Commerce Bancshares, Inc. (CBSH) Releases Earnings Results, Misses Expectations By $0.03 EPS
Commerce Bancshares, Inc. (NASDAQ:CBSH) posted its earnings results on Thursday. The financial services provider reported $0.71 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.74 by ($0.03), Bloomberg Earnings reports. Commerce Bancshares had a return on equity of 12.01% and a net margin of 23.79%. The firm had revenue of $304.83 million for the quarter, compared to analyst estimates of $317.28 million. During the same period in the prior year, the business posted $0.68 EPS. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year.
Shares of Commerce Bancshares (NASDAQ CBSH) opened at 58.09 on Thursday. The stock’s 50 day moving average price is $55.92 and its 200 day moving average price is $55.96. Commerce Bancshares has a 12-month low of $45.37 and a 12-month high of $60.61. The company has a market capitalization of $5.90 billion, a PE ratio of 21.05 and a beta of 0.83.
The company also recently declared a quarterly dividend, which was paid on Monday, September 25th. Stockholders of record on Friday, September 8th were issued a dividend of $0.225 per share. This represents a $0.90 annualized dividend and a dividend yield of 1.55%. The ex-dividend date of this dividend was Thursday, September 7th. Commerce Bancshares’s dividend payout ratio (DPR) is currently 32.64%.
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CBSH has been the subject of a number of analyst reports. Zacks Investment Research raised Commerce Bancshares from a “hold” rating to a “buy” rating and set a $62.00 price target for the company in a research note on Tuesday, September 5th. BidaskClub downgraded Commerce Bancshares from a “hold” rating to a “sell” rating in a research note on Saturday, June 24th. Raymond James Financial, Inc. reaffirmed an “underperform” rating on shares of Commerce Bancshares in a research note on Thursday, August 10th. Barclays PLC reaffirmed an “equal weight” rating and issued a $54.00 price target (down previously from $55.00) on shares of Commerce Bancshares in a research note on Wednesday, July 12th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $61.00 price target on shares of Commerce Bancshares in a research note on Friday, July 14th. Five investment analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $56.63.
In related news, Chairman David W. Kemper sold 10,132 shares of the firm’s stock in a transaction dated Friday, July 21st. The stock was sold at an average price of $57.83, for a total transaction of $585,933.56. Following the transaction, the chairman now directly owns 1,270,757 shares of the company’s stock, valued at approximately $73,487,877.31. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director John R. Capps sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $54.82, for a total value of $548,200.00. Following the transaction, the director now directly owns 12,828 shares in the company, valued at $703,230.96. The disclosure for this sale can be found here. Over the last three months, insiders have sold 20,819 shares of company stock worth $1,174,728. 4.30% of the stock is currently owned by insiders.
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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