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

Commerce Bancshares (NASDAQ:CBSH) posted its quarterly earnings results on Wednesday. The financial services provider reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.06, Zacks reports. Commerce Bancshares had a return on equity of 16.31% and a net margin of 25.24%.

Commerce Bancshares Price Performance

CBSH stock opened at $58.75 on Wednesday. Commerce Bancshares has a 1 year low of $48.57 and a 1 year high of $82.52. The firm has a market capitalization of $7.88 billion, a PE ratio of 14.65, a price-to-earnings-growth ratio of 2.13 and a beta of 0.71. The business has a 50 day simple moving average of $61.97 and a 200-day simple moving average of $64.10.

Commerce Bancshares Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 25th. Investors of record on Friday, March 7th were given a dividend of $0.275 per share. The ex-dividend date of this dividend was Friday, March 7th. This is a positive change from Commerce Bancshares’s previous quarterly dividend of $0.27. This represents a $1.10 dividend on an annualized basis and a yield of 1.87%. Commerce Bancshares’s payout ratio is presently 27.43%.

Wall Street Analysts Forecast Growth

CBSH has been the topic of a number of recent research reports. StockNews.com upgraded Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Wednesday, April 9th. Raymond James lowered Commerce Bancshares from an “outperform” rating to a “market perform” rating in a report on Thursday, December 19th. Morgan Stanley upgraded shares of Commerce Bancshares from an “underweight” rating to an “equal weight” rating and dropped their target price for the stock from $66.00 to $58.00 in a report on Monday, April 7th. Piper Sandler lifted their price target on Commerce Bancshares from $69.00 to $72.00 and gave the company a “neutral” rating in a report on Thursday, January 23rd. Finally, Wells Fargo & Company cut their target price on Commerce Bancshares from $70.00 to $60.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 9th. Seven analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $65.17.

Insiders Place Their Bets

In other Commerce Bancshares news, EVP John K. Handy sold 2,722 shares of Commerce Bancshares stock in a transaction on Monday, January 27th. The stock was sold at an average price of $66.68, for a total value of $181,502.96. Following the sale, the executive vice president now owns 39,638 shares in the company, valued at $2,643,061.84. The trade was a 6.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Patricia R. Kellerhals sold 1,719 shares of Commerce Bancshares stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $67.30, for a total transaction of $115,688.70. Following the sale, the senior vice president now owns 18,688 shares of the company’s stock, valued at approximately $1,257,702.40. This represents a 8.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 78,434 shares of company stock valued at $5,248,272 in the last three months. 3.10% of the stock is currently owned by insiders.

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.