Commerce Bancshares (NASDAQ:CBSH) released its quarterly earnings results on Thursday. The financial services provider reported $1.38 EPS for the quarter, beating analysts' consensus estimates of $1.02 by $0.36, RTT News reports. Commerce Bancshares had a return on equity of 13.09% and a net margin of 31.41%. The firm had revenue of $347.13 million for the quarter, compared to analyst estimates of $350.54 million. During the same quarter in the previous year, the company posted $0.30 EPS. The business's revenue was up 8.3% on a year-over-year basis.
Shares of Commerce Bancshares stock opened at $72.79 on Thursday. Commerce Bancshares has a one year low of $50.50 and a one year high of $83.06. The company's 50-day simple moving average is $75.34. The company has a market cap of $8.52 billion, a price-to-earnings ratio of 20.21 and a beta of 0.96.
CBSH has been the topic of a number of analyst reports. Zacks Investment Research lowered Commerce Bancshares from a "buy" rating to a "hold" rating and set a $82.00 price target on the stock. in a research report on Monday, June 7th. Morgan Stanley upped their price target on Commerce Bancshares from $65.00 to $67.00 and gave the company an "underweight" rating in a research report on Tuesday, April 20th. Finally, Bank of America reiterated an "underperform" rating and issued a $78.00 price target on shares of Commerce Bancshares in a research report on Thursday, April 22nd. Two investment analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. Commerce Bancshares currently has a consensus rating of "Hold" and an average price target of $71.50.
In related news, Director Jonathan M. Kemper sold 5,300 shares of the company's stock in a transaction dated Monday, May 3rd. The stock was sold at an average price of $77.58, for a total transaction of $411,174.00. Following the sale, the director now owns 861,000 shares in the company, valued at approximately $66,796,380. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 3.30% of the stock is owned by corporate insiders.
An institutional investor recently bought a new position in Commerce Bancshares stock. OLD Mission Capital LLC purchased a new position in Commerce Bancshares, Inc. (NASDAQ:CBSH) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,457 shares of the financial services provider's stock, valued at approximately $476,000. Institutional investors own 66.14% 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.
Featured Article: Using other technical indicators with support levels
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected]
Before you consider Commerce Bancshares, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Commerce Bancshares wasn't on the list.
While Commerce Bancshares currently has a "Sell" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The 5 Stocks Here