Commerce Bancshares (NASDAQ:CBSH) Shares Gap Up on Strong Earnings

Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $52.01, but opened at $53.23. Commerce Bancshares shares last traded at $53.24, with a volume of 59,904 shares traded.

The financial services provider reported $0.86 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.06. The business had revenue of $397.80 million for the quarter, compared to analyst estimates of $389.49 million. Commerce Bancshares had a return on equity of 16.78% and a net margin of 23.33%. The company’s revenue was up 2.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.90 earnings per share.

Commerce Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 18th. Investors of record on Wednesday, June 5th will be issued a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 2.03%. Commerce Bancshares’s dividend payout ratio (DPR) is 30.12%.

Analyst Ratings Changes

Several analysts recently commented on CBSH shares. Keefe, Bruyette & Woods raised their target price on Commerce Bancshares from $56.00 to $58.00 and gave the stock a “market perform” rating in a report on Wednesday. Piper Sandler increased their price target on Commerce Bancshares from $53.00 to $54.00 and gave the stock a “neutral” rating in a research report on Wednesday. StockNews.com upgraded Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Wednesday. Morgan Stanley increased their price target on Commerce Bancshares from $46.00 to $55.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 7th. Finally, Bank of America started coverage on Commerce Bancshares in a research note on Thursday, January 11th. They set a “neutral” rating and a $55.00 target price for the company. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $55.00.

Insider Activity

In other news, SVP Douglas D. Neff sold 614 shares of Commerce Bancshares stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $50.25, for a total value of $30,853.50. Following the completion of the sale, the senior vice president now directly owns 8,038 shares of the company’s stock, valued at $403,909.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, SVP Douglas D. Neff sold 614 shares of Commerce Bancshares stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $50.25, for a total value of $30,853.50. Following the completion of the transaction, the senior vice president now directly owns 8,038 shares in the company, valued at $403,909.50. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Robert S. Holmes sold 5,000 shares of Commerce Bancshares stock in a transaction on Monday, March 11th. The shares were sold at an average price of $52.66, for a total value of $263,300.00. Following the completion of the transaction, the executive vice president now owns 50,293 shares of the company’s stock, valued at $2,648,429.38. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 14,321 shares of company stock valued at $752,387. 3.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. BKM Wealth Management LLC purchased a new stake in Commerce Bancshares during the 4th quarter worth about $29,000. Creative Financial Designs Inc. ADV purchased a new stake in Commerce Bancshares during the 4th quarter worth about $35,000. PCA Investment Advisory Services Inc. purchased a new stake in Commerce Bancshares during the 2nd quarter worth about $38,000. Quantbot Technologies LP purchased a new stake in Commerce Bancshares during the 2nd quarter worth about $42,000. Finally, Clarity Asset Management Inc. purchased a new stake in Commerce Bancshares during the 4th quarter worth about $43,000. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Commerce Bancshares Trading Up 0.1 %

The company has a market capitalization of $6.90 billion, a PE ratio of 14.81 and a beta of 0.79. The stock has a fifty day simple moving average of $52.02 and a 200-day simple moving average of $50.93.

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.