Commerce Bancshares (NASDAQ:CBSH) Releases Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Commerce Bancshares (NASDAQ:CBSH) announced its quarterly earnings data on Tuesday. The financial services provider reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.94 by $0.02, RTT News reports. The business had revenue of $338.90 million for the quarter, compared to analysts’ expectations of $339.94 million. Commerce Bancshares had a return on equity of 15.65% and a net margin of 30.39%. The company’s revenue for the quarter was up 4.4% compared to the same quarter last year. During the same period last year, the firm earned $0.96 earnings per share.

Commerce Bancshares stock opened at $58.54 on Wednesday. Commerce Bancshares has a 1-year low of $53.40 and a 1-year high of $72.55. The firm has a market capitalization of $6.43 billion, a PE ratio of 15.49, a PEG ratio of 1.99 and a beta of 0.73. The company has a fifty day simple moving average of $58.86.

CBSH has been the topic of a number of analyst reports. Raymond James cut First Midwest Bancorp to a “hold” rating in a research note on Monday, July 8th. Stephens initiated coverage on Falcon Minerals in a research note on Thursday, April 11th. They issued an “overweight” rating and a $12.00 price target on the stock. Zacks Investment Research upgraded Eutelsat Communications from a “hold” rating to a “strong-buy” rating and set a $21.00 price target on the stock in a research note on Wednesday, June 12th. BidaskClub cut ZIX from a “buy” rating to a “hold” rating in a research note on Wednesday. Finally, DA Davidson cut their price target on Commerce Bancshares to $60.00 and set a “neutral” rating on the stock in a research note on Friday, April 12th. Three research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. The company currently has an average rating of “Hold” and an average price target of $58.91.

In other Commerce Bancshares news, insider John K. Handy sold 3,541 shares of the firm’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $61.79, for a total value of $218,798.39. Following the sale, the insider now directly owns 35,251 shares in the company, valued at $2,178,159.29. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 3.60% of the stock is owned by company insiders.

Several hedge funds have recently modified their holdings of the business. Segall Bryant & Hamill LLC grew its holdings in shares of Commerce Bancshares by 4.9% during the fourth quarter. Segall Bryant & Hamill LLC now owns 3,573 shares of the financial services provider’s stock worth $201,000 after purchasing an additional 168 shares during the last quarter. Commonwealth Equity Services LLC grew its holdings in shares of Commerce Bancshares by 1.4% during the fourth quarter. Commonwealth Equity Services LLC now owns 12,503 shares of the financial services provider’s stock worth $704,000 after purchasing an additional 169 shares during the last quarter. Gemmer Asset Management LLC grew its holdings in shares of Commerce Bancshares by 79.4% during the first quarter. Gemmer Asset Management LLC now owns 452 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 200 shares during the last quarter. Hancock Whitney Corp grew its holdings in shares of Commerce Bancshares by 5.0% during the fourth quarter. Hancock Whitney Corp now owns 4,268 shares of the financial services provider’s stock worth $241,000 after purchasing an additional 203 shares during the last quarter. Finally, Parallel Advisors LLC grew its holdings in shares of Commerce Bancshares by 5.8% during the first quarter. Parallel Advisors LLC now owns 3,779 shares of the financial services provider’s stock worth $219,000 after purchasing an additional 207 shares during the last quarter. 63.08% of the stock is currently owned by institutional investors.

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. 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 banking services.

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Earnings History for Commerce Bancshares (NASDAQ:CBSH)

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