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

Commerce Bancshares (NASDAQ:CBSH) posted its quarterly earnings results on Wednesday. The financial services provider reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.06, Zacks reports. The firm had revenue of $422.10 million for the quarter, compared to analyst estimates of $417,482 billion. Commerce Bancshares had a net margin of 24.15% and a return on equity of 15.93%. Commerce Bancshares’s quarterly revenue was up 7.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.84 earnings per share.

Commerce Bancshares Stock Up 1.0 %

Shares of CBSH opened at $65.48 on Wednesday. Commerce Bancshares has a fifty-two week low of $47.09 and a fifty-two week high of $72.75. The firm’s 50 day moving average price is $66.90 and its 200 day moving average price is $63.60. The company has a market cap of $8.40 billion, a P/E ratio of 17.05, a PEG ratio of 3.60 and a beta of 0.79.

Commerce Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 17th. Investors of record on Tuesday, December 3rd were paid a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 1.65%. The ex-dividend date was Tuesday, December 3rd. Commerce Bancshares’s payout ratio is currently 28.13%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on CBSH shares. StockNews.com upgraded shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Monday, January 13th. Wells Fargo & Company boosted their target price on shares of Commerce Bancshares from $62.00 to $67.00 and gave the company an “equal weight” rating in a report on Tuesday, December 3rd. Keefe, Bruyette & Woods boosted their target price on shares of Commerce Bancshares from $66.00 to $78.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Piper Sandler set a $68.50 target price on shares of Commerce Bancshares and gave the company a “neutral” rating in a report on Friday, October 18th. Finally, Raymond James lowered shares of Commerce Bancshares from an “outperform” rating to a “market perform” rating in a report on Thursday, December 19th. Seven investment analysts have rated the stock with a hold rating, According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $66.75.

Insider Buying and Selling

In related news, SVP Douglas D. Neff sold 888 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $72.10, for a total transaction of $64,024.80. Following the sale, the senior vice president now directly owns 8,038 shares of the company’s stock, valued at $579,539.80. This represents a 9.95 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman David W. Kemper sold 4,500 shares of the stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $69.22, for a total transaction of $311,490.00. Following the completion of the sale, the chairman now directly owns 23,725 shares in the company, valued at approximately $1,642,244.50. This represents a 15.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 9,398 shares of company stock valued at $651,265 in the last ninety days. Company insiders own 3.10% 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.