Commerce Bancshares, Inc. (NASDAQ:CBSH) – Analysts at Jefferies Financial Group increased their Q3 2021 EPS estimates for shares of Commerce Bancshares in a report released on Friday, April 9th. Jefferies Financial Group analyst C. Haire now expects that the financial services provider will post earnings of $0.93 per share for the quarter, up from their prior estimate of $0.87.
Separately, Morgan Stanley increased their price objective on Commerce Bancshares from $64.00 to $65.00 and gave the stock an “underweight” rating in a report on Wednesday, March 24th. One analyst has rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $65.75.
Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings results on Tuesday, January 19th. The financial services provider reported $1.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.94 by $0.17. Commerce Bancshares had a return on equity of 10.49% and a net margin of 23.67%. The company had revenue of $344.90 million during the quarter, compared to the consensus estimate of $347.85 million. During the same period in the prior year, the company earned $0.81 earnings per share. The company’s revenue for the quarter was down .3% compared to the same quarter last year.
A number of hedge funds have recently bought and sold shares of the business. BlackRock Inc. grew its stake in Commerce Bancshares by 8.4% in the fourth quarter. BlackRock Inc. now owns 9,400,822 shares of the financial services provider’s stock valued at $617,633,000 after purchasing an additional 727,325 shares in the last quarter. Aristotle Capital Management LLC lifted its position in shares of Commerce Bancshares by 7.5% in the fourth quarter. Aristotle Capital Management LLC now owns 7,964,067 shares of the financial services provider’s stock valued at $523,239,000 after buying an additional 553,101 shares during the last quarter. Lazard Asset Management LLC lifted its position in shares of Commerce Bancshares by 12.1% in the fourth quarter. Lazard Asset Management LLC now owns 4,801,873 shares of the financial services provider’s stock valued at $315,482,000 after buying an additional 518,996 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of Commerce Bancshares by 0.9% in the fourth quarter. JPMorgan Chase & Co. now owns 1,965,194 shares of the financial services provider’s stock valued at $129,114,000 after buying an additional 16,701 shares during the last quarter. Finally, Wells Fargo & Company MN lifted its position in shares of Commerce Bancshares by 2.5% in the fourth quarter. Wells Fargo & Company MN now owns 1,827,276 shares of the financial services provider’s stock valued at $120,053,000 after buying an additional 44,321 shares during the last quarter. Hedge funds and other institutional investors own 62.87% of the company’s stock.
In other Commerce Bancshares news, EVP Robert S. Holmes sold 6,234 shares of the firm’s stock in a transaction that occurred on Thursday, February 11th. The stock was sold at an average price of $72.35, for a total value of $451,029.90. Following the completion of the transaction, the executive vice president now directly owns 45,504 shares in the company, valued at $3,292,214.40. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP David L. Orf sold 2,021 shares of the firm’s stock in a transaction that occurred on Tuesday, February 9th. The shares were sold at an average price of $73.39, for a total value of $148,321.19. Following the completion of the transaction, the vice president now owns 14,375 shares of the company’s stock, valued at $1,054,981.25. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 112,282 shares of company stock valued at $8,172,628. 3.40% of the stock is owned by corporate insiders.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 24th. Investors of record on Tuesday, March 9th were issued a dividend of $0.2625 per share. The ex-dividend date was Monday, March 8th. This represents a $1.05 dividend on an annualized basis and a dividend yield of 1.38%. Commerce Bancshares’s payout ratio is presently 30.79%.
About Commerce Bancshares
Commerce Bancshares, Inc operates as a bank holding company for Commerce Bank. It provides general banking services, such as retail, corporate, investment, trust, and asset management products and services to individuals and businesses. The firm operates through the following business segments: Consumer, Commercial and Wealth.
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