DA Davidson Comments on Commerce Bancshares, Inc.’s FY2022 Earnings (NASDAQ:CBSH)

Commerce Bancshares, Inc. (NASDAQ:CBSHGet Rating) – Analysts at DA Davidson cut their FY2022 earnings per share estimates for Commerce Bancshares in a research note issued on Wednesday, April 20th. DA Davidson analyst J. Rulis now expects that the financial services provider will post earnings per share of $3.80 for the year, down from their prior estimate of $3.97. DA Davidson also issued estimates for Commerce Bancshares’ FY2023 earnings at $4.10 EPS.

Several other equities research analysts have also commented on CBSH. StockNews.com started coverage on Commerce Bancshares in a research note on Thursday, March 31st. They set a “hold” rating on the stock. Zacks Investment Research raised Commerce Bancshares from a “hold” rating to a “strong-buy” rating and set a $78.00 target price on the stock in a research note on Monday, January 24th. Finally, Wells Fargo & Company upgraded Commerce Bancshares from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $60.00 to $70.00 in a report on Monday, March 21st. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Commerce Bancshares has a consensus rating of “Hold” and an average price target of $69.47.

Shares of CBSH opened at $71.50 on Friday. Commerce Bancshares has a twelve month low of $61.81 and a twelve month high of $77.32. The stock’s 50 day moving average is $71.08 and its two-hundred day moving average is $70.80. The firm has a market capitalization of $8.66 billion, a PE ratio of 16.58 and a beta of 0.84.

Commerce Bancshares (NASDAQ:CBSHGet Rating) last posted its earnings results on Tuesday, April 19th. The financial services provider reported $0.97 EPS for the quarter, topping the Zacks’ consensus estimate of $0.88 by $0.09. The business had revenue of $340.60 million for the quarter, compared to analysts’ expectations of $348.21 million. Commerce Bancshares had a return on equity of 15.44% and a net margin of 37.68%. The business’s revenue was down .4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.06 earnings per share.

A number of hedge funds have recently added to or reduced their stakes in CBSH. National Bank of Canada FI bought a new position in shares of Commerce Bancshares during the 4th quarter valued at $29,000. Allspring Global Investments Holdings LLC bought a new stake in shares of Commerce Bancshares in the fourth quarter valued at about $41,000. Atticus Wealth Management LLC acquired a new stake in shares of Commerce Bancshares during the 4th quarter worth approximately $42,000. Point72 Hong Kong Ltd boosted its stake in Commerce Bancshares by 274.0% during the fourth quarter. Point72 Hong Kong Ltd now owns 819 shares of the financial services provider’s stock worth $56,000 after buying an additional 600 shares in the last quarter. Finally, SouthState Corp acquired a new stake in shares of Commerce Bancshares during the 3rd quarter valued at about $59,000. Institutional investors own 63.95% of the company’s stock.

In other Commerce Bancshares news, CEO John W. Kemper sold 12,829 shares of the firm’s stock in a transaction that occurred on Wednesday, February 2nd. The shares were sold at an average price of $69.45, for a total value of $890,974.05. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Charles G. Kim sold 11,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 17th. The shares were sold at an average price of $71.86, for a total transaction of $790,460.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 52,563 shares of company stock worth $3,658,466. 3.20% of the stock is owned by company insiders.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 22nd. Stockholders of record on Tuesday, June 7th will be given a dividend of $0.265 per share. The ex-dividend date is Monday, June 6th. This represents a $1.06 annualized dividend and a dividend yield of 1.48%. Commerce Bancshares’s payout ratio is 24.59%.

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.

Further Reading

Earnings History and Estimates for Commerce Bancshares (NASDAQ:CBSH)

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