Commerce Bancshares, Inc. (NASDAQ:CBSH – Get Rating) – Stock analysts at Jefferies Financial Group dropped their Q2 2023 EPS estimates for Commerce Bancshares in a research note issued on Monday, July 11th. Jefferies Financial Group analyst C. Haire now forecasts that the financial services provider will post earnings of $1.03 per share for the quarter, down from their prior estimate of $1.04. The consensus estimate for Commerce Bancshares’ current full-year earnings is $3.95 per share. Jefferies Financial Group also issued estimates for Commerce Bancshares’ Q4 2023 earnings at $1.07 EPS.
Other equities analysts have also issued research reports about the stock. StockNews.com lowered shares of Commerce Bancshares from a “hold” rating to a “sell” rating in a report on Monday, May 23rd. Wells Fargo & Company upgraded shares of Commerce Bancshares from an “underweight” rating to an “equal weight” rating and lifted their price target for the stock from $60.00 to $70.00 in a report on Monday, March 21st.
NASDAQ CBSH opened at $65.05 on Thursday. The stock has a market cap of $7.85 billion, a PE ratio of 15.40 and a beta of 0.81. The firm’s fifty day moving average price is $66.70 and its two-hundred day moving average price is $69.39. Commerce Bancshares has a fifty-two week low of $61.81 and a fifty-two week high of $74.72.
Commerce Bancshares (NASDAQ:CBSH – Get Rating) last posted its earnings results on Tuesday, April 19th. The financial services provider reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.89 by $0.08. The firm had revenue of $340.60 million for the quarter, compared to analysts’ expectations of $348.21 million. Commerce Bancshares had a net margin of 36.83% and a return on equity of 15.45%. The company’s revenue was down .4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.06 earnings per share.
A number of hedge funds have recently added to or reduced their stakes in CBSH. State Street Corp lifted its holdings in Commerce Bancshares by 8.9% in the first quarter. State Street Corp now owns 6,656,709 shares of the financial services provider’s stock valued at $476,554,000 after buying an additional 544,292 shares during the period. Vicus Capital acquired a new position in Commerce Bancshares in the fourth quarter valued at $25,870,000. Commerce Bank lifted its holdings in Commerce Bancshares by 5.2% in the fourth quarter. Commerce Bank now owns 6,929,659 shares of the financial services provider’s stock valued at $476,345,000 after buying an additional 344,336 shares during the period. UMB Bank N A MO lifted its holdings in Commerce Bancshares by 298.1% in the fourth quarter. UMB Bank N A MO now owns 375,359 shares of the financial services provider’s stock valued at $25,802,000 after buying an additional 281,073 shares during the period. Finally, Lazard Asset Management LLC lifted its holdings in Commerce Bancshares by 4.9% in the fourth quarter. Lazard Asset Management LLC now owns 5,192,785 shares of the financial services provider’s stock valued at $356,951,000 after buying an additional 242,344 shares during the period. Institutional investors and hedge funds own 67.85% of the company’s stock.
In other Commerce Bancshares news, Director Blackford F. Brauer purchased 5,000 shares of the business’s stock in a transaction dated Thursday, May 26th. The shares were bought at an average price of $68.31 per share, for a total transaction of $341,550.00. Following the completion of the acquisition, the director now owns 6,027 shares in the company, valued at $411,704.37. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.20% of the stock is currently owned by insiders.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 22nd. Stockholders of record on Tuesday, June 7th were issued a dividend of $0.265 per share. The ex-dividend date was Monday, June 6th. This represents a $1.06 dividend on an annualized basis and a dividend yield of 1.63%. Commerce Bancshares’s dividend payout ratio (DPR) is presently 25.09%.
Commerce Bancshares Company Profile (Get Rating)
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.
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