$322.73 Million in Sales Expected for Commerce Bancshares, Inc. (NASDAQ:CBSH) This Quarter

Brokerages expect that Commerce Bancshares, Inc. (NASDAQ:CBSH) will post $322.73 million in sales for the current quarter, Zacks Investment Research reports. Three analysts have issued estimates for Commerce Bancshares’ earnings. The highest sales estimate is $324.40 million and the lowest is $319.80 million. Commerce Bancshares posted sales of $338.89 million during the same quarter last year, which suggests a negative year over year growth rate of 4.8%. The company is expected to issue its next earnings results before the market opens on Tuesday, July 21st.

According to Zacks, analysts expect that Commerce Bancshares will report full-year sales of $1.30 billion for the current fiscal year, with estimates ranging from $1.26 billion to $1.33 billion. For the next year, analysts anticipate that the firm will report sales of $1.31 billion, with estimates ranging from $1.24 billion to $1.36 billion. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that cover Commerce Bancshares.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings results on Tuesday, April 28th. The financial services provider reported $0.44 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.55 by ($0.11). The firm had revenue of $324.70 million during the quarter, compared to analysts’ expectations of $328.18 million. Commerce Bancshares had a net margin of 26.01% and a return on equity of 12.44%. The firm’s revenue was up .0% compared to the same quarter last year. During the same quarter last year, the company posted $0.81 EPS.

CBSH has been the topic of several research reports. BidaskClub lowered shares of Commerce Bancshares from a “hold” rating to a “sell” rating in a research note on Tuesday, June 16th. Piper Sandler upped their price objective on shares of Commerce Bancshares from $56.00 to $60.00 and gave the company a “neutral” rating in a research note on Wednesday, April 29th. Morgan Stanley upped their price objective on shares of Commerce Bancshares from $50.00 to $53.00 and gave the company an “underweight” rating in a research note on Monday, June 8th. Wells Fargo & Co dropped their price objective on shares of Commerce Bancshares from $53.00 to $35.00 and set an “underweight” rating on the stock in a research note on Monday, March 30th. Finally, Raymond James lowered shares of Commerce Bancshares from a “market perform” rating to an “underperform” rating in a research note on Wednesday, June 17th. Four equities research analysts have rated the stock with a sell rating and three have given a hold rating to the company. The stock presently has an average rating of “Sell” and a consensus target price of $55.20.

In related news, CEO John W. Kemper sold 12,079 shares of the firm’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $63.85, for a total value of $771,244.15. Following the transaction, the chief executive officer now directly owns 143,541 shares in the company, valued at approximately $9,165,092.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 3.40% of the company’s stock.

A number of large investors have recently bought and sold shares of the stock. Aristotle Capital Management LLC grew its stake in Commerce Bancshares by 26.8% in the 1st quarter. Aristotle Capital Management LLC now owns 6,917,763 shares of the financial services provider’s stock valued at $348,309,000 after buying an additional 1,463,310 shares during the last quarter. Bank of New York Mellon Corp grew its stake in Commerce Bancshares by 8.8% in the 4th quarter. Bank of New York Mellon Corp now owns 1,353,154 shares of the financial services provider’s stock valued at $91,934,000 after buying an additional 108,938 shares during the last quarter. Champlain Investment Partners LLC boosted its holdings in Commerce Bancshares by 0.5% in the 4th quarter. Champlain Investment Partners LLC now owns 1,336,386 shares of the financial services provider’s stock valued at $90,794,000 after purchasing an additional 6,852 shares during the period. Geode Capital Management LLC boosted its holdings in Commerce Bancshares by 0.9% in the 1st quarter. Geode Capital Management LLC now owns 1,329,632 shares of the financial services provider’s stock valued at $66,946,000 after purchasing an additional 11,622 shares during the period. Finally, Schroder Investment Management Group boosted its holdings in Commerce Bancshares by 2.0% in the 1st quarter. Schroder Investment Management Group now owns 1,134,763 shares of the financial services provider’s stock valued at $59,462,000 after purchasing an additional 22,654 shares during the period. Institutional investors and hedge funds own 68.18% of the company’s stock.

Commerce Bancshares stock traded down $2.20 during trading hours on Friday, hitting $57.22. The company had a trading volume of 826,013 shares, compared to its average volume of 523,387. The firm has a market capitalization of $6.63 billion, a P/E ratio of 18.47 and a beta of 1.02. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.75 and a quick ratio of 0.75. The firm’s fifty day moving average is $61.20 and its 200-day moving average is $62.19. Commerce Bancshares has a fifty-two week low of $45.51 and a fifty-two week high of $71.92.

The company also recently announced a quarterly dividend, which was paid on Monday, June 22nd. Investors of record on Friday, June 5th were paid a $0.27 dividend. The ex-dividend date of this dividend was Thursday, June 4th. This represents a $1.08 dividend on an annualized basis and a yield of 1.89%. Commerce Bancshares’s payout ratio is presently 30.17%.

Commerce Bancshares Company Profile

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. 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 banking services.

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

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