Commerce Bancshares (NASDAQ:CBSH) Posts Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Commerce Bancshares (NASDAQ:CBSH) posted its quarterly earnings data on Tuesday. The financial services provider reported $0.86 EPS for the quarter, beating the consensus estimate of $0.80 by $0.06, RTT News reports. Commerce Bancshares had a net margin of 24.41% and a return on equity of 17.46%. The business had revenue of $397.80 million during the quarter, compared to analyst estimates of $389.49 million. During the same quarter last year, the firm posted $0.90 earnings per share. The business’s revenue for the quarter was up 2.2% compared to the same quarter last year.

Commerce Bancshares Stock Performance

Shares of CBSH opened at $52.01 on Wednesday. The stock has a market capitalization of $6.76 billion, a P/E ratio of 14.33 and a beta of 0.79. The company’s fifty day moving average is $51.92 and its two-hundred day moving average is $50.90. Commerce Bancshares has a 1 year low of $40.91 and a 1 year high of $56.75.

Commerce Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 25th. Shareholders of record on Thursday, March 7th were paid a $0.27 dividend. The ex-dividend date was Wednesday, March 6th. This represents a $1.08 annualized dividend and a yield of 2.08%. Commerce Bancshares’s dividend payout ratio is currently 29.75%.

Insider Buying and Selling at Commerce Bancshares

In other Commerce Bancshares news, Director Benjamin F. Rassieur III sold 1,785 shares of the business’s stock in a transaction on Monday, January 29th. The shares were sold at an average price of $53.83, for a total transaction of $96,086.55. Following the sale, the director now directly owns 33,567 shares in the company, valued at approximately $1,806,911.61. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Commerce Bancshares news, Director Benjamin F. Rassieur III sold 1,785 shares of the business’s stock in a transaction on Monday, January 29th. The shares were sold at an average price of $53.83, for a total transaction of $96,086.55. Following the sale, the director now directly owns 33,567 shares in the company, valued at approximately $1,806,911.61. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John K. Handy sold 1,508 shares of the business’s stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $54.79, for a total transaction of $82,623.32. Following the sale, the executive vice president now owns 46,524 shares in the company, valued at $2,549,049.96. The disclosure for this sale can be found here. In the last three months, insiders have sold 14,321 shares of company stock valued at $752,387. 3.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Commerce Bancshares

Several institutional investors and hedge funds have recently made changes to their positions in CBSH. Raymond James & Associates lifted its holdings in Commerce Bancshares by 8.6% in the 1st quarter. Raymond James & Associates now owns 58,372 shares of the financial services provider’s stock valued at $4,179,000 after purchasing an additional 4,611 shares in the last quarter. HighTower Advisors LLC lifted its holdings in Commerce Bancshares by 14.7% in the 1st quarter. HighTower Advisors LLC now owns 9,253 shares of the financial services provider’s stock valued at $659,000 after purchasing an additional 1,188 shares in the last quarter. Natixis Advisors L.P. lifted its holdings in Commerce Bancshares by 27.2% in the 1st quarter. Natixis Advisors L.P. now owns 25,339 shares of the financial services provider’s stock valued at $1,814,000 after purchasing an additional 5,417 shares in the last quarter. Great West Life Assurance Co. Can lifted its holdings in Commerce Bancshares by 7.7% in the 1st quarter. Great West Life Assurance Co. Can now owns 59,984 shares of the financial services provider’s stock valued at $4,414,000 after purchasing an additional 4,310 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Commerce Bancshares by 1.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,110,800 shares of the financial services provider’s stock valued at $79,527,000 after purchasing an additional 12,655 shares in the last quarter. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CBSH has been the subject of a number of recent research reports. Bank of America initiated coverage on shares of Commerce Bancshares in a research note on Thursday, January 11th. They issued a “neutral” rating and a $55.00 price target for the company. Morgan Stanley lifted their price target on shares of Commerce Bancshares from $46.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 7th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of Commerce Bancshares from $54.00 to $56.00 and gave the stock a “market perform” rating in a research note on Friday, January 19th. One equities research analyst has rated the stock with a sell rating and five have given a hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $53.17.

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.