Wall Street analysts forecast that Commerce Bancshares, Inc. (NASDAQ:CBSH) will report $334.37 million in sales for the current fiscal quarter, Zacks reports. Five analysts have issued estimates for Commerce Bancshares’ earnings, with the highest sales estimate coming in at $343.06 million and the lowest estimate coming in at $327.90 million. Commerce Bancshares reported sales of $312.58 million in the same quarter last year, which indicates a positive year-over-year growth rate of 7%. The business is expected to issue its next quarterly earnings results on Thursday, April 11th.
On average, analysts expect that Commerce Bancshares will report full year sales of $1.37 billion for the current fiscal year, with estimates ranging from $1.36 billion to $1.39 billion. For the next year, analysts forecast that the business will post sales of $1.42 billion, with estimates ranging from $1.40 billion to $1.44 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that cover Commerce Bancshares.
Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings data on Thursday, January 17th. The financial services provider reported $0.96 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.95 by $0.01. The company had revenue of $345.31 million during the quarter, compared to analysts’ expectations of $335.66 million. Commerce Bancshares had a return on equity of 16.29% and a net margin of 31.18%. During the same period last year, the business earned $0.74 earnings per share.
A number of analysts recently commented on the company. BidaskClub upgraded Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Thursday, January 31st. Zacks Investment Research lowered Commerce Bancshares from a “buy” rating to a “hold” rating in a research report on Tuesday, November 20th. Stephens reiterated a “hold” rating and issued a $65.00 price objective on shares of Commerce Bancshares in a research report on Wednesday, December 19th. Barclays reiterated a “hold” rating and issued a $65.00 price objective on shares of Commerce Bancshares in a research report on Friday, January 11th. Finally, Morgan Stanley lowered their price objective on Commerce Bancshares from $58.00 to $56.00 and set an “underweight” rating for the company in a research report on Tuesday, December 11th. Two research analysts have rated the stock with a sell rating and ten have given a hold rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $63.49.
CBSH stock traded down $0.70 during midday trading on Friday, reaching $60.50. The stock had a trading volume of 506,678 shares, compared to its average volume of 489,931. The firm has a market cap of $6.75 billion, a price-to-earnings ratio of 16.01, a PEG ratio of 3.65 and a beta of 0.74. Commerce Bancshares has a twelve month low of $53.40 and a twelve month high of $72.55.
The business also recently announced a quarterly dividend, which will be paid on Monday, March 25th. Stockholders of record on Friday, March 8th will be given a dividend of $0.26 per share. This is a positive change from Commerce Bancshares’s previous quarterly dividend of $0.24. This represents a $1.04 annualized dividend and a dividend yield of 1.72%. The ex-dividend date of this dividend is Thursday, March 7th. Commerce Bancshares’s payout ratio is presently 24.87%.
In other news, insider Daniel D. Callahan sold 3,300 shares of the business’s stock in a transaction dated Tuesday, January 22nd. The stock was sold at an average price of $61.11, for a total transaction of $201,663.00. Following the completion of the transaction, the insider now directly owns 24,037 shares in the company, valued at approximately $1,468,901.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Daniel D. Callahan sold 1,500 shares of the business’s stock in a transaction dated Wednesday, November 21st. The stock was sold at an average price of $65.91, for a total value of $98,865.00. Following the transaction, the insider now owns 26,036 shares of the company’s stock, valued at $1,716,032.76. The disclosure for this sale can be found here. Insiders have sold a total of 60,291 shares of company stock valued at $3,638,888 over the last 90 days. Corporate insiders own 4.00% of the company’s stock.
Several institutional investors have recently bought and sold shares of CBSH. Oregon Public Employees Retirement Fund grew its position in shares of Commerce Bancshares by 5,818.8% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 2,190,482 shares of the financial services provider’s stock worth $39,000 after buying an additional 2,153,473 shares during the period. BlackRock Inc. grew its position in shares of Commerce Bancshares by 8.0% during the 4th quarter. BlackRock Inc. now owns 9,340,462 shares of the financial services provider’s stock worth $526,523,000 after buying an additional 695,399 shares during the period. Vanguard Group Inc grew its position in shares of Commerce Bancshares by 3.1% during the 3rd quarter. Vanguard Group Inc now owns 9,851,300 shares of the financial services provider’s stock worth $650,384,000 after buying an additional 300,762 shares during the period. Vanguard Group Inc. grew its position in shares of Commerce Bancshares by 3.1% during the 3rd quarter. Vanguard Group Inc. now owns 9,851,300 shares of the financial services provider’s stock worth $650,384,000 after buying an additional 300,762 shares during the period. Finally, Robeco Institutional Asset Management B.V. grew its position in shares of Commerce Bancshares by 9,859.6% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 164,234 shares of the financial services provider’s stock worth $10,843,000 after buying an additional 162,585 shares during the period. Institutional investors own 60.08% of the company’s stock.
Commerce Bancshares Company Profile
Commerce Bancshares, Inc operates as the 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, mobile, and telephone banking services.
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