Commerce Bancshares (NASDAQ:CBSH) Announces Quarterly Earnings Results, Beats Expectations By $0.17 EPS

Commerce Bancshares (NASDAQ:CBSH) issued its earnings results on Thursday. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.90 by $0.17, Briefing.com reports. Commerce Bancshares had a net margin of 23.62% and a return on equity of 16.50%. The firm had revenue of $414.90 million for the quarter, compared to analysts’ expectations of $406.88 million. During the same quarter last year, the company posted $0.97 earnings per share. Commerce Bancshares’s revenue was up 4.5% on a year-over-year basis.

Commerce Bancshares Trading Down 0.4 %

Commerce Bancshares stock opened at $63.23 on Friday. Commerce Bancshares has a 52 week low of $40.91 and a 52 week high of $64.39. The stock has a market cap of $8.19 billion, a price-to-earnings ratio of 17.63 and a beta of 0.76. The company’s 50-day moving average price is $55.78 and its two-hundred day moving average price is $53.91.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on CBSH. Raymond James upgraded Commerce Bancshares from a “market perform” rating to an “outperform” rating and set a $61.00 price target on the stock in a research report on Wednesday, April 17th. Keefe, Bruyette & Woods raised their target price on Commerce Bancshares from $58.00 to $60.00 and gave the company a “market perform” rating in a research note on Friday, May 10th. StockNews.com raised shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Wednesday, April 17th. Jefferies Financial Group increased their price objective on shares of Commerce Bancshares from $60.00 to $62.00 and gave the stock a “hold” rating in a report on Wednesday, July 3rd. Finally, Piper Sandler boosted their target price on shares of Commerce Bancshares from $53.00 to $54.00 and gave the company a “neutral” rating in a research note on Wednesday, April 17th. Seven investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $56.71.

Insider Transactions at Commerce Bancshares

In related news, CEO John W. Kemper sold 26,581 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $56.77, for a total transaction of $1,509,003.37. Following the transaction, the chief executive officer now owns 198,387 shares in the company, valued at $11,262,429.99. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 3.20% of the company’s stock.

Commerce Bancshares Company Profile

Commerce Bancshares, Inc operates as the bank holding company for Commerce Bank that provides retail, mortgage banking, corporate, investment, trust, and asset management products and services to individuals and businesses in the United States. It operates through three segments: Consumer, Commercial, and Wealth.