Commerce Bancshares (NASDAQ:CBSH) Posts Quarterly Earnings Results

Commerce Bancshares (NASDAQ:CBSH) released its earnings results on Tuesday. The financial services provider reported $1.08 earnings per share for the quarter, topping the consensus estimate of $1.07 by $0.01, Zacks reports. Commerce Bancshares had a net margin of 26.07% and a return on equity of 14.31%.

Commerce Bancshares Price Performance

NASDAQ CBSH opened at $55.11 on Tuesday. The company has a 50 day simple moving average of $57.08 and a 200-day simple moving average of $55.41. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.82 and a quick ratio of 0.82. The firm has a market capitalization of $7.90 billion, a price-to-earnings ratio of 13.34, a price-to-earnings-growth ratio of 1.70 and a beta of 0.60. Commerce Bancshares has a 52-week low of $46.99 and a 52-week high of $60.92.

Commerce Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 22nd. Stockholders of record on Friday, September 4th were issued a $0.2750 dividend. The ex-dividend date was Friday, September 4th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.0%. Commerce Bancshares’s dividend payout ratio is currently 26.63%.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. TD Cowen restated a “hold” rating and issued a $63.00 price target (up from $62.00) on shares of Commerce Bancshares in a research report on Friday, July 17th. Keefe, Bruyette & Woods lifted their price objective on shares of Commerce Bancshares from $60.00 to $62.00 and gave the stock a “market perform” rating in a research report on Monday, July 20th. Wall Street Zen raised shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Sunday, October 11th. Morgan Stanley increased their target price on Commerce Bancshares from $76.00 to $77.00 and gave the company an “overweight” rating in a report on Monday, September 28th. Finally, Stephens set a $64.00 target price on Commerce Bancshares and gave the stock an “equal weight” rating in a research report on Friday, July 17th. Three analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $64.29.

Insider Buying and Selling at Commerce Bancshares

In related news, CEO John Kemper sold 5,830 shares of the business’s stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $60.58, for a total transaction of $353,181.40. Following the transaction, the chief executive officer directly owned 206,528 shares of the company’s stock, valued at approximately $12,511,466.24. The trade was a 2.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP David Orf sold 642 shares of the business’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $60.35, for a total transaction of $38,744.70. Following the transaction, the vice president directly owned 24,962 shares in the company, valued at $1,506,456.70. The trade was a 2.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 32,950 shares of company stock valued at $1,963,777 in the last 90 days. Corporate insiders own 1.80% of the company’s stock.

About Commerce Bancshares

Commerce Bancshares, Inc is a financial holding company headquartered in Kansas City, Missouri. Founded in 1865, the company operates Commerce Bank, which provides banking and related financial services to individuals, businesses, institutions and government entities.

Commerce Bank offers deposit accounts, consumer and commercial lending, mortgages, treasury and payment services, credit cards, investment management, trust services and institutional banking solutions. Its businesses also include capital markets and brokerage services, supporting corporate, municipal and institutional clients.

The bank serves customers primarily through a regional network spanning Missouri, Kansas, Illinois, Oklahoma and Colorado, along with digital banking channels.