Commerce Bancshares (CBSH) Sets New 12-Month High and Low Following Earnings Beat

Commerce Bancshares (NASDAQ:CBSH)’s share price hit a new 52-week high and low during trading on Thursday following a stronger than expected earnings report. The stock traded as low as $61.93 and last traded at $61.83, with a volume of 387524 shares. The stock had previously closed at $59.38.

The financial services provider reported $0.74 EPS for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.03. The business had revenue of $314.22 million during the quarter, compared to analysts’ expectations of $312.98 million. Commerce Bancshares had a return on equity of 12.22% and a net margin of 25.27%.

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The company also recently declared a quarterly dividend, which was paid on Monday, March 26th. Stockholders of record on Friday, March 9th were paid a $0.235 dividend. The ex-dividend date was Thursday, March 8th. This is a positive change from Commerce Bancshares’s previous quarterly dividend of $0.23. This represents a $0.94 dividend on an annualized basis and a dividend yield of 1.52%. Commerce Bancshares’s payout ratio is currently 33.94%.

CBSH has been the topic of a number of research analyst reports. ValuEngine raised Commerce Bancshares from a “hold” rating to a “buy” rating in a research note on Friday, March 23rd. BidaskClub lowered Commerce Bancshares from a “hold” rating to a “sell” rating in a research note on Tuesday, January 30th. Zacks Investment Research raised Commerce Bancshares from a “hold” rating to a “buy” rating and set a $63.00 price target on the stock in a research note on Monday, January 8th. Keefe, Bruyette & Woods raised Commerce Bancshares from an “underperform” rating to a “market perform” rating and lifted their price target for the stock from $54.00 to $60.00 in a research note on Tuesday, February 27th. Finally, Barclays lowered their price target on Commerce Bancshares from $63.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Wednesday. One analyst has rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $57.63.

In other Commerce Bancshares news, VP Daniel D. Callahan sold 1,090 shares of the business’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $56.95, for a total transaction of $62,075.50. Following the transaction, the vice president now owns 32,822 shares of the company’s stock, valued at $1,869,212.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Daniel D. Callahan sold 2,972 shares of the business’s stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $58.56, for a total value of $174,040.32. Following the transaction, the vice president now directly owns 36,266 shares in the company, valued at approximately $2,123,736.96. The disclosure for this sale can be found here. Insiders have sold 168,774 shares of company stock worth $9,878,981 in the last three months. 4.00% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC boosted its stake in Commerce Bancshares by 189.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 2,211 shares of the financial services provider’s stock worth $123,000 after buying an additional 1,448 shares during the last quarter. GSA Capital Partners LLP acquired a new position in Commerce Bancshares during the third quarter worth $283,000. Archford Capital Strategies LLC boosted its stake in Commerce Bancshares by 25.3% during the third quarter. Archford Capital Strategies LLC now owns 5,003 shares of the financial services provider’s stock worth $289,000 after buying an additional 1,011 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Commerce Bancshares by 52.5% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,093 shares of the financial services provider’s stock worth $284,000 after buying an additional 1,754 shares during the last quarter. Finally, State of Alaska Department of Revenue acquired a new position in Commerce Bancshares during the fourth quarter worth $312,000. 62.75% of the stock is currently owned by institutional investors.

The company has a market capitalization of $6,408.15, a price-to-earnings ratio of 21.58, a price-to-earnings-growth ratio of 2.24 and a beta of 0.69.

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Commerce Bancshares Company Profile

Commerce Bancshares, Inc operates as the holding company for Commerce Bank that provides retail, mortgage banking, corporate, investment, trust, and asset management products and services to individuals and businesses. It operates through three segments: Consumer, Commercial, and Wealth. The Consumer segment offers various banking products and services, including consumer deposits; consumer loans, such as automobile, motorcycle, marine, tractor/trailer, recreational vehicle, fixed rate and revolving home equity, and other consumer loans; patient health care financing; real estate loans; indirect and other consumer financing; personal mortgage banking; consumer installment lending; and consumer debit and credit bank cards, as well as provides online, mobile, and telephone banking services.

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