Analysts Forecast Commerce Bancshares, Inc. (NASDAQ:CBSH) to Post Quarterly Sales of $359.40 Million
Analysts expect Commerce Bancshares, Inc. (NASDAQ:CBSH – Get Rating) to report revenue of $359.40 million for the current fiscal quarter, according to Zacks. Three analysts provided earnings estimates for Commerce Bancshares. The highest sales estimate is $370.90 million and the lowest is $353.50 million. Commerce Bancshares reported sales of $347.13 million in the same quarter last year, indicating a positive growth rate of 3.5% year-over-year. The company is due to announce its next results on Monday, January 1.
On average, analysts expect Commerce Bancshares to report annual sales of $1.44 billion in the current fiscal year, with estimates ranging from $1.41 billion to $1.48 billion. For the next fiscal year, analysts expect the company to record sales of $1.55 billion, with estimates ranging from $1.52 billion to $1.57 billion. Zacks sales calculations are an average based on a survey of analysts who follow Commerce Bancshares.
Commerce Bancshares (NASDAQ:CBSH – Get Rating) last reported quarterly earnings data on Tuesday, April 19. The financial services provider reported earnings per share (EPS) of $0.97 for the quarter, beating analyst consensus estimates of $0.89 by $0.08. The company posted revenue of $340.60 million in the quarter, versus a consensus estimate of $348.21 million. Commerce Bancshares had a return on equity of 15.45% and a net margin of 36.83%. The company’s revenue fell 0.4% year-over-year. During the same period a year earlier, the company posted EPS of $1.06.
CBSH has been the subject of several recent analyst reports. StockNews.com downgraded Commerce Bancshares from a “hold” rating to a “sell” rating in a Monday, May 23 research rating. Wells Fargo & Company has upgraded Commerce Bancshares from an “underweight” rating to an “equally weighted” rating and raised its price target for the stock from $60.00 to $70.00 in a research note Monday, March 21. Finally, Zacks Investment Research downgraded Commerce Bancshares from a “buy” rating to a “hold” rating and set a price target of $75.00 for the company. in a Monday April 25 research note. Two investment analysts gave the stock a sell rating and three gave the stock a hold rating. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $68.72.
NASDAQ:CBSH shares opened at $68.53 on Friday. Commerce Bancshares has a 12-month low of $61.81 and a 12-month high of $74.72. The company has a market capitalization of $8.27 billion, a PE ratio of 16.22 and a beta of 0.82. The stock has a 50-day moving average of $69.50 and a 200-day moving average of $70.08.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, June 22. Investors of record on Tuesday, June 7 will receive a dividend of $0.265 per share. The ex-dividend date is Monday, June 6. This represents an annualized dividend of $1.06 and a yield of 1.55%. Commerce Bancshares payout ratio is currently 25.09%.
Separately, Blackford director F. Brauer purchased 5,000 shares of the company in a transaction dated Thursday, May 26. The shares were acquired at an average price of $68.31 per share, with a total value of $341,550.00. Following the transaction, the director now owns 6,027 shares of the company, valued at $411,704.37. The transaction was disclosed in a legal filing with the SEC, which is available on the SEC’s website. Additionally, Chief Financial Officer Charles G. Kim sold 11,000 shares in a trade on Thursday, March 17. The stock was sold at an average price of $71.86, for a total value of $790,460.00. The disclosure of this sale can be found here. Insiders of the company hold 3.20% of the shares of the company.
Several institutional investors and hedge funds have recently bought and sold shares of the company. National Bank of Canada FI acquired a new stake in Commerce Bancshares in the fourth quarter worth approximately $29,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Commerce Bancshares in the fourth quarter worth approximately $41,000. Atticus Wealth Management LLC acquired a new stake in shares of Commerce Bancshares in the fourth quarter worth approximately $42,000. Quadrant Capital Group LLC increased its stake in Commerce Bancshares shares by 81.8% in the first quarter. Quadrant Capital Group LLC now owns 651 shares of the financial services provider worth $47,000 after acquiring 293 additional shares in the last quarter. Finally, Signaturefd LLC increased its equity stake in Commerce Bancshares by 36.0% in the first quarter. Signaturefd LLC now owns 672 shares of the financial services provider worth $48,000 after acquiring 178 additional shares in the last quarter. 67.85% of the shares are currently held by institutional investors and hedge funds.
About Commerce Bancshares (Get a rating)
Commerce Bancshares, Inc operates as a banking holding company for Commerce Bank which provides retail, mortgage banking, corporate, investment, trust and asset management products and services to individuals and businesses in United States. It operates through three segments: Consumer, Commercial and Wealth.
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