Bank of Nova Scotia Buys Shares of 20,600 Commerce Bancshares, Inc. (NASDAQ:CBSH)

Key Points

• The Bank of Nova Scotia invested approximately $1.28 million in Commerce Bancshares, Inc. by acquiring 20,600 shares during the first quarter.
• Commerce Bancshares reported earnings of $1.14 per share, exceeding analysts’ expectations, with a revenue increase of 7.6% compared to the previous year.
• The company announced a quarterly dividend of $0.275 per share, with an annualized dividend yield of 1.8%, set to be paid on September 23rd.

Bank of Nova Scotia purchased a new stake in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 20,600 shares of the financial services provider's stock, valued at approximately $1,282,000.

Several other large investors have also added to or reduced their stakes in the business. PNC Financial Services Group Inc. lifted its position in Commerce Bancshares by 2.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 239,231 shares of the financial services provider's stock valued at $14,887,000 after acquiring an additional 6,464 shares in the last quarter. Natixis Advisors LLC lifted its position in shares of Commerce Bancshares by 18.5% during the 1st quarter. Natixis Advisors LLC now owns 22,410 shares of the financial services provider's stock worth $1,395,000 after buying an additional 3,492 shares in the last quarter. Bayforest Capital Ltd increased its stake in shares of Commerce Bancshares by 203.0% during the 1st quarter. Bayforest Capital Ltd now owns 3,381 shares of the financial services provider's stock worth $210,000 after purchasing an additional 2,265 shares during the last quarter. XTX Topco Ltd grew its stake in Commerce Bancshares by 200.1% in the 1st quarter. XTX Topco Ltd now owns 13,938 shares of the financial services provider's stock valued at $867,000 after buying an additional 9,293 shares in the last quarter. Finally, Meeder Asset Management Inc. grew its stake in Commerce Bancshares by 185.1% in the 1st quarter. Meeder Asset Management Inc. now owns 28,606 shares of the financial services provider's stock valued at $1,780,000 after buying an additional 18,573 shares in the last quarter. Institutional investors own 70.26% of the company's stock.

Commerce Bancshares Stock Performance

Shares of Commerce Bancshares stock traded up $0.48 on Tuesday, hitting $60.77. 102,788 shares of the company's stock were exchanged, compared to its average volume of 644,297. The stock has a market capitalization of $8.11 billion, a PE ratio of 14.45, a PEG ratio of 2.76 and a beta of 0.61. Commerce Bancshares, Inc. has a 1 year low of $52.69 and a 1 year high of $72.75. The company has a 50-day simple moving average of $62.53 and a 200-day simple moving average of $62.62.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $1.14 EPS for the quarter, topping the consensus estimate of $1.02 by $0.12. Commerce Bancshares had a return on equity of 16.01% and a net margin of 26.37%. The firm had revenue of $445.76 million during the quarter, compared to analyst estimates of $434.11 million. During the same period in the prior year, the business posted $1.02 EPS. Commerce Bancshares's revenue was up 7.6% on a year-over-year basis. On average, analysts expect that Commerce Bancshares, Inc. will post 3.94 EPS for the current fiscal year.

Commerce Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 23rd. Shareholders of record on Friday, September 5th will be paid a $0.275 dividend. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.10 annualized dividend and a yield of 1.8%. Commerce Bancshares's dividend payout ratio (DPR) is presently 26.19%.

Analyst Ratings Changes

A number of analysts have recently issued reports on CBSH shares. Morgan Stanley lifted their price objective on shares of Commerce Bancshares from $58.00 to $61.00 and gave the stock an "equal weight" rating in a report on Tuesday, June 17th. Bank of America lifted their price objective on shares of Commerce Bancshares from $69.00 to $71.00 and gave the stock a "neutral" rating in a report on Tuesday, June 24th. Keefe, Bruyette & Woods dropped their price objective on shares of Commerce Bancshares from $74.00 to $70.00 and set a "market perform" rating for the company in a report on Thursday, April 17th. Wall Street Zen downgraded shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Finally, Piper Sandler increased their price target on shares of Commerce Bancshares from $66.50 to $70.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. One investment analyst has rated the stock with a sell rating and six have given a hold rating to the company's stock. According to data from MarketBeat, Commerce Bancshares presently has a consensus rating of "Hold" and a consensus price target of $68.20.

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 in the United States. It operates through three segments: Consumer, Commercial, and Wealth.