Key Points
- Insider sale: Commerce Bancshares Director June Mcallister Fowler sold 200 shares on June 16 at an average price of $55.03, for proceeds of $11,006. After the sale, she still owned 6,233 shares valued at about $343,002.
- Quarterly results beat estimates: The company reported $0.96 in EPS for the latest quarter, edging past analyst expectations of $0.94. Revenue came in at $475.69 million, up 11.1% from a year earlier.
- Dividend and analyst sentiment: Commerce Bancshares declared a quarterly dividend of $0.275 per share, implying a 2.0% annual yield. Analysts are cautious overall, with an average rating of Hold and a consensus price target of $59.30.
Commerce Bancshares, Inc. (NASDAQ:CBSH - Get Free Report) Director June Mcallister Fowler sold 200 shares of the company's stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $55.03, for a total transaction of $11,006.00. Following the transaction, the director owned 6,233 shares in the company, valued at approximately $343,001.99. The trade was a 3.11% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
Commerce Bancshares Trading Up 0.1%
Commerce Bancshares stock opened at $54.76 on Friday. The firm has a market capitalization of $7.98 billion, a price-to-earnings ratio of 13.13, a price-to-earnings-growth ratio of 3.72 and a beta of 0.60. The firm's fifty day moving average price is $52.10 and its two-hundred day moving average price is $52.07. Commerce Bancshares, Inc. has a 1-year low of $46.99 and a 1-year high of $63.19.
Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last posted its earnings results on Tuesday, April 21st. The financial services provider reported $0.96 EPS for the quarter, topping the consensus estimate of $0.94 by $0.02. Commerce Bancshares had a net margin of 26.37% and a return on equity of 14.78%. The company had revenue of $475.69 million during the quarter, compared to the consensus estimate of $481.94 million. During the same period in the previous year, the firm posted $0.98 earnings per share. The firm's revenue for the quarter was up 11.1% on a year-over-year basis. On average, research analysts forecast that Commerce Bancshares, Inc. will post 4.12 EPS for the current year.
Commerce Bancshares Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 23rd. Shareholders of record on Friday, June 5th will be paid a dividend of $0.275 per share. The ex-dividend date is Friday, June 5th. This represents a $1.10 dividend on an annualized basis and a yield of 2.0%. Commerce Bancshares's payout ratio is 26.38%.
Analyst Ratings Changes
CBSH has been the subject of several analyst reports. Hovde Group lowered their price objective on Commerce Bancshares from $63.00 to $60.00 and set an "outperform" rating for the company in a research note on Wednesday, April 22nd. Wall Street Zen cut Commerce Bancshares from a "hold" rating to a "sell" rating in a research report on Saturday, June 13th. Wells Fargo & Company decreased their price target on Commerce Bancshares from $60.00 to $53.00 and set an "equal weight" rating for the company in a report on Monday, March 30th. Keefe, Bruyette & Woods increased their price target on Commerce Bancshares from $56.00 to $57.00 and gave the company a "market perform" rating in a research report on Wednesday, May 13th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Commerce Bancshares in a research report on Friday, March 27th. One equities research analyst has rated the stock with a Buy rating and eight have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $59.30.
View Our Latest Stock Report on Commerce Bancshares
Institutional Investors Weigh In On Commerce Bancshares
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. boosted its stake in shares of Commerce Bancshares by 85.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider's stock worth $29,000 after buying an additional 216 shares during the last quarter. Invesco Ltd. increased its position in shares of Commerce Bancshares by 2.0% during the second quarter. Invesco Ltd. now owns 865,052 shares of the financial services provider's stock valued at $53,780,000 after acquiring an additional 16,610 shares during the last quarter. Cresset Asset Management LLC increased its position in shares of Commerce Bancshares by 3.0% during the second quarter. Cresset Asset Management LLC now owns 10,151 shares of the financial services provider's stock valued at $631,000 after acquiring an additional 300 shares during the last quarter. Jump Financial LLC bought a new stake in Commerce Bancshares during the second quarter worth $376,000. Finally, California Public Employees Retirement System lifted its holdings in Commerce Bancshares by 4.8% during the second quarter. California Public Employees Retirement System now owns 208,148 shares of the financial services provider's stock worth $12,941,000 after acquiring an additional 9,483 shares during the period. Hedge funds and other institutional investors own 70.26% of the company's stock.
Commerce Bancshares Company Profile
(
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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