Commerce Bancshares (NASDAQ:CBSH) Releases Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Commerce Bancshares (NASDAQ:CBSH) announced its quarterly earnings results on Wednesday. The financial services provider reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.06, Zacks reports. Commerce Bancshares had a net margin of 25.24% and a return on equity of 16.31%. The company had revenue of $422.10 million for the quarter, compared to analysts’ expectations of $417,482 billion. During the same period in the prior year, the company posted $0.84 EPS. Commerce Bancshares’s revenue was up 7.3% compared to the same quarter last year.

Commerce Bancshares Price Performance

Shares of Commerce Bancshares stock opened at $65.76 on Friday. The company has a 50 day simple moving average of $66.66 and a two-hundred day simple moving average of $63.63. The firm has a market cap of $8.43 billion, a PE ratio of 16.40, a PEG ratio of 3.64 and a beta of 0.79. Commerce Bancshares has a 1 year low of $47.09 and a 1 year high of $72.75.

Insider Activity

In related news, Chairman David W. Kemper sold 4,500 shares of the stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $69.22, for a total value of $311,490.00. Following the transaction, the chairman now owns 23,725 shares of the company’s stock, valued at $1,642,244.50. This represents a 15.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Patricia R. Kellerhals sold 500 shares of Commerce Bancshares stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $68.55, for a total value of $34,275.00. Following the sale, the senior vice president now directly owns 22,265 shares of the company’s stock, valued at approximately $1,526,265.75. This trade represents a 2.20 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 9,398 shares of company stock worth $651,265. 3.20% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have issued reports on CBSH shares. Wells Fargo & Company increased their target price on Commerce Bancshares from $62.00 to $67.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 3rd. Piper Sandler raised their target price on Commerce Bancshares from $69.00 to $72.00 and gave the stock a “neutral” rating in a research note on Thursday. Keefe, Bruyette & Woods upped their price target on Commerce Bancshares from $66.00 to $78.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Morgan Stanley lowered shares of Commerce Bancshares from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $66.00 to $64.00 in a research report on Monday, September 30th. Finally, Raymond James lowered shares of Commerce Bancshares from an “outperform” rating to a “market perform” rating in a report on Thursday, December 19th. Seven analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $67.33.

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.