Commerce Bancshares (NASDAQ:CBSH) Issues Earnings Results, Beats Estimates By $0.06 EPS

Commerce Bancshares (NASDAQ:CBSH) issued its quarterly earnings data on Thursday. The financial services provider reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.06, Zacks reports. Commerce Bancshares had a net margin of 26.37% and a return on equity of 14.78%.

Commerce Bancshares Stock Up 0.4%

Shares of NASDAQ:CBSH opened at $58.16 on Thursday. The firm’s 50 day moving average price is $54.55 and its 200-day moving average price is $52.72. Commerce Bancshares has a twelve month low of $46.99 and a twelve month high of $62.42. The stock has a market capitalization of $8.48 billion, a PE ratio of 13.95, a price-to-earnings-growth ratio of 2.97 and a beta of 0.58.

Commerce Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 23rd. Stockholders of record on Friday, June 5th were issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Friday, June 5th. Commerce Bancshares’s dividend payout ratio is presently 26.38%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Piper Sandler boosted their target price on shares of Commerce Bancshares from $58.50 to $59.00 and gave the stock a “neutral” rating in a research report on Friday, June 26th. Keefe, Bruyette & Woods lifted their target price on shares of Commerce Bancshares from $56.00 to $57.00 and gave the stock a “market perform” rating in a research note on Wednesday, May 13th. Stephens assumed coverage on shares of Commerce Bancshares in a research note on Wednesday. They set an “equal weight” rating and a $62.00 price objective for the company. Wall Street Zen raised shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Sunday. Finally, Weiss Ratings raised shares of Commerce Bancshares from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, July 8th. Two research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $59.14.

Hedge Funds Weigh In On Commerce Bancshares

Several institutional investors have recently bought and sold shares of the business. Danske Bank A S bought a new position in shares of Commerce Bancshares during the third quarter valued at approximately $25,000. Geneos Wealth Management Inc. increased its position in Commerce Bancshares by 85.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider’s stock valued at $29,000 after buying an additional 216 shares in the last quarter. Headlands Technologies LLC acquired a new stake in shares of Commerce Bancshares during the second quarter worth $59,000. Kestra Advisory Services LLC acquired a new stake in Commerce Bancshares during the 4th quarter valued at approximately $153,000. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in shares of Commerce Bancshares by 79.0% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 3,577 shares of the financial services provider’s stock worth $214,000 after buying an additional 1,579 shares during the last quarter. Institutional investors own 70.26% of the company’s stock.

About Commerce Bancshares

Commerce Bancshares, Inc is a bank holding company primarily engaged in providing a broad range of banking and financial services across the Midwest. Through its principal subsidiary, Commerce Bank, the company offers commercial and consumer banking, treasury management, trust and wealth advisory, and mortgage lending. Its diversified product suite includes deposit and loan products, cash management solutions, capital markets services, and private banking designed to meet the needs of individuals, small businesses, and large corporations.

The company’s commercial banking group delivers tailored credit facilities, equipment and inventory financing, asset-based lending, and merchant services.