Commerce Bancshares (NASDAQ:CBSH) Announces Quarterly Earnings Results, Beats Estimates By $0.06 EPS

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

Commerce Bancshares Price Performance

NASDAQ CBSH opened at $53.07 on Thursday. Commerce Bancshares has a 12 month low of $40.91 and a 12 month high of $56.75. The company has a market capitalization of $6.89 billion, a price-to-earnings ratio of 14.80 and a beta of 0.79. The company’s fifty day moving average price is $51.97 and its two-hundred day moving average price is $50.92.

Commerce Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Wednesday, June 5th will be paid a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 2.04%. Commerce Bancshares’s dividend payout ratio (DPR) is 30.12%.

Insider Buying and Selling at Commerce Bancshares

In other news, SVP Patricia R. Kellerhals sold 730 shares of the firm’s stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $54.87, for a total value of $40,055.10. Following the transaction, the senior vice president now directly owns 25,502 shares in the company, valued at approximately $1,399,294.74. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, SVP Patricia R. Kellerhals sold 730 shares of the firm’s stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $54.87, for a total value of $40,055.10. Following the transaction, the senior vice president now directly owns 25,502 shares in the company, valued at approximately $1,399,294.74. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP John K. Handy sold 1,508 shares of the firm’s stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $54.79, for a total transaction of $82,623.32. Following the completion of the transaction, the executive vice president now owns 46,524 shares in the company, valued at $2,549,049.96. The disclosure for this sale can be found here. Insiders have sold 14,321 shares of company stock worth $752,387 in the last ninety days. 3.20% of the stock is owned by insiders.

Institutional Trading of Commerce Bancshares

A number of large investors have recently modified their holdings of the company. Moneta Group Investment Advisors LLC increased its holdings in shares of Commerce Bancshares by 102,920.9% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 133,790,172 shares of the financial services provider’s stock worth $9,107,097,000 after acquiring an additional 133,660,305 shares during the period. Vanguard Group Inc. increased its holdings in shares of Commerce Bancshares by 4.7% in the 4th quarter. Vanguard Group Inc. now owns 12,372,518 shares of the financial services provider’s stock worth $660,816,000 after acquiring an additional 558,017 shares during the period. BlackRock Inc. increased its holdings in shares of Commerce Bancshares by 2.0% in the 1st quarter. BlackRock Inc. now owns 10,934,079 shares of the financial services provider’s stock worth $638,003,000 after acquiring an additional 217,024 shares during the period. State Street Corp increased its stake in Commerce Bancshares by 18.9% during the 2nd quarter. State Street Corp now owns 7,736,375 shares of the financial services provider’s stock valued at $376,761,000 after buying an additional 1,227,825 shares during the period. Finally, Lazard Asset Management LLC increased its stake in Commerce Bancshares by 2.1% during the 1st quarter. Lazard Asset Management LLC now owns 5,304,379 shares of the financial services provider’s stock valued at $379,739,000 after buying an additional 111,594 shares during the period. Institutional investors and hedge funds own 70.26% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on CBSH shares. Bank of America started coverage on shares of Commerce Bancshares in a research report on Thursday, January 11th. They issued a “neutral” rating and a $55.00 price objective for the company. Raymond James raised shares of Commerce Bancshares from a “market perform” rating to an “outperform” rating and set a $61.00 price objective for the company in a research report on Wednesday. Keefe, Bruyette & Woods increased their price objective on shares of Commerce Bancshares from $56.00 to $58.00 and gave the stock a “market perform” rating in a research report on Wednesday. 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 report on Wednesday. Finally, Morgan Stanley upped their target price on shares of Commerce Bancshares from $46.00 to $55.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 7th. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $55.00.

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.