Commerce Bancshares (NASDAQ:CBSH) Issues Quarterly Earnings Results

Commerce Bancshares (NASDAQ:CBSH) announced its quarterly earnings results on Thursday. The financial services provider reported $1.07 EPS for the quarter, beating 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 during the quarter, compared to the consensus estimate of $406.88 million. During the same quarter last year, the firm earned $0.97 EPS. The firm’s revenue for the quarter was up 4.5% compared to the same quarter last year.

Commerce Bancshares Price Performance

Commerce Bancshares stock opened at $63.23 on Friday. The stock has a market cap of $8.19 billion, a price-to-earnings ratio of 17.61 and a beta of 0.76. The firm has a 50-day moving average of $55.78 and a two-hundred day moving average of $53.91. Commerce Bancshares has a 1 year low of $40.91 and a 1 year high of $64.39.

Analyst Upgrades and Downgrades

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

Insider Transactions at Commerce Bancshares

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

About Commerce Bancshares

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.