Commerce Bancshares, Inc. Forecasted to Earn Q2 2024 Earnings of $0.84 Per Share (NASDAQ:CBSH)

Commerce Bancshares, Inc. (NASDAQ:CBSH) – Equities research analysts at Zacks Research boosted their Q2 2024 EPS estimates for shares of Commerce Bancshares in a research report issued to clients and investors on Tuesday, May 7th. Zacks Research analyst R. Department now expects that the financial services provider will post earnings of $0.84 per share for the quarter, up from their prior estimate of $0.80. The consensus estimate for Commerce Bancshares’ current full-year earnings is $3.48 per share. Zacks Research also issued estimates for Commerce Bancshares’ Q3 2024 earnings at $0.85 EPS, Q4 2024 earnings at $0.84 EPS, FY2024 earnings at $3.39 EPS, Q1 2025 earnings at $0.79 EPS, Q2 2025 earnings at $0.83 EPS, Q3 2025 earnings at $0.86 EPS, FY2025 earnings at $3.36 EPS, Q1 2026 earnings at $0.88 EPS and FY2026 earnings at $3.57 EPS.

Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.06. Commerce Bancshares had a net margin of 23.33% and a return on equity of 16.78%. The business had revenue of $397.80 million during the quarter, compared to analyst estimates of $389.49 million. During the same period in the prior year, the business posted $0.90 earnings per share. The company’s revenue was up 2.2% on a year-over-year basis.

CBSH has been the subject of a number of other research reports. Piper Sandler increased their price objective on Commerce Bancshares from $53.00 to $54.00 and gave the company a “neutral” rating in a research note on Wednesday, April 17th. Raymond James upgraded Commerce Bancshares from a “market perform” rating to an “outperform” rating and set a $61.00 price objective on the stock in a research report on Wednesday, April 17th. Bank of America started coverage on Commerce Bancshares in a report on Thursday, January 11th. They set a “neutral” rating and a $55.00 target price for the company. Keefe, Bruyette & Woods boosted their price objective on shares of Commerce Bancshares from $56.00 to $58.00 and gave the company a “market perform” rating in a research report on Wednesday, April 17th. Finally, StockNews.com raised shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Wednesday, April 17th. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $55.00.

Commerce Bancshares Price Performance

CBSH opened at $56.41 on Thursday. The stock’s 50 day simple moving average is $53.12 and its 200 day simple moving average is $51.73. The firm has a market cap of $7.33 billion, a price-to-earnings ratio of 15.73 and a beta of 0.76. Commerce Bancshares has a 1 year low of $40.91 and a 1 year high of $57.00.

Hedge Funds Weigh In On Commerce Bancshares

Hedge funds have recently bought and sold shares of the business. State Board of Administration of Florida Retirement System boosted its stake in shares of Commerce Bancshares by 3.3% during the first quarter. State Board of Administration of Florida Retirement System now owns 146,642 shares of the financial services provider’s stock valued at $8,557,000 after purchasing an additional 4,703 shares during the period. Entropy Technologies LP purchased a new stake in Commerce Bancshares in the 1st quarter valued at about $322,000. Sei Investments Co. grew its stake in Commerce Bancshares by 15.7% in the 1st quarter. Sei Investments Co. now owns 621,324 shares of the financial services provider’s stock worth $33,055,000 after acquiring an additional 84,433 shares in the last quarter. Manchester Capital Management LLC increased its position in shares of Commerce Bancshares by 157.4% during the first quarter. Manchester Capital Management LLC now owns 1,835 shares of the financial services provider’s stock worth $98,000 after acquiring an additional 1,122 shares during the period. Finally, Texas Permanent School Fund Corp boosted its holdings in shares of Commerce Bancshares by 1.1% in the first quarter. Texas Permanent School Fund Corp now owns 103,675 shares of the financial services provider’s stock valued at $5,516,000 after purchasing an additional 1,086 shares during the period. Institutional investors own 70.26% of the company’s stock.

Insider Buying and Selling

In other Commerce Bancshares news, SVP Douglas D. Neff sold 614 shares of Commerce Bancshares stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $50.25, for a total value of $30,853.50. Following the sale, the senior vice president now directly owns 8,038 shares in the company, valued at approximately $403,909.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Commerce Bancshares news, SVP Douglas D. Neff sold 614 shares of Commerce Bancshares stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $50.25, for a total value of $30,853.50. Following the sale, the senior vice president now owns 8,038 shares of the company’s stock, valued at approximately $403,909.50. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Robert S. Holmes sold 5,000 shares of the stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $52.66, for a total value of $263,300.00. Following the transaction, the executive vice president now owns 50,293 shares of the company’s stock, valued at $2,648,429.38. The disclosure for this sale can be found here. 3.10% of the stock is owned by company insiders.

Commerce Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 18th. Stockholders of record on Wednesday, June 5th will be issued a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 1.91%. The ex-dividend date of this dividend is Wednesday, June 5th. Commerce Bancshares’s dividend payout ratio (DPR) is presently 30.12%.

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.