Commerce Bancshares (NASDAQ:CBSH) Announces Quarterly Earnings Results

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) issued its earnings results on Wednesday. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.95 by $0.06, Zacks reports. Commerce Bancshares had a net margin of 24.15% and a return on equity of 15.93%. The company had revenue of $422.10 million for the quarter, compared to analysts' expectations of $417,482 billion. During the same period in the prior year, the firm earned $0.84 EPS. Commerce Bancshares's quarterly revenue was up 7.3% compared to the same quarter last year.

Commerce Bancshares Stock Up 0.2 %

Shares of NASDAQ:CBSH traded up $0.13 during trading on Wednesday, reaching $65.61. 875,211 shares of the company traded hands, compared to its average volume of 552,106. The firm has a market capitalization of $8.41 billion, a PE ratio of 17.09, a PEG ratio of 3.60 and a beta of 0.79. Commerce Bancshares has a 52 week low of $47.09 and a 52 week high of $72.75. The company's 50 day moving average is $66.90 and its two-hundred day moving average is $63.60.

Commerce Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 17th. Shareholders of record on Tuesday, December 3rd were paid a dividend of $0.27 per share. The ex-dividend date of this dividend was Tuesday, December 3rd. This represents a $1.08 dividend on an annualized basis and a yield of 1.65%. Commerce Bancshares's dividend payout ratio (DPR) is presently 28.13%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on CBSH shares. Keefe, Bruyette & Woods raised their price target on Commerce Bancshares from $66.00 to $78.00 and gave the company a "market perform" rating in a report on Wednesday, December 4th. StockNews.com upgraded shares of Commerce Bancshares from a "sell" rating to a "hold" rating in a research note on Monday, January 13th. Piper Sandler set a $68.50 price target on shares of Commerce Bancshares and gave the company a "neutral" rating in a research note on Friday, October 18th. Raymond James cut shares of Commerce Bancshares from an "outperform" rating to a "market perform" rating in a report on Thursday, December 19th. Finally, Morgan Stanley cut Commerce Bancshares from an "overweight" rating to an "equal weight" rating and reduced their price objective for the stock from $66.00 to $64.00 in a report on Monday, September 30th. Seven analysts have rated the stock with a hold rating, According to data from MarketBeat, Commerce Bancshares presently has a consensus rating of "Hold" and an average target price of $66.75.

Insider Buying and Selling

In other Commerce Bancshares news, SVP Douglas D. Neff sold 888 shares of the stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $72.10, for a total transaction of $64,024.80. Following the sale, the senior vice president now directly owns 8,038 shares in the company, valued at $579,539.80. This represents a 9.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Kevin G. Barth sold 1,582 shares of the business's stock in a transaction that occurred on Tuesday, December 17th. The shares were sold at an average price of $67.54, for a total transaction of $106,848.28. Following the completion of the transaction, the executive vice president now owns 65,409 shares of the company's stock, valued at $4,417,723.86. The trade was a 2.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 9,398 shares of company stock worth $651,265. Company insiders own 3.20% of the company's stock.

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.