Commerce Bancshares (NASDAQ:CBSH) released its quarterly earnings data on Tuesday. The financial services provider reported $1.11 earnings per share for the quarter, beating the consensus estimate of $0.94 by $0.17, MarketWatch Earnings reports. Commerce Bancshares had a return on equity of 10.49% and a net margin of 23.67%. The firm had revenue of $344.90 million during the quarter, compared to the consensus estimate of $347.85 million. During the same period last year, the business posted $0.81 EPS. Commerce Bancshares’s quarterly revenue was down .3% on a year-over-year basis.
Commerce Bancshares stock traded down $0.49 during mid-day trading on Thursday, hitting $68.34. 10,176 shares of the company were exchanged, compared to its average volume of 469,688. The business’s 50 day simple moving average is $66.41 and its two-hundred day simple moving average is $61.64. The company has a market capitalization of $8.00 billion, a P/E ratio of 25.56 and a beta of 0.96. Commerce Bancshares has a 12-month low of $43.34 and a 12-month high of $73.17.
CBSH has been the subject of several research analyst reports. Piper Sandler dropped their price objective on Commerce Bancshares from $62.00 to $59.00 and set a “neutral” rating for the company in a research note on Tuesday, September 29th. Zacks Investment Research downgraded Commerce Bancshares from a “strong-buy” rating to a “hold” rating and set a $67.00 price objective for the company. in a research note on Tuesday, December 8th. Raymond James raised Commerce Bancshares from an “underperform” rating to a “market perform” rating in a research note on Wednesday, October 21st. Morgan Stanley raised their price objective on Commerce Bancshares from $57.00 to $60.00 and gave the company an “underweight” rating in a research note on Thursday, January 7th. Finally, Bank of America raised Commerce Bancshares from an “underperform” rating to a “neutral” rating and set a $72.00 price objective for the company in a research note on Wednesday, October 21st. Two analysts have rated the stock with a sell rating and four have issued a hold rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $58.60.
In other news, Director Jonathan M. Kemper sold 32,000 shares of the firm’s stock in a transaction on Friday, October 30th. The stock was sold at an average price of $61.90, for a total transaction of $1,980,800.00. Following the sale, the director now owns 860,161 shares in the company, valued at $53,243,965.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Sara E. Foster sold 5,044 shares of the firm’s stock in a transaction on Monday, November 9th. The stock was sold at an average price of $68.51, for a total value of $345,564.44. Following the sale, the executive vice president now owns 42,197 shares in the company, valued at approximately $2,890,916.47. The disclosure for this sale can be found here. Company insiders own 3.40% of the company’s stock.
Commerce Bancshares Company Profile
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. It operates through three segments: Consumer, Commercial, and Wealth. The Consumer segment offers various banking products and services, including consumer deposits; consumer loans, such as automobile, motorcycle, marine, tractor/trailer, recreational vehicle, fixed rate and revolving home equity, and other consumer loans; patient health care financing; real estate loans; indirect and other consumer financing; personal mortgage banking; consumer installment lending; and consumer debit and credit bank cards, as well as provides online banking services.
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