Equities Analysts Issue Forecasts for Commerce Bancshares, Inc.’s FY2023 Earnings (NASDAQ:CBSH)

Posted by Defense World Staff on Jun 24th, 2023

Commerce Bancshares, Inc. (NASDAQ:CBSH – Get Rating) – Equities researchers at Zacks Research cut their FY2023 EPS estimates for shares of Commerce Bancshares in a research note issued to investors on Wednesday, June 21st. Zacks Research analyst R. Fatarpekar now forecasts that the financial services provider will post earnings of $3.60 per share for the year, down from their prior forecast of $3.63. The consensus estimate for Commerce Bancshares’ current full-year earnings is $3.69 per share. Zacks Research also issued estimates for Commerce Bancshares’ Q4 2023 earnings at $0.85 EPS, Q1 2024 earnings at $0.83 EPS, Q2 2024 earnings at $0.87 EPS, Q3 2024 earnings at $0.86 EPS, Q4 2024 earnings at $0.84 EPS, FY2024 earnings at $3.41 EPS, Q1 2025 earnings at $0.93 EPS and FY2025 earnings at $3.73 EPS.

Commerce Bancshares (NASDAQ:CBSH – Get Rating) last released its earnings results on Tuesday, April 18th. The financial services provider reported $0.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.03. Commerce Bancshares had a net margin of 29.71% and a return on equity of 19.18%. The company had revenue of $389.20 million for the quarter, compared to the consensus estimate of $389.46 million. During the same quarter in the previous year, the company earned $0.92 EPS. Commerce Bancshares’s quarterly revenue was up 14.3% compared to the same quarter last year.

A number of other research firms also recently issued reports on CBSH. Keefe, Bruyette & Woods dropped their target price on shares of Commerce Bancshares from $72.00 to $61.00 and set a “market perform” rating on the stock in a research report on Thursday, April 6th. TheStreet downgraded shares of Commerce Bancshares from a “b-” rating to a “c+” rating in a report on Wednesday, May 24th. StockNews.com began coverage on shares of Commerce Bancshares in a report on Thursday, May 18th. They set a “sell” rating on the stock. Morgan Stanley downgraded shares of Commerce Bancshares from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $50.00 to $48.00 in a report on Tuesday, May 16th. Finally, Wells Fargo & Company lowered their price objective on shares of Commerce Bancshares from $65.00 to $60.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 5th. Two equities research analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $64.17.

Commerce Bancshares Stock Down 1.5 %

Commerce Bancshares stock opened at $45.69 on Friday. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 0.56. Commerce Bancshares has a 12-month low of $45.55 and a 12-month high of $72.60. The firm’s fifty day moving average is $50.65 and its 200 day moving average is $59.54. The company has a market capitalization of $5.70 billion, a PE ratio of 11.79 and a beta of 0.75.

Institutional Trading of Commerce Bancshares

Several institutional investors have recently made changes to their positions in CBSH. Moneta Group Investment Advisors LLC grew its stake in shares of Commerce Bancshares by 102,920.9% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 133,790,172 shares of the financial services provider’s stock worth $9,107,097,000 after acquiring an additional 133,660,305 shares in the last quarter. Morgan Stanley grew its position in Commerce Bancshares by 192.6% during the fourth quarter. Morgan Stanley now owns 1,995,152 shares of the financial services provider’s stock valued at $135,810,000 after buying an additional 1,313,291 shares during the period. Norges Bank bought a new position in Commerce Bancshares during the fourth quarter valued at about $77,332,000. State Street Corp grew its position in Commerce Bancshares by 8.9% during the first quarter. State Street Corp now owns 6,656,709 shares of the financial services provider’s stock valued at $476,554,000 after buying an additional 544,292 shares during the period. Finally, American Century Companies Inc. grew its position in Commerce Bancshares by 58.9% during the fourth quarter. American Century Companies Inc. now owns 1,423,762 shares of the financial services provider’s stock valued at $96,915,000 after buying an additional 527,764 shares during the period. Institutional investors own 67.99% of the company’s stock.

Commerce Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 20th. Stockholders of record on Monday, June 5th were paid a $0.27 dividend. The ex-dividend date of this dividend was Friday, June 2nd. This represents a $1.08 annualized dividend and a dividend yield of 2.36%. Commerce Bancshares’s payout ratio is 27.87%.

About Commerce Bancshares

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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.