Analysts Expect Commerce Bancshares, Inc. (CBSH) Will Post Quarterly Sales of $312.74 Million
Wall Street brokerages predict that Commerce Bancshares, Inc. (NASDAQ:CBSH) will report $312.74 million in sales for the current fiscal quarter, according to Zacks Investment Research. Five analysts have issued estimates for Commerce Bancshares’ earnings. The highest sales estimate is $319.00 million and the lowest is $306.35 million. Commerce Bancshares posted sales of $290.56 million during the same quarter last year, which suggests a positive year-over-year growth rate of 7.6%. The firm is scheduled to issue its next earnings report on Friday, October 13th.
According to Zacks, analysts expect that Commerce Bancshares will report full-year sales of $312.74 million for the current year, with estimates ranging from $1.22 billion to $1.27 billion. For the next year, analysts expect that the company will post sales of $1.30 billion per share, with estimates ranging from $1.27 billion to $1.34 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that cover Commerce Bancshares.
Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings data on Thursday, July 13th. The financial services provider reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.05. Commerce Bancshares had a return on equity of 12.01% and a net margin of 23.79%. The firm had revenue of $305.89 million during the quarter, compared to analyst estimates of $309.44 million. During the same period in the prior year, the company posted $0.70 earnings per share. The business’s revenue for the quarter was up 6.1% compared to the same quarter last year.
A number of research firms have recently weighed in on CBSH. Zacks Investment Research upgraded Commerce Bancshares from a “hold” rating to a “buy” rating and set a $62.00 target price for the company in a research report on Tuesday, September 5th. Keefe, Bruyette & Woods reiterated a “sell” rating and set a $46.00 target price on shares of Commerce Bancshares in a research report on Monday, June 12th. BidaskClub downgraded Commerce Bancshares from a “hold” rating to a “sell” rating in a research report on Saturday, June 24th. Raymond James Financial, Inc. reiterated an “underperform” rating on shares of Commerce Bancshares in a research report on Thursday, August 10th. Finally, Morgan Stanley upped their target price on Commerce Bancshares from $48.00 to $49.00 and gave the company an “underweight” rating in a research report on Tuesday, June 6th. Five investment analysts have rated the stock with a sell rating and six have issued a hold rating to the company. The company has a consensus rating of “Hold” and an average target price of $55.25.
In other news, Director John R. Capps sold 10,000 shares of the business’s stock in a transaction on Wednesday, August 30th. The stock was sold at an average price of $54.82, for a total transaction of $548,200.00. Following the completion of the transaction, the director now owns 12,828 shares of the company’s stock, valued at approximately $703,230.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Jeffery D. Aberdeen sold 687 shares of the business’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $59.09, for a total value of $40,594.83. Following the transaction, the insider now directly owns 40,232 shares of the company’s stock, valued at approximately $2,377,308.88. The disclosure for this sale can be found here. Insiders have sold a total of 20,819 shares of company stock valued at $1,174,728 in the last three months. 4.30% of the stock is owned by insiders.
Several institutional investors have recently bought and sold shares of the company. Public Employees Retirement Association of Colorado raised its holdings in shares of Commerce Bancshares by 0.3% during the 2nd quarter. Public Employees Retirement Association of Colorado now owns 12,520 shares of the financial services provider’s stock worth $712,000 after buying an additional 42 shares in the last quarter. M&T Bank Corp raised its holdings in shares of Commerce Bancshares by 1.0% during the 2nd quarter. M&T Bank Corp now owns 6,179 shares of the financial services provider’s stock worth $351,000 after buying an additional 62 shares in the last quarter. Teacher Retirement System of Texas raised its holdings in shares of Commerce Bancshares by 1.4% during the 2nd quarter. Teacher Retirement System of Texas now owns 7,354 shares of the financial services provider’s stock worth $418,000 after buying an additional 103 shares in the last quarter. WFG Advisors LP raised its holdings in shares of Commerce Bancshares by 2.8% during the 1st quarter. WFG Advisors LP now owns 3,939 shares of the financial services provider’s stock worth $221,000 after buying an additional 109 shares in the last quarter. Finally, World Asset Management Inc raised its holdings in shares of Commerce Bancshares by 2.1% during the 1st quarter. World Asset Management Inc now owns 5,418 shares of the financial services provider’s stock worth $304,000 after buying an additional 112 shares in the last quarter. 62.20% of the stock is owned by institutional investors.
Commerce Bancshares (NASDAQ CBSH) opened at 55.78 on Tuesday. The firm’s 50-day moving average price is $55.48 and its 200 day moving average price is $55.94. The firm has a market capitalization of $5.67 billion, a price-to-earnings ratio of 20.21 and a beta of 0.82. Commerce Bancshares has a 1-year low of $47.64 and a 1-year high of $60.61.
The business also recently announced a quarterly dividend, which will be paid on Monday, September 25th. Stockholders of record on Friday, September 8th will be given a dividend of $0.225 per share. The ex-dividend date of this dividend is Thursday, September 7th. This represents a $0.90 dividend on an annualized basis and a dividend yield of 1.61%. Commerce Bancshares’s payout ratio is 32.64%.
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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, mortgage banking, 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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