Key Points
- Insider sale: SVP Margaret Rowe sold 861 shares on March 5 at an average of $51.69 for $44,505.09, cutting her stake by 13.04% to 5,742 shares (another senior VP also disclosed a sale), which may weigh on sentiment.
- Quarterly results beat: Commerce Bancshares reported $1.01 EPS vs. $0.99 expected and revenue of $449.36M (up 6.5% YoY), with a 15.34% ROE and a 26.51% net margin.
- Dividends and analyst stance: The company declared a $0.275 quarterly dividend (annualized $1.10, 2.2% yield; ex-dividend Mar 6), while analysts mostly rate the stock a "Hold" with an average target of $61.51 amid several recent target cuts.
Commerce Bancshares, Inc. (NASDAQ:CBSH - Get Free Report) SVP Margaret Rowe sold 861 shares of the business's stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $51.69, for a total value of $44,505.09. Following the sale, the senior vice president directly owned 5,742 shares in the company, valued at $296,803.98. This trade represents a 13.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.
Commerce Bancshares Stock Down 1.5%
Shares of NASDAQ CBSH opened at $49.60 on Tuesday. Commerce Bancshares, Inc. has a 12 month low of $48.58 and a 12 month high of $63.19. The company has a market cap of $7.29 billion, a price-to-earnings ratio of 11.84, a P/E/G ratio of 2.53 and a beta of 0.61. The business has a fifty day simple moving average of $53.23 and a 200-day simple moving average of $53.67.
Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last issued its quarterly earnings results on Thursday, January 22nd. The financial services provider reported $1.01 earnings per share for the quarter, topping analysts' consensus estimates of $0.99 by $0.02. Commerce Bancshares had a return on equity of 15.34% and a net margin of 26.51%.The firm had revenue of $449.36 million for the quarter, compared to analysts' expectations of $442.47 million. During the same quarter last year, the business posted $1.01 EPS. Commerce Bancshares's revenue was up 6.5% on a year-over-year basis. As a group, sell-side analysts expect that Commerce Bancshares, Inc. will post 3.94 EPS for the current fiscal year.
Commerce Bancshares Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 24th. Stockholders of record on Friday, March 6th will be issued a dividend of $0.275 per share. The ex-dividend date is Friday, March 6th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.2%. Commerce Bancshares's payout ratio is currently 26.25%.
Key Headlines Impacting Commerce Bancshares
Here are the key news stories impacting Commerce Bancshares this week:
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in Commerce Bancshares by 8.1% in the 4th quarter. Vanguard Group Inc. now owns 14,690,039 shares of the financial services provider's stock valued at $768,877,000 after buying an additional 1,098,142 shares during the period. State Street Corp grew its holdings in shares of Commerce Bancshares by 8.4% during 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 acquiring an additional 566,853 shares in the last quarter. Commerce Bank grew its holdings in shares of Commerce Bancshares by 7.0% during the 4th quarter. Commerce Bank now owns 5,660,823 shares of the financial services provider's stock valued at $296,287,000 after acquiring an additional 369,636 shares in the last quarter. American Century Companies Inc. increased its stake in shares of Commerce Bancshares by 5.4% in the third quarter. American Century Companies Inc. now owns 3,972,884 shares of the financial services provider's stock worth $237,420,000 after acquiring an additional 202,758 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Commerce Bancshares by 15.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,049,064 shares of the financial services provider's stock worth $159,597,000 after acquiring an additional 406,063 shares during the last quarter. 70.26% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of equities analysts recently commented on CBSH shares. TD Cowen decreased their price objective on shares of Commerce Bancshares from $61.00 to $55.00 and set a "hold" rating for the company in a research note on Wednesday, January 7th. Morgan Stanley reduced their target price on Commerce Bancshares from $67.00 to $65.00 and set an "equal weight" rating for the company in a report on Monday, March 2nd. Piper Sandler set a $62.00 target price on Commerce Bancshares and gave the stock a "neutral" rating in a research report on Monday, January 26th. Zacks Research upgraded Commerce Bancshares from a "strong sell" rating to a "hold" rating in a report on Wednesday, March 4th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Commerce Bancshares in a research report on Monday, December 29th. One research analyst has rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $61.51.
Get Our Latest Report on Commerce Bancshares
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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