Commerce Bancshares (NASDAQ:CBSH) Issues Earnings Results

by · The Cerbat Gem

Commerce Bancshares (NASDAQ:CBSH – Get Free Report) posted its earnings results on Thursday. The financial services provider reported $1.01 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.02), Zacks reports. Commerce Bancshares had a return on equity of 15.73% and a net margin of 26.48%.The company had revenue of $449.36 million for the quarter, compared to the consensus estimate of $442.47 million. During the same period in the previous year, the firm posted $1.01 EPS. The business’s quarterly revenue was up 6.5% compared to the same quarter last year.

Commerce Bancshares Stock Performance

Shares of NASDAQ CBSH opened at $54.43 on Friday. The company’s 50 day moving average price is $52.64 and its 200-day moving average price is $55.21. Commerce Bancshares has a 52-week low of $48.69 and a 52-week high of $65.59. The company has a market capitalization of $7.21 billion, a P/E ratio of 12.99, a price-to-earnings-growth ratio of 3.32 and a beta of 0.62.

Commerce Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Tuesday, December 2nd were issued a dividend of $0.275 per share. The ex-dividend date was Tuesday, December 2nd. This represents a $1.10 annualized dividend and a yield of 2.0%. Commerce Bancshares’s dividend payout ratio (DPR) is presently 26.25%.

Hedge Funds Weigh In On Commerce Bancshares

Several hedge funds and other institutional investors have recently bought and sold shares of CBSH. Danske Bank A S bought a new stake in Commerce Bancshares during the third quarter valued at $25,000. Geneos Wealth Management Inc. lifted its stake in Commerce Bancshares by 85.4% in the first 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 during the period. Headlands Technologies LLC acquired a new stake in shares of Commerce Bancshares during the 2nd quarter worth approximately $59,000. Northwestern Mutual Wealth Management Co. increased its stake in shares of Commerce Bancshares by 79.0% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 3,577 shares of the financial services provider’s stock valued at $214,000 after acquiring an additional 1,579 shares in the last quarter. Finally, Boothbay Fund Management LLC acquired a new position in shares of Commerce Bancshares during the 2nd quarter valued at $222,000. Institutional investors and hedge funds own 70.26% of the company’s stock.

Analyst Ratings Changes

CBSH has been the subject of a number of recent research reports. Hovde Group began coverage on Commerce Bancshares in a report on Monday, October 6th. They issued an “outperform” rating and a $66.67 target price for the company. Wall Street Zen cut Commerce Bancshares from a “hold” rating to a “sell” rating in a report on Saturday, October 18th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Commerce Bancshares in a research note on Monday, December 29th. Morgan Stanley lifted their target price on shares of Commerce Bancshares from $62.86 to $66.67 and gave the stock an “underperform” rating in a research report on Monday, September 29th. Finally, TD Cowen reduced their target price on shares of Commerce Bancshares from $61.00 to $55.00 and set a “hold” rating on the stock in a report on Wednesday, January 7th. One research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus target price of $62.03.

Read Our Latest Stock Report on Commerce Bancshares

Commerce Bancshares Company Profile

(Get Free Report)

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.

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