Commerce Bancshares (NASDAQ:CBSH – Get Free Report) announced its quarterly earnings data on Tuesday. The financial services provider reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.07 by $0.01, Zacks reports. Commerce Bancshares had a return on equity of 14.31% and a net margin of 26.07%.
Commerce Bancshares Stock Down 1.0%
Shares of CBSH opened at $55.11 on Tuesday. The firm has a market cap of $7.90 billion, a P/E ratio of 13.34, a P/E/G ratio of 1.70 and a beta of 0.60. The stock has a 50 day simple moving average of $57.08 and a two-hundred day simple moving average of $55.41. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.82 and a quick ratio of 0.82. Commerce Bancshares has a 1 year low of $46.99 and a 1 year high of $60.92.
Commerce Bancshares Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, September 22nd. Investors of record on Friday, September 4th were given a $0.2750 dividend. The ex-dividend date was Friday, September 4th. This represents a $1.10 dividend on an annualized basis and a yield of 2.0%. Commerce Bancshares’s payout ratio is presently 26.63%.
Wall Street Analyst Weigh In
A number of equities research analysts have issued reports on CBSH shares. Weiss Ratings raised shares of Commerce Bancshares from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday. Morgan Stanley raised their price objective on shares of Commerce Bancshares from $76.00 to $77.00 and gave the company an “overweight” rating in a research report on Monday, September 28th. Stephens set a $64.00 price objective on shares of Commerce Bancshares and gave the company an “equal weight” rating in a research report on Friday, July 17th. Piper Sandler reduced their price objective on shares of Commerce Bancshares from $66.00 to $63.00 and set a “neutral” rating for the company in a research note on Monday, October 5th. Finally, Wells Fargo & Company set a $61.00 target price on shares of Commerce Bancshares and gave the stock an “equal weight” rating in a report on Tuesday, September 29th. Three analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $64.29.
Check Out Our Latest Analysis on CBSH
Insider Buying and Selling at Commerce Bancshares
In other news, CEO John W. Kemper sold 5,830 shares of the business’s stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $60.58, for a total value of $353,181.40. Following the completion of the sale, the chief executive officer directly owned 206,528 shares in the company, valued at approximately $12,511,466.24. The trade was a 2.75% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Charles G. Kim sold 19,771 shares of the company’s stock in a transaction on Monday, July 27th. The shares were sold at an average price of $59.18, for a total transaction of $1,170,047.78. Following the completion of the sale, the chief financial officer directly owned 119,410 shares of the company’s stock, valued at $7,066,683.80. This trade represents a 14.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 32,950 shares of company stock valued at $1,963,777. 1.80% of the stock is currently owned by corporate insiders.
About Commerce Bancshares
Commerce Bancshares, Inc is a financial holding company headquartered in Kansas City, Missouri. Founded in 1865, the company operates Commerce Bank, which provides banking and related financial services to individuals, businesses, institutions and government entities.
Commerce Bank offers deposit accounts, consumer and commercial lending, mortgages, treasury and payment services, credit cards, investment management, trust services and institutional banking solutions. Its businesses also include capital markets and brokerage services, supporting corporate, municipal and institutional clients.
The bank serves customers primarily through a regional network spanning Missouri, Kansas, Illinois, Oklahoma and Colorado, along with digital banking channels.
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