Commerce Bancshares (NASDAQ:CBSH) Trading 2.7% Higher Following Better-Than-Expected Earnings

Commerce Bancshares, Inc. (NASDAQ:CBSH)’s stock price traded up 2.7% during mid-day trading on Tuesday following a better than expected earnings announcement. The stock traded as high as $52.62 and last traded at $52.59. 132,033 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 473,841 shares. The stock had previously closed at $51.23.

The financial services provider reported $0.86 EPS for the quarter, topping the consensus estimate of $0.80 by $0.06. The firm had revenue of $397.80 million for the quarter, compared to analyst estimates of $389.49 million. Commerce Bancshares had a return on equity of 17.46% and a net margin of 24.41%. Commerce Bancshares’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.90 EPS.

Commerce Bancshares Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 18th. Stockholders of record on Wednesday, June 5th will be given a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.04%. Commerce Bancshares’s payout ratio is currently 29.75%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on CBSH. Bank of America started 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 on the stock. Raymond James upgraded Commerce Bancshares from a “market perform” rating to an “outperform” rating and set a $61.00 target price for the company in a research note on Wednesday. Keefe, Bruyette & Woods boosted their price target on Commerce Bancshares from $56.00 to $58.00 and gave the stock a “market perform” rating in a research note on Wednesday. StockNews.com raised Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Wednesday. Finally, Piper Sandler lifted their price objective on Commerce Bancshares from $53.00 to $54.00 and gave the stock a “neutral” rating in a report on Wednesday. Six analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $55.00.

Insider Transactions at Commerce Bancshares

In related news, EVP John K. Handy sold 1,508 shares of Commerce Bancshares stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $54.79, for a total value of $82,623.32. Following the completion of the transaction, the executive vice president now directly owns 46,524 shares in the company, valued at $2,549,049.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Commerce Bancshares news, EVP John K. Handy sold 1,508 shares of the stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $54.79, for a total transaction of $82,623.32. Following the sale, the executive vice president now directly owns 46,524 shares of the company’s stock, valued at $2,549,049.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Patricia R. Kellerhals sold 730 shares of the firm’s stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $54.87, for a total transaction of $40,055.10. Following the completion of the transaction, the senior vice president now owns 25,502 shares in the company, valued at $1,399,294.74. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 14,321 shares of company stock valued at $752,387. Insiders own 3.10% of the company’s stock.

Hedge Funds Weigh In On Commerce Bancshares

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BKM Wealth Management LLC acquired a new stake in shares of Commerce Bancshares during the 4th quarter worth approximately $29,000. Creative Financial Designs Inc. ADV bought a new position in Commerce Bancshares during the 4th quarter worth $35,000. PCA Investment Advisory Services Inc. acquired a new stake in Commerce Bancshares in the second quarter worth $38,000. Quantbot Technologies LP bought a new stake in Commerce Bancshares in the second quarter valued at $42,000. Finally, Clarity Asset Management Inc. acquired a new position in shares of Commerce Bancshares during the fourth quarter valued at $43,000. 70.26% of the stock is currently owned by institutional investors and hedge funds.

Commerce Bancshares Stock Up 2.0 %

The firm’s 50-day moving average price is $51.97 and its 200 day moving average price is $50.92. The firm has a market cap of $6.89 billion, a P/E ratio of 14.62 and a beta of 0.79.

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.