Commerce Bancshares (NASDAQ:CBSH) Announces Quarterly Earnings Results

Key Points

• Commerce Bancshares (NASDAQ:CBSH) reported quarterly earnings of $1.06 EPS, falling short of the consensus estimate of $1.09 by $0.03.
• The company declared a quarterly dividend of $0.275 per share, equating to an annualized yield of 1.9% and a payout ratio of 26.19%.
• Research analysts have varying outlooks on the stock, with price targets ranging from $65.00 to $71.00, suggesting a general "Hold" rating among analysts.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) announced its earnings results on Thursday. The financial services provider reported $1.06 EPS for the quarter, missing the consensus estimate of $1.09 by ($0.03), Zacks reports. Commerce Bancshares had a return on equity of 16.01% and a net margin of 26.37%.

Commerce Bancshares Stock Performance

Shares of CBSH opened at $56.66 on Thursday. The stock has a 50 day moving average price of $60.24 and a two-hundred day moving average price of $61.37. The firm has a market capitalization of $7.56 billion, a P/E ratio of 13.49, a P/E/G ratio of 7.25 and a beta of 0.59. Commerce Bancshares has a 52 week low of $52.69 and a 52 week high of $72.75.

Commerce Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 23rd. Shareholders of record on Friday, September 5th were issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend was Friday, September 5th. Commerce Bancshares's payout ratio is currently 26.19%.

Wall Street Analysts Forecast Growth

CBSH has been the subject of several research analyst reports. Piper Sandler lifted their price objective on Commerce Bancshares from $66.50 to $70.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Bank of America lifted their price objective on Commerce Bancshares from $69.00 to $71.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 24th. Weiss Ratings reissued a "hold (c+)" rating on shares of Commerce Bancshares in a research report on Wednesday, October 8th. Wells Fargo & Company lowered their price objective on Commerce Bancshares from $69.00 to $65.00 and set an "equal weight" rating for the company in a research report on Monday, September 29th. Finally, Hovde Group started coverage on Commerce Bancshares in a research report on Monday, October 6th. They issued an "outperform" rating and a $70.00 price objective for the company. One analyst has rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Commerce Bancshares presently has an average rating of "Hold" and an average target price of $68.43.

Institutional Trading of Commerce Bancshares

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Geneos Wealth Management Inc. boosted its stake in shares of Commerce Bancshares by 85.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider's stock worth $29,000 after buying an additional 216 shares during the last quarter. Headlands Technologies LLC purchased a new position in shares of Commerce Bancshares in the 2nd quarter worth approximately $59,000. Boothbay Fund Management LLC purchased a new position in shares of Commerce Bancshares in the 2nd quarter worth approximately $222,000. EP Wealth Advisors LLC boosted its stake in shares of Commerce Bancshares by 8.0% in the 2nd quarter. EP Wealth Advisors LLC now owns 4,293 shares of the financial services provider's stock worth $267,000 after buying an additional 319 shares during the last quarter. Finally, Brevan Howard Capital Management LP purchased a new position in shares of Commerce Bancshares in the 2nd quarter worth approximately $314,000. 70.26% of the stock is owned by institutional investors.

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.

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