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

Commerce Bancshares (NASDAQ:CBSH) released its quarterly earnings data 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. The business had revenue of $397.80 million for the quarter, compared to the consensus estimate of $389.49 million. Commerce Bancshares had a net margin of 23.33% and a return on equity of 16.78%. The business’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.90 EPS.

Commerce Bancshares Stock Performance

NASDAQ:CBSH opened at $53.07 on Thursday. The company has a fifty day moving average of $51.97 and a two-hundred day moving average of $50.92. The stock has a market capitalization of $6.89 billion, a PE ratio of 14.80 and a beta of 0.79. Commerce Bancshares has a fifty-two week low of $40.91 and a fifty-two week high of $56.75.

Commerce Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Investors of record on Wednesday, June 5th will be issued 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 presently 30.12%.

Insiders Place Their Bets

In other Commerce Bancshares news, SVP Patricia R. Kellerhals sold 730 shares of the company’s stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $54.87, for a total transaction of $40,055.10. Following the completion of the transaction, the senior vice president now directly owns 25,502 shares in the company, valued at $1,399,294.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Commerce Bancshares news, SVP Patricia R. Kellerhals sold 730 shares of the company’s stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $54.87, for a total transaction of $40,055.10. Following the completion of the transaction, the senior vice president now directly owns 25,502 shares in the company, valued at $1,399,294.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP David L. Roller sold 1,392 shares of the company’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $50.62, for a total transaction of $70,463.04. Following the transaction, the senior vice president now owns 30,949 shares of the company’s stock, valued at $1,566,638.38. 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. Company insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Commerce Bancshares

A number of hedge funds have recently modified their holdings of CBSH. Raymond James & Associates raised its position in shares of Commerce Bancshares by 8.6% in the first quarter. Raymond James & Associates now owns 58,372 shares of the financial services provider’s stock valued at $4,179,000 after buying an additional 4,611 shares during the last quarter. HighTower Advisors LLC raised its position in shares of Commerce Bancshares by 14.7% in the first quarter. HighTower Advisors LLC now owns 9,253 shares of the financial services provider’s stock valued at $659,000 after buying an additional 1,188 shares during the last quarter. Natixis Advisors L.P. raised its position in shares of Commerce Bancshares by 27.2% in the first quarter. Natixis Advisors L.P. now owns 25,339 shares of the financial services provider’s stock valued at $1,814,000 after buying an additional 5,417 shares during the last quarter. Great West Life Assurance Co. Can raised its position in shares of Commerce Bancshares by 7.7% in the first quarter. Great West Life Assurance Co. Can now owns 59,984 shares of the financial services provider’s stock valued at $4,414,000 after buying an additional 4,310 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Commerce Bancshares by 1.2% in the first quarter. Dimensional Fund Advisors LP now owns 1,110,800 shares of the financial services provider’s stock valued at $79,527,000 after buying an additional 12,655 shares during the last quarter. 70.26% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Piper Sandler upped their price objective on shares of Commerce Bancshares from $53.00 to $54.00 and gave the company a “neutral” rating in a report on Wednesday. Keefe, Bruyette & Woods upped their price objective on shares of Commerce Bancshares from $56.00 to $58.00 and gave the company a “market perform” rating in a report on Wednesday. Raymond James raised shares of Commerce Bancshares from a “market perform” rating to an “outperform” rating and set a $61.00 price objective on the stock in a report on Wednesday. Bank of America assumed coverage on shares of Commerce Bancshares in a report on Thursday, January 11th. They set a “neutral” rating and a $55.00 price target on the stock. Finally, StockNews.com raised shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Wednesday. Six investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, Commerce Bancshares has an average rating of “Hold” and an average price target of $55.00.

Commerce Bancshares Company Profile

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.