PNC Financial Services Group Inc. Boosts Stake in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Key Points

• PNC Financial Services Group Inc. increased its ownership in Commerce Bancshares by 2.8%, holding 239,231 shares valued at approximately $14.89 million.
• Commerce Bancshares has reported a Q2 EPS of $1.14, exceeding analysts' expectations by $0.12, alongside revenue of $445.76 million.
• The company announced a quarterly dividend of $0.275 per share, payable on September 23rd, representing an annualized dividend yield of 1.8%.

PNC Financial Services Group Inc. lifted its position in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 2.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 239,231 shares of the financial services provider's stock after acquiring an additional 6,464 shares during the quarter. PNC Financial Services Group Inc. owned 0.18% of Commerce Bancshares worth $14,887,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Aristotle Capital Management LLC grew its holdings in Commerce Bancshares by 4.3% during the 4th quarter. Aristotle Capital Management LLC now owns 8,566,476 shares of the financial services provider's stock worth $533,777,000 after acquiring an additional 351,406 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Commerce Bancshares by 3.7% during the fourth quarter. Geode Capital Management LLC now owns 2,484,463 shares of the financial services provider's stock valued at $155,756,000 after purchasing an additional 87,723 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Commerce Bancshares by 11.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,272,118 shares of the financial services provider's stock valued at $141,584,000 after purchasing an additional 227,052 shares in the last quarter. Wells Fargo & Company MN increased its holdings in Commerce Bancshares by 1.8% during the fourth quarter. Wells Fargo & Company MN now owns 2,175,133 shares of the financial services provider's stock valued at $135,533,000 after buying an additional 38,210 shares during the period. Finally, Northern Trust Corp raised its stake in Commerce Bancshares by 31.8% in the fourth quarter. Northern Trust Corp now owns 1,286,483 shares of the financial services provider's stock worth $80,161,000 after buying an additional 310,443 shares in the last quarter. 70.26% of the stock is owned by hedge funds and other institutional investors.

Commerce Bancshares Trading Up 1.2%

Shares of CBSH stock traded up $0.73 on Friday, reaching $60.59. 140,032 shares of the stock were exchanged, compared to its average volume of 647,489. The company has a market capitalization of $8.08 billion, a price-to-earnings ratio of 14.42, a PEG ratio of 2.78 and a beta of 0.61. The business's 50 day moving average price is $62.62 and its 200 day moving average price is $62.74. Commerce Bancshares, Inc. has a twelve month low of $52.69 and a twelve month high of $72.75.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $1.14 EPS for the quarter, topping analysts' consensus estimates of $1.02 by $0.12. The business had revenue of $445.76 million for the quarter, compared to analysts' expectations of $434.11 million. Commerce Bancshares had a return on equity of 16.01% and a net margin of 26.37%. The business's revenue was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.02 earnings per share. Equities research analysts forecast that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current year.

Commerce Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 23rd. Shareholders of record on Friday, September 5th will be given a dividend of $0.275 per share. 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%.

Analysts Set New Price Targets

CBSH has been the topic of a number of analyst reports. Bank of America lifted their price target on Commerce Bancshares from $69.00 to $71.00 and gave the company a "neutral" rating in a report on Tuesday, June 24th. Piper Sandler lifted their target price on Commerce Bancshares from $66.50 to $70.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. Morgan Stanley increased their price target on shares of Commerce Bancshares from $58.00 to $61.00 and gave the company an "equal weight" rating in a research report on Tuesday, June 17th. Wells Fargo & Company raised their price target on shares of Commerce Bancshares from $62.00 to $69.00 and gave the company an "equal weight" rating in a report on Monday, July 21st. Finally, Wall Street Zen downgraded shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. One research analyst has rated the stock with a sell rating and six have issued a hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $68.20.

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.