Commerce Bancshares (NASDAQ:CBSH) Issues Earnings Results

Commerce Bancshares (NASDAQ:CBSH – Get Rating) issued its earnings results on Thursday. The financial services provider reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $1.03 by $0.01, RTT News reports. The firm had revenue of $391.50 million during the quarter, compared to analyst estimates of $395.61 million. Commerce Bancshares had a net margin of 31.60% and a return on equity of 18.60%. The company’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter last year, the business earned $0.89 earnings per share.

Commerce Bancshares Stock Down 0.5 %

CBSH stock opened at $65.57 on Friday. The business’s fifty day simple moving average is $69.06 and its two-hundred day simple moving average is $69.43. Commerce Bancshares has a twelve month low of $59.81 and a twelve month high of $72.60. The firm has a market cap of $8.22 billion, a price-to-earnings ratio of 17.03 and a beta of 0.77.

Commerce Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 16th. Investors of record on Friday, December 2nd were issued a dividend of $0.265 per share. The ex-dividend date of this dividend was Thursday, December 1st. This represents a $1.06 annualized dividend and a yield of 1.62%. Commerce Bancshares’s payout ratio is presently 27.54%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on CBSH shares. Morgan Stanley cut their price objective on shares of Commerce Bancshares from $70.48 to $70.00 and set an “equal weight” rating for the company in a research report on Friday, January 6th. StockNews.com started coverage on shares of Commerce Bancshares in a research report on Wednesday, October 12th. They issued a “hold” rating for the company. Finally, Piper Sandler raised their price objective on shares of Commerce Bancshares from $69.00 to $74.00 and gave the company a “neutral” rating in a research report on Wednesday, November 16th.

Insider Transactions at Commerce Bancshares

In other Commerce Bancshares news, Director David W. Kemper sold 3,000 shares of Commerce Bancshares stock in a transaction dated Thursday, December 1st. The stock was sold at an average price of $71.26, for a total value of $213,780.00. Following the transaction, the director now owns 1,204,220 shares in the company, valued at $85,812,717.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director David W. Kemper sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, December 1st. The stock was sold at an average price of $71.26, for a total transaction of $213,780.00. Following the completion of the sale, the director now directly owns 1,204,220 shares in the company, valued at $85,812,717.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Thomas J. Noack sold 715 shares of the company’s stock in a transaction on Friday, October 28th. The shares were sold at an average price of $70.35, for a total value of $50,300.25. Following the completion of the sale, the executive vice president now owns 21,439 shares of the company’s stock, valued at $1,508,233.65. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,819 shares of company stock valued at $420,239. 3.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Commerce Bancshares

Hedge funds have recently bought and sold shares of the stock. Raymond James & Associates increased its holdings in shares of Commerce Bancshares by 8.6% in the 1st quarter. Raymond James & Associates now owns 58,372 shares of the financial services provider’s stock valued at $4,179,000 after acquiring an additional 4,611 shares during the last quarter. HighTower Advisors LLC grew its stake in Commerce Bancshares by 14.7% during the 1st quarter. HighTower Advisors LLC now owns 9,253 shares of the financial services provider’s stock worth $659,000 after buying an additional 1,188 shares during the last quarter. Natixis Advisors L.P. grew its stake in Commerce Bancshares by 27.2% during the 1st quarter. Natixis Advisors L.P. now owns 25,339 shares of the financial services provider’s stock worth $1,814,000 after buying an additional 5,417 shares during the last quarter. Great West Life Assurance Co. Can grew its stake in shares of Commerce Bancshares by 7.7% in the 1st quarter. Great West Life Assurance Co. Can now owns 59,984 shares of the financial services provider’s stock valued at $4,414,000 after purchasing an additional 4,310 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Commerce Bancshares by 1.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,110,800 shares of the financial services provider’s stock valued at $79,527,000 after purchasing an additional 12,655 shares during the last quarter. Institutional investors and hedge funds own 64.12% of the company’s stock.

Commerce Bancshares Company Profile

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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.