Zacks Research Comments on Commerce Bancshares, Inc.’s Q2 2024 Earnings (NASDAQ:CBSH)

Commerce Bancshares, Inc. (NASDAQ:CBSH) – Investment analysts at Zacks Research lifted their Q2 2024 earnings per share estimates for Commerce Bancshares in a research note issued to investors on Wednesday, June 26th. Zacks Research analyst R. Department now anticipates that the financial services provider will earn $0.86 per share for the quarter, up from their previous forecast of $0.85. The consensus estimate for Commerce Bancshares’ current full-year earnings is $3.57 per share. Zacks Research also issued estimates for Commerce Bancshares’ Q3 2024 earnings at $0.87 EPS, Q4 2024 earnings at $0.87 EPS, FY2024 earnings at $3.45 EPS, Q1 2025 earnings at $0.84 EPS, Q2 2025 earnings at $0.86 EPS, Q3 2025 earnings at $0.90 EPS, Q4 2025 earnings at $0.94 EPS, FY2025 earnings at $3.54 EPS, Q1 2026 earnings at $0.92 EPS and FY2026 earnings at $3.78 EPS.

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

Several other equities research analysts have also recently weighed in on CBSH. 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 report on Wednesday, April 17th. StockNews.com raised Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Wednesday, April 17th. Piper Sandler lifted their target price on shares of Commerce Bancshares from $53.00 to $54.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 17th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Commerce Bancshares from $58.00 to $60.00 and gave the company a “market perform” rating in a research report on Friday, May 10th. Six analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, Commerce Bancshares presently has a consensus rating of “Hold” and an average target price of $55.29.

Commerce Bancshares Stock Up 2.0 %

NASDAQ CBSH opened at $55.78 on Friday. The company has a 50-day simple moving average of $55.10 and a two-hundred day simple moving average of $53.49. Commerce Bancshares has a 12-month low of $40.91 and a 12-month high of $57.48. The firm has a market cap of $7.23 billion, a price-to-earnings ratio of 15.56, a PEG ratio of 1.78 and a beta of 0.76.

Commerce Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 18th. Investors of record on Wednesday, June 5th were issued a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 1.94%. The ex-dividend date was Wednesday, June 5th. Commerce Bancshares’s dividend payout ratio (DPR) is currently 30.12%.

Insider Buying and Selling at Commerce Bancshares

In other news, CEO John W. Kemper sold 26,581 shares of the firm’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $56.77, for a total value of $1,509,003.37. Following the completion of the sale, the chief executive officer now directly owns 198,387 shares of the company’s stock, valued at approximately $11,262,429.99. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. BKM Wealth Management LLC bought a new position in Commerce Bancshares in the fourth quarter worth $29,000. Creative Financial Designs Inc. ADV purchased a new stake in Commerce Bancshares in the fourth quarter worth about $35,000. Clarity Asset Management Inc. bought a new position in shares of Commerce Bancshares during the fourth quarter valued at approximately $43,000. Bessemer Group Inc. lifted its holdings in shares of Commerce Bancshares by 86.3% during the first quarter. Bessemer Group Inc. now owns 842 shares of the financial services provider’s stock valued at $45,000 after purchasing an additional 390 shares during the last quarter. Finally, Exchange Traded Concepts LLC bought a new stake in shares of Commerce Bancshares in the 4th quarter worth approximately $55,000. Hedge funds and other institutional investors 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.