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

Commerce Bancshares (NASDAQ:CBSH) posted its earnings results on Tuesday. The financial services provider reported $0.86 EPS for the quarter, beating the consensus estimate of $0.80 by $0.06, RTT News reports. Commerce Bancshares had a return on equity of 16.78% and a net margin of 23.33%. The firm had revenue of $397.80 million for the quarter, compared to analysts’ expectations of $389.49 million. During the same period last year, the firm earned $0.90 EPS. The firm’s revenue was up 2.2% compared to the same quarter last year.

Commerce Bancshares Trading Up 2.0 %

Shares of NASDAQ:CBSH opened at $53.07 on Thursday. Commerce Bancshares has a 1 year low of $40.91 and a 1 year high of $56.75. The business has a fifty day simple moving average of $51.97 and a 200 day simple moving average of $50.92. The firm has a market cap of $6.89 billion, a price-to-earnings ratio of 14.80 and a beta of 0.79.

Commerce Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 18th. Stockholders of record on Wednesday, June 5th will be given a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 2.04%. Commerce Bancshares’s dividend payout ratio (DPR) is presently 30.12%.

Insider Buying and Selling

In other Commerce Bancshares news, SVP Douglas D. Neff sold 614 shares of the firm’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $50.25, for a total transaction of $30,853.50. Following the transaction, the senior vice president now directly owns 8,038 shares in the company, valued at $403,909.50. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, SVP Douglas D. Neff sold 614 shares of Commerce Bancshares stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $50.25, for a total transaction of $30,853.50. Following the sale, the senior vice president now directly owns 8,038 shares of the company’s stock, valued at $403,909.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Benjamin F. Rassieur III sold 1,785 shares of Commerce Bancshares stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $53.83, for a total value of $96,086.55. Following the sale, the director now directly owns 33,567 shares in the company, valued at $1,806,911.61. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 14,321 shares of company stock worth $752,387. Corporate insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. Price T Rowe Associates Inc. MD raised its position in Commerce Bancshares by 13.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 60,878 shares of the financial services provider’s stock worth $3,253,000 after purchasing an additional 7,430 shares during the last quarter. GSA Capital Partners LLP acquired a new position in shares of Commerce Bancshares in the 4th quarter valued at $1,030,000. Public Employees Retirement System of Ohio boosted its stake in Commerce Bancshares by 8.1% in the 4th quarter. Public Employees Retirement System of Ohio now owns 51,461 shares of the financial services provider’s stock worth $2,749,000 after purchasing an additional 3,846 shares during the period. Mercer Global Advisors Inc. ADV boosted its stake in Commerce Bancshares by 6.0% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 25,332 shares of the financial services provider’s stock worth $1,353,000 after purchasing an additional 1,426 shares during the period. Finally, Moneta Group Investment Advisors LLC boosted its stake in Commerce Bancshares by 9.0% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 134,879 shares of the financial services provider’s stock worth $7,204,000 after purchasing an additional 11,089 shares during the period. Institutional investors own 70.26% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Keefe, Bruyette & Woods increased their price target on Commerce Bancshares from $56.00 to $58.00 and gave the company a “market perform” rating in a research note on Wednesday. Morgan Stanley increased their price target on Commerce Bancshares from $46.00 to $55.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 7th. Piper Sandler increased their price target on Commerce Bancshares from $53.00 to $54.00 and gave the company a “neutral” rating in a research note on Wednesday. Bank of America assumed coverage on Commerce Bancshares in a research note on Thursday, January 11th. They set a “neutral” rating and a $55.00 price target for the company. Finally, StockNews.com raised Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Wednesday. Six equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, Commerce Bancshares has an average rating of “Hold” and a consensus target price 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.