Key Points
- Director Timothy Dunn bought 2,500 shares on March 13 at an average price of $47.71, spending about $119,275 and boosting his stake by 86.12% to 5,403 shares; the trade was disclosed in an SEC Form 4 filing.
- EPS beat: Commerce Bancshares reported $1.01 EPS for the quarter (vs. $0.99 expected) and revenue of $449.36M, up 6.5% year-over-year, with a 26.51% net margin and 15.34% ROE.
- Quarterly dividend declared of $0.275 (ex-dividend March 6, payable March 24), implying a $1.10 annualized payout and roughly a 2.3% yield with a 26.25% payout ratio.
Commerce Bancshares, Inc. (NASDAQ:CBSH - Get Free Report) Director Timothy Dunn acquired 2,500 shares of Commerce Bancshares stock in a transaction on Friday, March 13th. The stock was purchased at an average cost of $47.71 per share, for a total transaction of $119,275.00. Following the purchase, the director owned 5,403 shares in the company, valued at approximately $257,777.13. The trade was a 86.12% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.
Commerce Bancshares Price Performance
Shares of CBSH opened at $47.82 on Wednesday. The business's 50 day simple moving average is $52.66 and its 200-day simple moving average is $53.19. Commerce Bancshares, Inc. has a 1 year low of $47.28 and a 1 year high of $63.19. The stock has a market capitalization of $7.02 billion, a price-to-earnings ratio of 11.41, a price-to-earnings-growth ratio of 2.40 and a beta of 0.61.
Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last released its quarterly earnings results on Thursday, January 22nd. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.99 by $0.02. Commerce Bancshares had a net margin of 26.51% and a return on equity of 15.34%. The company had revenue of $449.36 million for the quarter, compared to the consensus estimate of $442.47 million. During the same quarter in the prior year, the firm earned $1.01 earnings per share. Commerce Bancshares's revenue was up 6.5% on a year-over-year basis. On average, sell-side analysts expect that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current year.
Commerce Bancshares Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 24th. Investors of record on Friday, March 6th will be given a $0.275 dividend. The ex-dividend date is Friday, March 6th. This represents a $1.10 annualized dividend and a yield of 2.3%. Commerce Bancshares's dividend payout ratio (DPR) is currently 26.25%.
Institutional Investors Weigh In On Commerce Bancshares
Several large investors have recently added to or reduced their stakes in the stock. Daytona Street Capital LLC bought a new position in Commerce Bancshares in the 4th quarter worth about $25,000. Danske Bank A S purchased a new position in shares of Commerce Bancshares during the third quarter worth approximately $25,000. Geneos Wealth Management Inc. raised its stake in shares of Commerce Bancshares by 85.4% during the first quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 216 shares in the last quarter. Quent Capital LLC purchased a new stake in shares of Commerce Bancshares in the third quarter valued at approximately $31,000. Finally, CoreFirst Bank & Trust purchased a new stake in shares of Commerce Bancshares in the second quarter valued at approximately $33,000. 70.26% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of brokerages have recently commented on CBSH. TD Cowen dropped their target price on Commerce Bancshares from $61.00 to $55.00 and set a "hold" rating for the company in a report on Wednesday, January 7th. Morgan Stanley dropped their price objective on shares of Commerce Bancshares from $67.00 to $65.00 and set an "equal weight" rating for the company in a research note on Monday, March 2nd. Piper Sandler set a $62.00 price objective on shares of Commerce Bancshares and gave the company a "neutral" rating in a research report on Monday, January 26th. Zacks Research raised shares of Commerce Bancshares from a "strong sell" rating to a "hold" rating in a research note on Wednesday, March 4th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Commerce Bancshares in a report on Monday, December 29th. One analyst has rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $61.51.
View 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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