Commerce Bancshares (NASDAQ:CBSH) Posts Earnings Results, Beats Expectations By $0.12 EPS

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) released its earnings results on Wednesday. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.02 by $0.12, RTT News reports. Commerce Bancshares had a net margin of 26.37% and a return on equity of 16.01%. The firm had revenue of $445.76 million during the quarter, compared to the consensus estimate of $434.11 million. During the same period in the previous year, the firm earned $1.02 earnings per share. Commerce Bancshares's revenue was up 7.6% compared to the same quarter last year.

Commerce Bancshares Stock Performance

Shares of NASDAQ CBSH traded up $0.06 during mid-day trading on Friday, reaching $64.33. The company had a trading volume of 294,315 shares, compared to its average volume of 623,021. The stock has a fifty day moving average of $63.34 and a two-hundred day moving average of $62.85. The company has a market capitalization of $8.58 billion, a price-to-earnings ratio of 15.32, a PEG ratio of 2.81 and a beta of 0.59. Commerce Bancshares has a 12-month low of $52.69 and a 12-month high of $72.75.

Commerce Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 24th. Stockholders of record on Friday, June 6th were given a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.71%. The ex-dividend date of this dividend was Friday, June 6th. Commerce Bancshares's dividend payout ratio (DPR) is 26.63%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on CBSH shares. Wall Street Zen cut shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. Wells Fargo & Company boosted their target price on shares of Commerce Bancshares from $60.00 to $62.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 10th. Piper Sandler reaffirmed a "neutral" rating and issued a $70.00 price target (up from $66.50) on shares of Commerce Bancshares in a report on Thursday. Morgan Stanley upped their price target on shares of Commerce Bancshares from $58.00 to $61.00 and gave the company an "equal weight" rating in a report on Tuesday, June 17th. Finally, Keefe, Bruyette & Woods cut their price target on shares of Commerce Bancshares from $74.00 to $70.00 and set a "market perform" rating on the stock in a report on Thursday, April 17th. One equities research analyst has rated the stock with a sell rating and six have assigned a hold rating to the company. According to data from MarketBeat, Commerce Bancshares has an average rating of "Hold" and an average target price of $66.80.

Insider Buying and Selling

In related news, Director June Mcallister Fowler sold 1,618 shares of the stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $60.72, for a total value of $98,244.96. Following the transaction, the director owned 3,175 shares in the company, valued at approximately $192,786. This represents a 33.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 3.10% of the company's stock.

Institutional Investors Weigh In On Commerce Bancshares

A hedge fund recently raised its stake in Commerce Bancshares stock. Geneos Wealth Management Inc. increased its position in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 85.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 469 shares of the financial services provider's stock after purchasing an additional 216 shares during the quarter. Geneos Wealth Management Inc.'s holdings in Commerce Bancshares were worth $29,000 at the end of the most recent quarter. Hedge funds and other institutional investors own 70.26% of the company's stock.

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.