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

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

Commerce Bancshares Trading Up 1.5 %

Shares of NASDAQ CBSH opened at $52.01 on Wednesday. The business has a fifty day simple moving average of $51.92 and a 200 day simple moving average of $50.90. The firm has a market capitalization of $6.76 billion, a price-to-earnings ratio of 14.33 and a beta of 0.79. Commerce Bancshares has a one year low of $40.91 and a one year high of $56.75.

Commerce Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 25th. Investors 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 dividend on an annualized basis and a dividend yield of 2.08%. Commerce Bancshares’s payout ratio is 29.75%.

Analyst Ratings Changes

A number of research analysts recently weighed in on CBSH shares. Keefe, Bruyette & Woods raised their price objective on Commerce Bancshares from $54.00 to $56.00 and gave the company a “market perform” rating in a research note on Friday, January 19th. Morgan Stanley raised their price objective on 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, Bank of America began coverage on Commerce Bancshares in a research note on Thursday, January 11th. They issued a “neutral” rating and a $55.00 price objective on the stock. One research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. According to data from MarketBeat.com, Commerce Bancshares has a consensus rating of “Hold” and a consensus price target of $53.17.

Insider Activity at Commerce Bancshares

In other news, SVP Douglas D. Neff sold 614 shares of the stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $50.25, for a total transaction of $30,853.50. Following the sale, the senior vice president now owns 8,038 shares in the company, valued at $403,909.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Robert S. Holmes sold 5,000 shares of the stock in a transaction on Monday, March 11th. The stock was sold at an average price of $52.66, for a total transaction of $263,300.00. Following the sale, the executive vice president now owns 50,293 shares in the company, valued at $2,648,429.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Douglas D. Neff sold 614 shares of the stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $50.25, for a total value of $30,853.50. Following the sale, the senior vice president now owns 8,038 shares in the company, valued at approximately $403,909.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 14,321 shares of company stock worth $752,387. 3.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Commerce Bancshares

Large investors have recently made changes to their positions in the company. PCA Investment Advisory Services Inc. acquired a new position in Commerce Bancshares in the second quarter valued at about $38,000. Quantbot Technologies LP acquired a new position in Commerce Bancshares in the second quarter valued at about $42,000. Altshuler Shaham Ltd acquired a new position in Commerce Bancshares in the fourth quarter valued at about $47,000. Rockefeller Capital Management L.P. lifted its stake in Commerce Bancshares by 429.4% in the fourth quarter. Rockefeller Capital Management L.P. now owns 863 shares of the financial services provider’s stock valued at $58,000 after buying an additional 700 shares during the period. Finally, Point72 Middle East FZE acquired a new position in Commerce Bancshares in the fourth quarter valued at about $82,000. Institutional investors and hedge funds 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.