Commerce Bancshares (NASDAQ:CBSH) Posts Earnings Results, Beats Expectations By $0.12 EPS

Commerce Bancshares (NASDAQ:CBSH) posted its quarterly earnings data on Wednesday. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.02 by $0.12, RTT News reports. The company had revenue of $445.76 million for the quarter, compared to analyst estimates of $434.11 million. Commerce Bancshares had a net margin of 26.37% and a return on equity of 16.01%. The business’s quarterly revenue was up 7.6% on a year-over-year basis. During the same quarter last year, the firm posted $1.02 earnings per share.

Commerce Bancshares Stock Performance

NASDAQ CBSH opened at $64.27 on Friday. Commerce Bancshares has a 52 week low of $52.69 and a 52 week high of $72.75. The stock has a market capitalization of $8.58 billion, a price-to-earnings ratio of 15.30, a PEG ratio of 2.81 and a beta of 0.59. The stock’s 50 day moving average price is $63.34 and its two-hundred day moving average price is $62.85.

Commerce Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 24th. Stockholders of record on Friday, June 6th were issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 1.71%. The ex-dividend date was Friday, June 6th. Commerce Bancshares’s dividend payout ratio (DPR) is presently 26.63%.

Insider Buying and Selling at Commerce Bancshares

In other news, Director June Mcallister Fowler sold 1,618 shares of the company’s stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $60.72, for a total transaction of $98,244.96. Following the completion of the sale, the director directly owned 3,175 shares in the company, valued at approximately $192,786. This represents a 33.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 3.10% of the company’s stock.

Institutional Trading of Commerce Bancshares

A hedge fund recently raised its stake in Commerce Bancshares stock. Geneos Wealth Management Inc. raised its position in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 85.4% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 469 shares of the financial services provider’s stock after acquiring an additional 216 shares during the period. Geneos Wealth Management Inc.’s holdings in Commerce Bancshares were worth $29,000 as of its most recent filing with the SEC. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Wells Fargo & Company boosted their price target on shares of Commerce Bancshares from $60.00 to $62.00 and gave the company an “equal weight” rating in a report on Thursday, July 10th. Keefe, Bruyette & Woods dropped their target price on Commerce Bancshares from $74.00 to $70.00 and set a “market perform” rating on the stock in a report on Thursday, April 17th. Morgan Stanley increased their price objective on Commerce Bancshares from $58.00 to $61.00 and gave the stock an “equal weight” rating in a report on Tuesday, June 17th. Wall Street Zen cut Commerce Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, May 21st. Finally, Bank of America increased their price objective on Commerce Bancshares from $69.00 to $71.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 24th. One analyst has rated the stock with a sell rating and six have issued a hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $66.80.

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.