Commerce Bancshares Inc. (CBSH) Set to Announce Quarterly Earnings on Friday
Commerce Bancshares Inc. (NASDAQ:CBSH) will release its earnings data on Friday, October 14th. Analysts expect Commerce Bancshares to post earnings of $0.70 per share for the quarter.
Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings data on Wednesday, July 13th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.68 by $0.02. Commerce Bancshares had a net margin of 23.03% and a return on equity of 11.58%. The company earned $288.40 million during the quarter, compared to analysts’ expectations of $295.65 million. During the same period in the previous year, the company earned $0.71 EPS. The business’s quarterly revenue was up 3.9% compared to the same quarter last year. On average, analysts expect Commerce Bancshares to post $2.77 EPS for the current fiscal year and $2.91 EPS for the next fiscal year.
Shares of Commerce Bancshares Inc. (NASDAQ:CBSH) opened at 50.40 on Thursday. The stock has a market capitalization of $4.87 billion, a PE ratio of 19.31 and a beta of 0.74. Commerce Bancshares Inc. has a 52 week low of $37.44 and a 52 week high of $51.30. The stock’s 50 day moving average is $49.58 and its 200 day moving average is $47.83.
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The business also recently disclosed a quarterly dividend, which was paid on Monday, September 26th. Stockholders of record on Friday, September 9th were issued a $0.225 dividend. This represents a $0.90 annualized dividend and a dividend yield of 1.79%. The ex-dividend date was Wednesday, September 7th. Commerce Bancshares’s dividend payout ratio (DPR) is presently 34.50%.
In related news, CEO David W. Kemper sold 40,000 shares of the company’s stock in a transaction that occurred on Friday, July 15th. The shares were sold at an average price of $48.86, for a total value of $1,954,400.00. Following the completion of the sale, the chief executive officer now owns 1,316,068 shares in the company, valued at approximately $64,303,082.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Charles G. Kim sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, July 22nd. The shares were sold at an average price of $48.04, for a total transaction of $240,200.00. Following the completion of the sale, the insider now owns 82,551 shares of the company’s stock, valued at approximately $3,965,750.04. The disclosure for this sale can be found here. 4.60% of the stock is currently owned by corporate insiders.
Several large investors have recently modified their holdings of the stock. WFG Advisors LP increased its stake in shares of Commerce Bancshares by 0.5% in the second quarter. WFG Advisors LP now owns 3,725 shares of the financial services provider’s stock valued at $178,000 after buying an additional 20 shares during the period. Ameritas Investment Partners Inc. increased its stake in Commerce Bancshares by 3.7% in the second quarter. Ameritas Investment Partners Inc. now owns 13,129 shares of the financial services provider’s stock worth $629,000 after buying an additional 469 shares during the last quarter. Citigroup Inc. increased its stake in Commerce Bancshares by 20.0% in the second quarter. Citigroup Inc. now owns 7,137 shares of the financial services provider’s stock worth $342,000 after buying an additional 1,188 shares during the last quarter. Comerica Bank increased its stake in Commerce Bancshares by 2.5% in the second quarter. Comerica Bank now owns 57,362 shares of the financial services provider’s stock worth $2,787,000 after buying an additional 1,413 shares during the last quarter. Finally, Profund Advisors LLC increased its stake in Commerce Bancshares by 15.7% in the second quarter. Profund Advisors LLC now owns 13,636 shares of the financial services provider’s stock worth $653,000 after buying an additional 1,852 shares during the last quarter. Institutional investors and hedge funds own 60.86% of the company’s stock.
A number of brokerages recently weighed in on CBSH. Barclays PLC raised their target price on shares of Commerce Bancshares from $45.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday. Zacks Investment Research upgraded shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Monday, September 26th. Jefferies Group restated a “hold” rating and set a $48.00 target price on shares of Commerce Bancshares in a report on Thursday, July 7th. Piper Jaffray Cos. began coverage on shares of Commerce Bancshares in a report on Monday, July 11th. They set a “neutral” rating and a $43.50 target price for the company. Finally, Morgan Stanley cut shares of Commerce Bancshares from an “equal weight” rating to an “underweight” rating and set a $45.00 target price for the company. in a report on Tuesday, September 20th. One research analyst has rated the stock with a sell rating and five have issued a hold rating to the stock. The company presently has an average rating of “Hold” and an average price target of $45.75.
About Commerce Bancshares
Commerce Bancshares, Inc is a bank holding company of Commerce Bank (the Bank). The Bank is engaged in general banking business, providing a range of retail, corporate, investment, trust and asset management products and services to individuals and businesses. The Company operates through three segments: Consumer, Commercial and Wealth.
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