shares were sold at an average price of $52.66, for a total transaction of $263,300.00. Following the completion of the transaction, the executive vice president now directly owns 50,293 shares of the company’s stock, valued at $2,648,429.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Patricia R. Kellerhals sold 730 shares of Commerce Bancshares stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $54.87, for a total transaction of $40,055.10. Following the transaction, the senior vice president now directly owns 25,502 shares of the company’s stock, valued at $1,399,294.74. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 14,321 shares of company stock valued at $752,387. 3.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Quantbot Technologies LP purchased a new stake in shares of Commerce Bancshares during the second quarter valued at $42,000. Altshuler Shaham Ltd purchased a new stake in shares of Commerce Bancshares during the fourth quarter valued at $47,000. PCA Investment Advisory Services Inc. purchased a new stake in shares of Commerce Bancshares during the second quarter valued at $38,000. Rockefeller Capital Management L.P. raised its holdings 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 valued at $58,000 after acquiring an additional 700 shares in the last quarter. Finally, Point72 Middle East FZE bought a new stake in shares of Commerce Bancshares in the fourth quarter valued at about $82,000. 70.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on CBSH shares. Bank of America started coverage on shares of Commerce Bancshares in a research note on Thursday, January 11th. They issued a “neutral” rating and a $55.00 price objective on the stock. Piper Sandler increased their price objective on shares of Commerce Bancshares from $53.00 to $54.00 and gave the stock a “neutral” rating in a research note on Wednesday. Morgan Stanley increased their price objective 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. Keefe, Bruyette & Woods raised their target price 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. Finally, Raymond James upgraded 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 note on Wednesday. Six equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Commerce Bancshares currently has an average rating of “Hold” and a consensus price target of $55.00.

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.