Commerce Bancshares, Inc. (NASDAQ:CBSH) posted its earnings results on Thursday. The financial services provider reported $0.71 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.74 by ($0.03), Bloomberg Earnings reports. The business had revenue of $304.83 million for the quarter, compared to analyst estimates of $317.28 million. Commerce Bancshares had a return on equity of 12.01% and a net margin of 23.79%. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period last year, the company posted $0.68 EPS.
Shares of Commerce Bancshares (NASDAQ CBSH) opened at 56.68 on Friday. The firm has a 50-day moving average of $55.98 and a 200 day moving average of $55.96. The firm has a market cap of $5.76 billion, a P/E ratio of 20.54 and a beta of 0.83. Commerce Bancshares has a 12 month low of $45.37 and a 12 month high of $60.61.
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 25th. Shareholders of record on Friday, September 8th were given a $0.225 dividend. This represents a $0.90 annualized dividend and a yield of 1.59%. The ex-dividend date of this dividend was Thursday, September 7th. Commerce Bancshares’s dividend payout ratio (DPR) is 32.64%.
In related news, Chairman David W. Kemper sold 10,132 shares of the business’s stock in a transaction that occurred on Friday, July 21st. The stock was sold at an average price of $57.83, for a total value of $585,933.56. Following the completion of the sale, the chairman now directly owns 1,270,757 shares in the company, valued at approximately $73,487,877.31. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director John R. Capps sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $54.82, for a total value of $548,200.00. Following the completion of the sale, the director now owns 12,828 shares of the company’s stock, valued at $703,230.96. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 20,819 shares of company stock valued at $1,174,728. Corporate insiders own 4.30% of the company’s stock.
CBSH has been the subject of a number of research analyst reports. BidaskClub downgraded shares of Commerce Bancshares from a “hold” rating to a “sell” rating in a research report on Saturday, June 24th. Zacks Investment Research raised shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Monday, July 10th. Barclays PLC reissued an “equal weight” rating and set a $54.00 target price (down previously from $55.00) on shares of Commerce Bancshares in a research report on Wednesday, July 12th. Wells Fargo & Company reissued a “market perform” rating and set a $53.00 target price (up previously from $51.00) on shares of Commerce Bancshares in a research report on Friday, July 14th. Finally, Jefferies Group LLC reissued a “hold” rating and set a $61.00 target price on shares of Commerce Bancshares in a research report on Friday, July 14th. Five investment analysts have rated the stock with a sell rating and six have given a hold rating to the company. The company has an average rating of “Hold” and a consensus price target of $56.63.
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Commerce Bancshares Company Profile
Commerce Bancshares, Inc is a bank holding company of Commerce Bank (the Bank). The Bank is engaged in general banking business, providing a range of retail, mortgage banking, corporate, investment, trust and asset management products and services to individuals and businesses. The Company operates through three segments: Consumer, Commercial and Wealth.
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