Commerce Bancshares (NASDAQ:CBSH) Announces Quarterly Earnings Results, Beats Estimates By $0.05 EPS

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) released its quarterly earnings results on Wednesday. The financial services provider reported $0.98 EPS for the quarter, topping the consensus estimate of $0.93 by $0.05, Zacks reports. Commerce Bancshares had a return on equity of 16.31% and a net margin of 25.24%. The company had revenue of $428.05 million during the quarter, compared to analyst estimates of $417.85 million.

Commerce Bancshares Price Performance

Shares of CBSH traded down $0.12 during mid-day trading on Friday, reaching $59.90. The stock had a trading volume of 978,228 shares, compared to its average volume of 588,818. The business's fifty day moving average is $61.53 and its 200 day moving average is $64.09. The firm has a market cap of $8.03 billion, a price-to-earnings ratio of 14.94, a P/E/G ratio of 2.13 and a beta of 0.71. Commerce Bancshares has a 52-week low of $49.97 and a 52-week high of $72.75.

Commerce Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 25th. Stockholders of record on Friday, March 7th were issued a dividend of $0.275 per share. This is a boost from Commerce Bancshares's previous quarterly dividend of $0.27. This represents a $1.10 annualized dividend and a dividend yield of 1.84%. The ex-dividend date of this dividend was Friday, March 7th. Commerce Bancshares's payout ratio is currently 27.43%.

Analysts Set New Price Targets

CBSH has been the topic of several recent research reports. Raymond James lowered Commerce Bancshares from an "outperform" rating to a "market perform" rating in a report on Thursday, December 19th. Morgan Stanley raised shares of Commerce Bancshares from an "underweight" rating to an "equal weight" rating and cut their price objective for the stock from $66.00 to $58.00 in a research report on Monday, April 7th. Wells Fargo & Company cut their price target on shares of Commerce Bancshares from $70.00 to $60.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 9th. Keefe, Bruyette & Woods reduced their target price on shares of Commerce Bancshares from $74.00 to $70.00 and set a "market perform" rating for the company in a report on Thursday. Finally, Piper Sandler upped their price objective on shares of Commerce Bancshares from $65.00 to $66.00 and gave the stock a "neutral" rating in a research report on Thursday. One research analyst has rated the stock with a sell rating and six have given a hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $63.20.

Insider Buying and Selling at Commerce Bancshares

In other Commerce Bancshares news, VP David L. Orf sold 1,036 shares of the company's stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $68.24, for a total transaction of $70,696.64. Following the transaction, the vice president now directly owns 22,175 shares in the company, valued at $1,513,222. This represents a 4.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Charles G. Kim sold 13,493 shares of the firm's stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $67.76, for a total value of $914,285.68. Following the transaction, the chief financial officer now owns 86,246 shares of the company's stock, valued at $5,844,028.96. This trade represents a 13.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 78,434 shares of company stock worth $5,248,272 over the last quarter. 3.10% of the stock is currently owned by company insiders.

About Commerce Bancshares

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.