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

Commerce Bancshares (NASDAQ:CBSHGet Free Report) posted its earnings results on Thursday. The financial services provider reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.04 by $0.06, Zacks reports. Commerce Bancshares had a return on equity of 14.78% and a net margin of 26.37%.

Commerce Bancshares Stock Up 0.4%

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

Commerce Bancshares Dividend Announcement

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

Analysts Set New Price Targets

A number of research analysts have weighed in on CBSH shares. Wall Street Zen raised shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Sunday. Wells Fargo & Company increased their price objective on shares of Commerce Bancshares from $53.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Monday, July 6th. Piper Sandler raised their price objective on shares of Commerce Bancshares from $58.50 to $59.00 and gave the stock a “neutral” rating in a report on Friday, June 26th. Weiss Ratings upgraded Commerce Bancshares from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, July 8th. Finally, Stephens began coverage on Commerce Bancshares in a research note on Wednesday. They issued an “equal weight” rating and a $62.00 price target on the stock. Two equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat, Commerce Bancshares presently has a consensus rating of “Hold” and an average price target of $59.14.

Get Our Latest Analysis on Commerce Bancshares

Hedge Funds Weigh In On Commerce Bancshares

A number of institutional investors have recently added to or reduced their stakes in CBSH. Champlain Investment Partners LLC bought a new stake in Commerce Bancshares in the fourth quarter valued at approximately $58,830,000. Victory Capital Management Inc. grew its position in shares of Commerce Bancshares by 1,433.7% in the fourth quarter. Victory Capital Management Inc. now owns 1,145,683 shares of the financial services provider’s stock valued at $59,965,000 after purchasing an additional 1,070,980 shares during the last quarter. First Trust Advisors LP increased its position in Commerce Bancshares by 37.4% during the 4th quarter. First Trust Advisors LP now owns 2,352,406 shares of the financial services provider’s stock worth $123,125,000 after buying an additional 640,928 shares during the period. State Street Corp boosted its holdings in Commerce Bancshares by 8.4% in the 4th quarter. State Street Corp now owns 7,318,898 shares of the financial services provider’s stock valued at $383,071,000 after purchasing an additional 566,853 shares during the period. Finally, AQR Capital Management LLC increased its stake in Commerce Bancshares by 82.1% during the 3rd quarter. AQR Capital Management LLC now owns 1,245,068 shares of the financial services provider’s stock worth $74,368,000 after acquiring an additional 561,331 shares during the period. 70.26% of the stock is currently owned by institutional investors and hedge funds.

About Commerce Bancshares

(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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Earnings History for Commerce Bancshares (NASDAQ:CBSH)

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