Zacks Research Comments on Commerce Bancshares, Inc.’s Q3 2024 Earnings (NASDAQ:CBSH)

Commerce Bancshares, Inc. (NASDAQ:CBSH) – Investment analysts at Zacks Research upped their Q3 2024 earnings per share estimates for shares of Commerce Bancshares in a research note issued to investors on Wednesday, October 2nd. Zacks Research analyst R. Department now anticipates that the financial services provider will earn $0.99 per share for the quarter, up from their previous estimate of $0.97. The consensus estimate for Commerce Bancshares’ current full-year earnings is $3.97 per share. Zacks Research also issued estimates for Commerce Bancshares’ FY2024 earnings at $3.88 EPS, Q1 2025 earnings at $0.89 EPS, Q2 2026 earnings at $1.02 EPS, Q3 2026 earnings at $1.06 EPS and FY2026 earnings at $4.16 EPS.

Several other analysts also recently weighed in on the company. Jefferies Financial Group raised their target price on Commerce Bancshares from $60.00 to $62.00 and gave the company a “hold” rating in a research note on Wednesday, July 3rd. Morgan Stanley downgraded Commerce Bancshares from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $66.00 to $64.00 in a research note on Monday, September 30th. Finally, Wells Fargo & Company boosted their price objective on Commerce Bancshares from $52.00 to $62.00 and gave the company an “equal weight” rating in a report on Monday, July 22nd. Seven analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $59.71.

Commerce Bancshares Price Performance

Shares of Commerce Bancshares stock opened at $58.52 on Friday. The business has a 50-day moving average of $61.65 and a 200-day moving average of $57.43. The company has a market capitalization of $7.54 billion, a PE ratio of 16.31, a P/E/G ratio of 9.40 and a beta of 0.74. Commerce Bancshares has a 1-year low of $40.91 and a 1-year high of $65.86.

Commerce Bancshares (NASDAQ:CBSH) last announced its earnings results on Thursday, July 18th. The financial services provider reported $1.07 earnings per share for the quarter, beating the consensus estimate of $0.90 by $0.17. The company had revenue of $414.90 million during the quarter, compared to the consensus estimate of $406.88 million. Commerce Bancshares had a return on equity of 16.50% and a net margin of 23.62%. The company’s revenue was up 4.5% on a year-over-year basis. During the same period last year, the firm earned $0.97 earnings per share.

Commerce Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 23rd. Stockholders of record on Thursday, September 5th were issued a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 1.85%. The ex-dividend date was Thursday, September 5th. Commerce Bancshares’s dividend payout ratio (DPR) is presently 30.12%.

Insider Activity

In other news, CEO John W. Kemper sold 5,156 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $65.22, for a total transaction of $336,274.32. Following the completion of the transaction, the chief executive officer now directly owns 198,298 shares of the company’s stock, valued at approximately $12,932,995.56. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Jonathan M. Kemper sold 19,626 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $63.66, for a total transaction of $1,249,391.16. Following the completion of the transaction, the director now directly owns 997,112 shares in the company, valued at approximately $63,476,149.92. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO John W. Kemper sold 5,156 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $65.22, for a total value of $336,274.32. Following the transaction, the chief executive officer now owns 198,298 shares of the company’s stock, valued at approximately $12,932,995.56. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 49,612 shares of company stock valued at $3,184,609. 3.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Commerce Bancshares

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Sanctuary Advisors LLC acquired a new position in shares of Commerce Bancshares during the second quarter worth approximately $1,755,000. Cetera Investment Advisers boosted its position in shares of Commerce Bancshares by 77.1% during the second quarter. Cetera Investment Advisers now owns 56,441 shares of the financial services provider’s stock worth $3,148,000 after buying an additional 24,569 shares during the period. Algert Global LLC acquired a new position in shares of Commerce Bancshares during the second quarter worth approximately $693,000. Millennium Management LLC boosted its position in shares of Commerce Bancshares by 168.3% during the second quarter. Millennium Management LLC now owns 342,084 shares of the financial services provider’s stock worth $19,081,000 after buying an additional 214,582 shares during the period. Finally, Dark Forest Capital Management LP acquired a new position in shares of Commerce Bancshares during the second quarter worth approximately $522,000. 70.26% of the stock is currently owned by institutional investors and hedge funds.

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.