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

Commerce Bancshares (NASDAQ:CBSH) announced its quarterly earnings results on Tuesday. The financial services provider reported $0.96 earnings per share for the quarter, topping analysts’ consensus estimates of $0.84 by $0.12, Zacks reports. Commerce Bancshares had a return on equity of 15.34% and a net margin of 26.51%.

Commerce Bancshares Price Performance

Shares of NASDAQ:CBSH opened at $51.40 on Tuesday. Commerce Bancshares has a 12 month low of $46.99 and a 12 month high of $63.19. The stock has a market cap of $7.55 billion, a price-to-earnings ratio of 12.27, a PEG ratio of 3.68 and a beta of 0.60. The stock’s 50 day moving average price is $50.61 and its 200 day moving average price is $51.91.

Commerce Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 24th. Stockholders of record on Friday, March 6th were paid a $0.275 dividend. The ex-dividend date of this dividend was Friday, March 6th. This represents a $1.10 annualized dividend and a dividend yield of 2.1%. Commerce Bancshares’s dividend payout ratio is presently 26.25%.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Morgan Stanley dropped their price target on Commerce Bancshares from $67.00 to $65.00 and set an “equal weight” rating on the stock in a research report on Monday, March 2nd. Wells Fargo & Company dropped their price target on Commerce Bancshares from $60.00 to $53.00 and set an “equal weight” rating on the stock in a research report on Monday, March 30th. Weiss Ratings reiterated a “hold (c)” rating on shares of Commerce Bancshares in a research report on Friday, March 27th. Keefe, Bruyette & Woods dropped their price target on Commerce Bancshares from $56.00 to $54.00 and set a “market perform” rating on the stock in a research report on Thursday, April 9th. Finally, Zacks Research raised Commerce Bancshares from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 4th. One research analyst has rated the stock with a Buy rating and eight have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $60.47.

Insider Activity

In other news, Director Timothy S. Dunn bought 2,500 shares of the company’s stock in a transaction that occurred on Friday, March 13th. The shares were purchased at an average price of $47.71 per share, with a total value of $119,275.00. Following the completion of the acquisition, the director directly owned 5,403 shares in the company, valued at approximately $257,777.13. This trade represents a 86.12% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO John W. Kemper sold 23,397 shares of the business’s stock in a transaction that occurred on Thursday, February 5th. The stock was sold at an average price of $53.99, for a total value of $1,263,204.03. Following the sale, the chief executive officer directly owned 206,528 shares in the company, valued at approximately $11,150,446.72. The trade was a 10.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 29,477 shares of company stock valued at $1,586,655 over the last 90 days. Corporate insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Commerce Bancshares

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CBSH. Geneos Wealth Management Inc. raised its holdings in Commerce Bancshares by 85.4% during the first quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 216 shares in the last quarter. Invesco Ltd. raised its holdings in Commerce Bancshares by 2.0% during the second quarter. Invesco Ltd. now owns 865,052 shares of the financial services provider’s stock worth $53,780,000 after purchasing an additional 16,610 shares in the last quarter. Cresset Asset Management LLC raised its holdings in Commerce Bancshares by 3.0% during the second quarter. Cresset Asset Management LLC now owns 10,151 shares of the financial services provider’s stock worth $631,000 after purchasing an additional 300 shares in the last quarter. Jump Financial LLC bought a new stake in Commerce Bancshares during the second quarter worth approximately $376,000. Finally, California Public Employees Retirement System grew its position in Commerce Bancshares by 4.8% in the second quarter. California Public Employees Retirement System now owns 208,148 shares of the financial services provider’s stock worth $12,941,000 after buying an additional 9,483 shares during the last quarter. Institutional investors own 70.26% of the company’s stock.

About Commerce Bancshares

Commerce Bancshares, Inc is a bank holding company primarily engaged in providing a broad range of banking and financial services across the Midwest. Through its principal subsidiary, Commerce Bank, the company offers commercial and consumer banking, treasury management, trust and wealth advisory, and mortgage lending. Its diversified product suite includes deposit and loan products, cash management solutions, capital markets services, and private banking designed to meet the needs of individuals, small businesses, and large corporations.

The company’s commercial banking group delivers tailored credit facilities, equipment and inventory financing, asset-based lending, and merchant services.