Sign up for MarketBeat All Access to gain access to MarketBeat’s full suite of research tools:
Commerce Bancshares, Inc. (NASDAQ:CBSH – Get Rating)’s stock price fell 1.4% during mid-day trading on Tuesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $71.56 and last traded at $71.56. 2,669 shares changed hands during mid-day trading, a decline of 99% from the average session volume of 361,950 shares. The stock had previously closed at $72.60.
The financial services provider reported $1.02 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.01). Commerce Bancshares had a net margin of 32.88% and a return on equity of 14.98%. The company had revenue of $384.90 million for the quarter, compared to analysts’ expectations of $383.58 million. During the same period in the previous year, the firm earned $1.00 earnings per share. The firm’s quarterly revenue was up 9.5% on a year-over-year basis.
Commerce Bancshares Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 22nd. Stockholders of record on Wednesday, September 7th were given a dividend of $0.265 per share. The ex-dividend date of this dividend was Tuesday, September 6th. This represents a $1.06 dividend on an annualized basis and a dividend yield of 1.47%. Commerce Bancshares’s payout ratio is currently 27.39%.
Analysts Set New Price Targets
A number of research analysts have recently weighed in on the company. StockNews.com assumed coverage on Commerce Bancshares in a research report on Wednesday, October 12th. They set a “hold” rating on the stock. Jefferies Financial Group lowered their price target on Commerce Bancshares from $75.00 to $71.00 in a report on Monday, July 11th. Finally, DA Davidson boosted their price target on Commerce Bancshares to $71.00 in a report on Monday, July 25th.
Insider Transactions at Commerce Bancshares
In other news, EVP Robert S. Holmes sold 2,000 shares of the company’s stock in a transaction that occurred on Thursday, August 4th. The stock was sold at an average price of $70.45, for a total transaction of $140,900.00. Following the sale, the executive vice president now directly owns 43,058 shares of the company’s stock, valued at approximately $3,033,436.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Robert S. Holmes sold 2,000 shares of the company’s stock in a transaction that occurred on Thursday, August 4th. The stock was sold at an average price of $70.45, for a total transaction of $140,900.00. Following the sale, the executive vice president now directly owns 43,058 shares of the company’s stock, valued at approximately $3,033,436.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Blackford F. Brauer acquired 5,000 shares of the firm’s stock in a transaction dated Wednesday, July 27th. The shares were purchased at an average cost of $68.87 per share, for a total transaction of $344,350.00. Following the completion of the acquisition, the director now directly owns 16,027 shares in the company, valued at $1,103,779.49. The disclosure for this purchase can be found here. Insiders have sold 6,474 shares of company stock valued at $464,244 in the last ninety days. Corporate insiders own 3.20% of the company’s stock.
Hedge Funds Weigh In On Commerce Bancshares
Large investors have recently modified their holdings of the stock. Tortoise Investment Management LLC bought a new position in shares of Commerce Bancshares during the 2nd quarter valued at approximately $26,000. Meeder Asset Management Inc. increased its position in shares of Commerce Bancshares by 66.1% during the 2nd quarter. Meeder Asset Management Inc. now owns 455 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 181 shares during the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA bought a new position in shares of Commerce Bancshares during the 2nd quarter valued at approximately $36,000. First Horizon Advisors Inc. increased its position in shares of Commerce Bancshares by 256.7% during the 2nd quarter. First Horizon Advisors Inc. now owns 560 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 403 shares during the last quarter. Finally, Atticus Wealth Management LLC increased its position in shares of Commerce Bancshares by 84.0% during the 2nd quarter. Atticus Wealth Management LLC now owns 611 shares of the financial services provider’s stock valued at $40,000 after purchasing an additional 279 shares during the last quarter. Institutional investors own 68.76% of the company’s stock.
Commerce Bancshares Trading Down 0.5 %
The company has a 50-day moving average price of $70.13 and a two-hundred day moving average price of $68.86. The stock has a market cap of $8.66 billion, a P/E ratio of 18.76 and a beta of 0.77.
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.
Featured Stories
- Get a free copy of the StockNews.com research report on Commerce Bancshares (CBSH)
- Lockheed Martin: Get Defensive With Defense Stocks
- Twilio and Its 65% Upside Going Into Q4
- Cloudflare Lights Up With 13% Gain After Wells Fargo Upgrade
- Google, Amazon and Tesla, 3 Big Stocks Set to Move Higher
- Biogen’s Stock Pullback Offers a Second Chance
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Before you consider Commerce Bancshares, you’ll want to hear this.
MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and Commerce Bancshares wasn’t on the list.
While Commerce Bancshares currently has a “Hold” rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Complete the form below to receive the latest headlines and analysts’ recommendations for your stocks with our free daily email newsletter:
Jason Brown presents a strong bull case for the future of each of these stocks, regardless of the current market downturn.
Sign up for MarketBeat All Access to gain access to MarketBeat’s full suite of research tools:
View the latest news, buy/sell ratings, SEC filings and insider transactions for your stocks. Compare your portfolio performance to leading indices and get personalized stock ideas based on your portfolio.
Get daily stock ideas from top-performing Wall Street analysts. Get short term trading ideas from the MarketBeat Idea Engine. View which stocks are hot on social media with MarketBeat’s trending stocks report.
Identify stocks that meet your criteria using seven unique stock screeners. See what’s happening in the market right now with MarketBeat’s real-time news feed. Export data to Excel for your own analysis.
MarketBeat All Access members have access to premium reports, best-in-class portfolio monitoring tools, and our latest stock picks.
Looking for new stock ideas? Want to see which stocks are moving? View our full suite of financial calendars and market data tables, all for free.
Receive a free world-class investing education from MarketBeat. Learn about financial terms, types of investments, trading strategies, and more.
As Featured By:
MarketBeat empowers individual investors to make better trading decisions by providing real-time financial data and objective market analysis. Whether you’re looking for analyst ratings, corporate buybacks, dividends, earnings, economic reports, financials, insider trades, IPOs, SEC filings or stock splits, MarketBeat has the objective information you need to analyze any stock. Learn more about MarketBeat.
Twitter Facebook StockTwits Financial Juice YouTube
© American Consumer News, LLC dba MarketBeat® 2010-2022. All rights reserved.
326 E 8th St #105, Sioux Falls, SD 57103 | [email protected] | (844) 978-6257
MarketBeat does not provide personalized financial advice and does not issue recommendations or offers to buy stock or sell any security.
Our Accessibility Statement | Terms of Service | Privacy Policy | Do Not Sell My Information | RSS Feeds
© 2022 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions. Information is provided ‘as-is’ and solely for informational purposes, not for trading purposes or advice, and is delayed. To see all exchange delays and terms of use please see Barchart’s disclaimer.
