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

Commerce Bancshares (NASDAQ:CBSH) posted its quarterly earnings data on Thursday. The financial services provider reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.04 by $0.06, Zacks reports. Commerce Bancshares had a net margin of 26.37% and a return on equity of 14.78%.

Commerce Bancshares Stock Up 0.4%

CBSH opened at $58.16 on Thursday. The firm has a market cap of $8.48 billion, a PE ratio of 13.95, a P/E/G ratio of 2.97 and a beta of 0.58. The business has a fifty day simple moving average of $54.55 and a 200-day simple moving average of $52.72. Commerce Bancshares has a fifty-two week low of $46.99 and a fifty-two week high of $62.42.

Commerce Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 23rd. Stockholders of record on Friday, June 5th were paid a dividend of $0.275 per share. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.10 annualized dividend and a dividend yield of 1.9%. Commerce Bancshares’s dividend payout ratio (DPR) is currently 26.38%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Weiss Ratings upgraded Commerce Bancshares from a “hold (c)” rating to a “hold (c+)” rating in a research report on Wednesday, July 8th. Keefe, Bruyette & Woods boosted their price objective on Commerce Bancshares from $56.00 to $57.00 and gave the stock a “market perform” rating in a research note on Wednesday, May 13th. Hovde Group cut their price objective on Commerce Bancshares from $63.00 to $60.00 and set an “outperform” rating for the company in a report on Wednesday, April 22nd. Stephens assumed coverage on Commerce Bancshares in a research note on Wednesday. They set an “equal weight” rating and a $62.00 target price for the company. Finally, Wall Street Zen raised Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Sunday. Two analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $59.14.

Institutional Investors Weigh In On Commerce Bancshares

Several hedge funds have recently modified their holdings of the stock. Hsbc Holdings PLC boosted its position in shares of Commerce Bancshares by 231.1% in the 4th quarter. Hsbc Holdings PLC now owns 245,229 shares of the financial services provider’s stock valued at $12,871,000 after purchasing an additional 171,159 shares during the period. Invesco Ltd. lifted its stake in Commerce Bancshares by 12.1% during the fourth quarter. Invesco Ltd. now owns 404,232 shares of the financial services provider’s stock valued at $21,157,000 after buying an additional 43,608 shares in the last quarter. Axxcess Wealth Management LLC lifted its stake in Commerce Bancshares by 5.5% during the fourth quarter. Axxcess Wealth Management LLC now owns 13,921 shares of the financial services provider’s stock valued at $729,000 after buying an additional 727 shares in the last quarter. Corient Private Wealth LLC boosted its holdings in shares of Commerce Bancshares by 3.5% in the fourth quarter. Corient Private Wealth LLC now owns 13,356 shares of the financial services provider’s stock worth $683,000 after buying an additional 449 shares during the period. Finally, Mercer Global Advisors Inc. ADV boosted its holdings in shares of Commerce Bancshares by 31.5% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 34,143 shares of the financial services provider’s stock worth $1,787,000 after buying an additional 8,178 shares during the period. 70.26% of the stock is owned by hedge funds and other institutional investors.

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.