Commerce Bancshares Inc. (CBSH) Releases Quarterly Earnings Results, Misses Expectations By $0.02 EPS
Commerce Bancshares Inc. (NASDAQ:CBSH) announced its quarterly earnings results on Friday. The financial services provider reported $0.68 EPS for the quarter, missing analysts’ consensus estimates of $0.70 by $0.02. Commerce Bancshares had a return on equity of 11.58% and a net margin of 23.03%. During the same period in the previous year, the business posted $0.63 earnings per share.
Commerce Bancshares (NASDAQ:CBSH) opened at 49.50 on Friday. The stock’s 50 day moving average price is $49.58 and its 200 day moving average price is $47.84. The company has a market capitalization of $4.78 billion, a P/E ratio of 18.97 and a beta of 0.74. Commerce Bancshares has a one year low of $37.44 and a one year high of $51.30.
The business also recently declared a quarterly dividend, which was paid on Monday, September 26th. Stockholders of record on Friday, September 9th were issued a dividend of $0.225 per share. The ex-dividend date of this dividend was Wednesday, September 7th. This represents a $0.90 annualized dividend and a dividend yield of 1.82%. Commerce Bancshares’s payout ratio is presently 34.50%.
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In related news, Vice Chairman Jonathan M. Kemper sold 50,000 shares of the firm’s stock in a transaction on Thursday, September 8th. The stock was sold at an average price of $50.07, for a total value of $2,503,500.00. Following the completion of the sale, the insider now directly owns 1,192,407 shares in the company, valued at $59,703,818.49. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Charles G. Kim sold 5,000 shares of the firm’s stock in a transaction on Friday, July 22nd. The stock was sold at an average price of $48.04, for a total value of $240,200.00. Following the completion of the sale, the insider now owns 82,551 shares of the company’s stock, valued at $3,965,750.04. The disclosure for this sale can be found here. 4.60% of the stock is owned by corporate insiders.
A number of hedge funds have recently modified their holdings of the company. Pacad Investment Ltd. acquired a new stake in Commerce Bancshares during the second quarter valued at $120,000. WFG Advisors LP increased its stake in 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. Advisor Group Inc. acquired a new stake in Commerce Bancshares during the second quarter valued at $183,000. OMERS ADMINISTRATION Corp acquired a new stake in Commerce Bancshares during the second quarter valued at $201,000. Finally, 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 valued at $342,000 after buying an additional 1,188 shares during the period. Institutional investors own 60.86% of the company’s stock.
CBSH has been the subject of a number of research analyst reports. Barclays PLC raised their price target on Commerce Bancshares from $45.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Zacks Investment Research upgraded Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Friday, July 15th. Morgan Stanley downgraded Commerce Bancshares from an “equal weight” rating to an “underweight” rating and set a $45.00 price objective for the company. in a report on Tuesday, September 20th. Jefferies Group reiterated a “hold” rating on shares of Commerce Bancshares in a report on Thursday, August 18th. Finally, Piper Jaffray Cos. assumed coverage on Commerce Bancshares in a report on Monday, July 11th. They issued a “neutral” rating and a $43.50 price objective for the company. One research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. Commerce Bancshares currently 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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