Commerce Bancshares (NASDAQ:CBSH) Releases Quarterly Earnings Results, Beats Estimates By $0.05 EPS

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) issued its quarterly earnings results on Wednesday. The financial services provider reported $0.98 earnings per share for the quarter, topping analysts' consensus estimates of $0.93 by $0.05, Zacks reports. Commerce Bancshares had a return on equity of 16.31% and a net margin of 25.24%. The company had revenue of $428.05 million for the quarter, compared to analyst estimates of $417.85 million.

Commerce Bancshares Stock Performance

Shares of CBSH stock traded down $0.73 during trading hours on Monday, hitting $59.17. 168,743 shares of the company were exchanged, compared to its average volume of 586,329. The stock has a market capitalization of $7.93 billion, a price-to-earnings ratio of 14.76, a P/E/G ratio of 2.13 and a beta of 0.71. Commerce Bancshares has a one year low of $49.97 and a one year high of $72.75. The business's 50-day simple moving average is $61.53 and its two-hundred day simple moving average is $64.19.

Commerce Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 25th. Stockholders of record on Friday, March 7th were given a $0.275 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $1.10 annualized dividend and a dividend yield of 1.86%. This is an increase from Commerce Bancshares's previous quarterly dividend of $0.27. Commerce Bancshares's payout ratio is presently 26.63%.

Insider Buying and Selling at Commerce Bancshares

In other Commerce Bancshares news, EVP Kevin G. Barth sold 24,870 shares of the stock in a transaction on Friday, January 24th. The shares were sold at an average price of $66.06, for a total transaction of $1,642,912.20. Following the sale, the executive vice president now directly owns 45,511 shares of the company's stock, valued at approximately $3,006,456.66. This represents a 35.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP David L. Orf sold 1,036 shares of the firm's stock in a transaction dated Wednesday, February 5th. The stock was sold at an average price of $68.24, for a total transaction of $70,696.64. Following the completion of the transaction, the vice president now owns 22,175 shares in the company, valued at approximately $1,513,222. The trade was a 4.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 78,434 shares of company stock worth $5,248,272 over the last quarter. 3.10% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Wells Fargo & Company dropped their price target on shares of Commerce Bancshares from $70.00 to $60.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 9th. Piper Sandler upped their price target on Commerce Bancshares from $65.00 to $66.00 and gave the stock a "neutral" rating in a research note on Thursday. StockNews.com downgraded shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a research report on Thursday. Morgan Stanley upgraded shares of Commerce Bancshares from an "underweight" rating to an "equal weight" rating and reduced their target price for the company from $66.00 to $58.00 in a report on Monday, April 7th. Finally, Keefe, Bruyette & Woods dropped their target price on Commerce Bancshares from $74.00 to $70.00 and set a "market perform" rating on the stock in a report on Thursday. One analyst has rated the stock with a sell rating and six have issued a hold rating to the stock. According to data from MarketBeat, Commerce Bancshares currently has a consensus rating of "Hold" and an average target price of $63.20.

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.