Commerce Bancshares, Inc. (NASDAQ:CBSH) Forecasted to Post Q2 2024 Earnings of $0.84 Per Share

Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) - Zacks Research raised their Q2 2024 earnings estimates for shares of Commerce Bancshares in a research report issued to clients and investors on Tuesday, May 7th. Zacks Research analyst R. Department now forecasts that the financial services provider will earn $0.84 per share for the quarter, up from their prior estimate of $0.80. The consensus estimate for Commerce Bancshares' current full-year earnings is $3.48 per share. Zacks Research also issued estimates for Commerce Bancshares' Q3 2024 earnings at $0.85 EPS, Q4 2024 earnings at $0.84 EPS, FY2024 earnings at $3.39 EPS, Q1 2025 earnings at $0.79 EPS, Q2 2025 earnings at $0.83 EPS, Q3 2025 earnings at $0.86 EPS, FY2025 earnings at $3.36 EPS, Q1 2026 earnings at $0.88 EPS and FY2026 earnings at $3.57 EPS.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last posted its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.86 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.80 by $0.06. The firm had revenue of $397.80 million for the quarter, compared to analysts' expectations of $389.49 million. Commerce Bancshares had a return on equity of 16.78% and a net margin of 23.33%. The company's revenue for the quarter was up 2.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.90 EPS.

Other analysts have also issued reports about the company. StockNews.com raised Commerce Bancshares from a "sell" rating to a "hold" rating in a research report on Wednesday, April 17th. Raymond James upgraded Commerce Bancshares from a "market perform" rating to an "outperform" rating and set a $61.00 target price on the stock in a report on Wednesday, April 17th. Bank of America initiated coverage on shares of Commerce Bancshares in a research note on Thursday, January 11th. They set a "neutral" rating and a $55.00 price target for the company. Morgan Stanley raised their price objective on shares of Commerce Bancshares from $46.00 to $55.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 7th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Commerce Bancshares from $56.00 to $58.00 and gave the stock a "market perform" rating in a research report on Wednesday, April 17th. Six investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $55.00.

Commerce Bancshares Stock Up 1.2 %

CBSH traded up $0.67 during midday trading on Thursday, hitting $57.08. The company had a trading volume of 490,735 shares, compared to its average volume of 480,836. The stock's 50 day moving average price is $53.12 and its 200 day moving average price is $51.73. Commerce Bancshares has a 52 week low of $40.91 and a 52 week high of $57.18. The company has a market capitalization of $7.41 billion, a price-to-earnings ratio of 15.73 and a beta of 0.76.

Institutional Trading of Commerce Bancshares

A number of large investors have recently bought and sold shares of CBSH. BKM Wealth Management LLC purchased a new stake in shares of Commerce Bancshares during the fourth quarter worth $29,000. Creative Financial Designs Inc. ADV purchased a new position in shares of Commerce Bancshares during the 4th quarter valued at $35,000. Clarity Asset Management Inc. bought a new position in shares of Commerce Bancshares in the fourth quarter worth $43,000. Adirondack Trust Co. purchased a new stake in shares of Commerce Bancshares in the third quarter worth $44,000. Finally, Exchange Traded Concepts LLC bought a new stake in Commerce Bancshares during the fourth quarter valued at $55,000. 70.26% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Robert S. Holmes sold 5,000 shares of the company's stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $52.66, for a total value of $263,300.00. Following the completion of the transaction, the executive vice president now directly owns 50,293 shares of the company's stock, valued at $2,648,429.38. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, SVP Douglas D. Neff sold 614 shares of the firm's stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $50.25, for a total transaction of $30,853.50. Following the completion of the sale, the senior vice president now owns 8,038 shares in the company, valued at approximately $403,909.50. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Robert S. Holmes sold 5,000 shares of the company's stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $52.66, for a total value of $263,300.00. Following the completion of the transaction, the executive vice president now owns 50,293 shares in the company, valued at approximately $2,648,429.38. The disclosure for this sale can be found here. Insiders own 3.10% of the company's stock.

Commerce Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Wednesday, June 5th will be paid a $0.27 dividend. The ex-dividend date is Wednesday, June 5th. This represents a $1.08 annualized dividend and a yield of 1.89%. Commerce Bancshares's dividend payout ratio (DPR) is 30.12%.

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.