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

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) released its quarterly earnings results on Wednesday. The financial services provider reported $1.14 EPS for the quarter, topping 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 business had revenue of $445.76 million during the quarter, compared to analysts' expectations of $434.11 million. During the same quarter in the previous year, the company earned $1.02 EPS. The business's quarterly revenue was up 7.6% compared to the same quarter last year.

Commerce Bancshares Trading Up 0.6%

NASDAQ CBSH traded up $0.36 during trading on Friday, hitting $64.63. The company had a trading volume of 1,375,221 shares, compared to its average volume of 623,491. Commerce Bancshares has a one year low of $52.69 and a one year high of $72.75. The company has a market cap of $8.62 billion, a price-to-earnings ratio of 15.39, a price-to-earnings-growth ratio of 2.78 and a beta of 0.59. The company's fifty day moving average is $63.37 and its 200-day moving average is $62.87.

Commerce Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 24th. Shareholders of record on Friday, June 6th were issued a $0.275 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.10 annualized dividend and a yield of 1.70%. Commerce Bancshares's dividend payout ratio (DPR) is presently 26.63%.

Analyst Ratings Changes

CBSH has been the subject of a number of recent analyst reports. 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. Bank of America upped their price target on shares of Commerce Bancshares from $69.00 to $71.00 and gave the company a "neutral" rating in a report on Tuesday, June 24th. Wells Fargo & Company upped their price target on shares of Commerce Bancshares from $60.00 to $62.00 and gave the company an "equal weight" rating in a report on Thursday, July 10th. Piper Sandler reiterated a "neutral" rating and set a $70.00 price target (up from $66.50) on shares of Commerce Bancshares in a report on Thursday. Finally, Wall Street Zen lowered shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. One investment analyst has rated the stock with a sell rating and six have issued a hold rating to the company's stock. According to MarketBeat.com, Commerce Bancshares has an average rating of "Hold" and a consensus price target of $66.80.

Insider Activity

In related news, Director June Mcallister Fowler sold 1,618 shares of the stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $60.72, for a total value of $98,244.96. Following the completion of the transaction, the director directly owned 3,175 shares in the company, valued at $192,786. This trade represents a 33.76% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.10% of the stock is currently owned by insiders.

Institutional Trading of Commerce Bancshares

An institutional investor recently raised its position in Commerce Bancshares stock. Geneos Wealth Management Inc. boosted its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 85.4% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund 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 reporting period. Hedge funds and other institutional investors own 70.26% of the company's stock.

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.