Commerce Bancshares (NASDAQ:CBSH) Issues Earnings Results

Commerce Bancshares (NASDAQ:CBSH) issued its earnings results on Wednesday. The financial services provider reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.05, Zacks reports. Commerce Bancshares had a net margin of 25.24% and a return on equity of 16.31%. The company had revenue of $428.05 million during the quarter, compared to the consensus estimate of $417.85 million.

Commerce Bancshares Stock Up 0.6 %

CBSH opened at $58.75 on Wednesday. Commerce Bancshares has a 52 week low of $48.57 and a 52 week high of $82.52. The company has a market capitalization of $7.88 billion, a P/E ratio of 14.65, a PEG ratio of 2.13 and a beta of 0.71. The stock’s fifty day moving average is $61.97 and its two-hundred day moving average is $64.10.

Commerce Bancshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 25th. Shareholders of record on Friday, March 7th were given a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 1.87%. The ex-dividend date was Friday, March 7th. This is an increase from Commerce Bancshares’s previous quarterly dividend of $0.27. Commerce Bancshares’s dividend payout ratio is 27.43%.

Insider Buying and Selling at Commerce Bancshares

In related news, VP David L. Orf sold 1,036 shares of the company’s stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $68.24, for a total transaction of $70,696.64. Following the completion of the sale, the vice president now directly owns 22,175 shares in the company, valued at $1,513,222. This represents a 4.46 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Charles G. Kim sold 13,493 shares of the business’s stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $67.76, for a total transaction of $914,285.68. Following the completion of the transaction, the chief financial officer now owns 86,246 shares of the company’s stock, valued at $5,844,028.96. This represents a 13.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 78,434 shares of company stock valued at $5,248,272. Company insiders own 3.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on CBSH shares. Piper Sandler lifted their target price on Commerce Bancshares from $69.00 to $72.00 and gave the stock a “neutral” rating in a report on Thursday, January 23rd. Wells Fargo & Company lowered their target price on Commerce Bancshares from $70.00 to $60.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 9th. StockNews.com upgraded shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Wednesday, April 9th. Morgan Stanley upgraded shares of Commerce Bancshares from an “underweight” rating to an “equal weight” rating and lowered their price objective for the company from $66.00 to $58.00 in a research report on Monday, April 7th. Finally, Raymond James downgraded shares of Commerce Bancshares from an “outperform” rating to a “market perform” rating in a report on Thursday, December 19th. Seven analysts have rated the stock with a hold rating, Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $65.17.

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.