Commerce Bancshares (NASDAQ:CBSH) Issues Earnings Results

Commerce Bancshares (NASDAQ:CBSH) issued its quarterly earnings data on Thursday. The financial services provider reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.02, Zacks reports. The firm had revenue of $449.36 million for the quarter, compared to the consensus estimate of $442.47 million. Commerce Bancshares had a net margin of 26.48% and a return on equity of 15.73%. Commerce Bancshares’s quarterly revenue was up 6.5% compared to the same quarter last year. During the same period last year, the firm posted $1.01 EPS.

Commerce Bancshares Stock Down 1.2%

NASDAQ:CBSH opened at $54.43 on Friday. The business’s 50-day moving average price is $52.64 and its 200 day moving average price is $55.21. Commerce Bancshares has a 52-week low of $48.69 and a 52-week high of $65.59. The firm has a market cap of $7.21 billion, a P/E ratio of 12.99, a PEG ratio of 3.32 and a beta of 0.62.

Commerce Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Tuesday, December 2nd were issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend was Tuesday, December 2nd. Commerce Bancshares’s payout ratio is presently 26.25%.

Hedge Funds Weigh In On Commerce Bancshares

Hedge funds have recently made changes to their positions in the business. AQR Capital Management LLC boosted its holdings in Commerce Bancshares by 82.1% during the third quarter. AQR Capital Management LLC now owns 1,245,068 shares of the financial services provider’s stock worth $74,368,000 after buying an additional 561,331 shares in the last quarter. Millennium Management LLC increased its holdings in shares of Commerce Bancshares by 56.7% in the third quarter. Millennium Management LLC now owns 1,313,453 shares of the financial services provider’s stock valued at $78,492,000 after buying an additional 475,331 shares in the last quarter. Two Sigma Investments LP increased its holdings in shares of Commerce Bancshares by 1,621.8% in the third quarter. Two Sigma Investments LP now owns 345,988 shares of the financial services provider’s stock valued at $20,676,000 after buying an additional 325,893 shares in the last quarter. State Street Corp lifted its position in shares of Commerce Bancshares by 5.0% during the 3rd quarter. State Street Corp now owns 6,752,045 shares of the financial services provider’s stock valued at $403,502,000 after acquiring an additional 319,137 shares during the last quarter. Finally, Qube Research & Technologies Ltd boosted its stake in shares of Commerce Bancshares by 73.9% during the 3rd quarter. Qube Research & Technologies Ltd now owns 705,383 shares of the financial services provider’s stock worth $42,154,000 after acquiring an additional 299,852 shares in the last quarter. Institutional investors and hedge funds own 70.26% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on CBSH. Zacks Research cut Commerce Bancshares from a “hold” rating to a “strong sell” rating in a report on Thursday, January 8th. Keefe, Bruyette & Woods cut their target price on Commerce Bancshares from $61.90 to $57.14 and set a “market perform” rating on the stock in a research note on Friday, October 17th. Morgan Stanley increased their price target on Commerce Bancshares from $62.86 to $66.67 and gave the stock an “underperform” rating in a research note on Monday, September 29th. Wall Street Zen lowered Commerce Bancshares from a “hold” rating to a “sell” rating in a report on Saturday, October 18th. Finally, Piper Sandler restated a “neutral” rating and set a $64.00 price objective (up from $60.00) on shares of Commerce Bancshares in a research note on Friday, January 9th. One investment analyst has rated the stock with a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Commerce Bancshares currently has a consensus rating of “Reduce” and an average target price of $62.03.

Commerce Bancshares Company Profile

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.