Commerce Bancshares, Inc. (NASDAQ:CBSH) Shares Purchased by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. boosted its holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 2.8% during the first quarter, according to the company in its most recent 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 period. PNC Financial Services Group Inc. owned 0.18% of Commerce Bancshares worth $14,887,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Kapitalo Investimentos Ltda acquired a new stake in Commerce Bancshares in the 4th quarter valued at about $26,000. IMA Advisory Services Inc. purchased a new position in Commerce Bancshares in the 1st quarter valued at about $29,000. Allworth Financial LP lifted its holdings in Commerce Bancshares by 55.0% in the 1st quarter. Allworth Financial LP now owns 651 shares of the financial services provider's stock valued at $40,000 after purchasing an additional 231 shares in the last quarter. Transce3nd LLC purchased a new position in Commerce Bancshares in the 4th quarter valued at about $68,000. Finally, Aster Capital Management DIFC Ltd lifted its holdings in Commerce Bancshares by 1,131.3% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,847 shares of the financial services provider's stock valued at $115,000 after purchasing an additional 1,697 shares in the last quarter. 70.26% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have issued reports on CBSH shares. Wells Fargo & Company upped their target price 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. Keefe, Bruyette & Woods lowered their price objective on Commerce Bancshares from $74.00 to $70.00 and set a "market perform" rating for the company in a research report on Thursday, April 17th. Morgan Stanley increased 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. Piper Sandler increased their price objective on shares of Commerce Bancshares from $66.50 to $70.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Finally, Wall Street Zen lowered shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. One equities research analyst has rated the stock with a sell rating and six have issued a hold rating to the stock. According to MarketBeat, Commerce Bancshares currently has an average rating of "Hold" and a consensus target price of $68.20.

Commerce Bancshares Price Performance

Shares of CBSH stock opened at $60.81 on Tuesday. The firm has a market cap of $8.11 billion, a P/E ratio of 14.48, 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 firm's 50-day simple moving average is $62.80 and its 200-day simple moving average is $62.81.

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

Commerce Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 23rd. Investors of record on Friday, September 5th will be given a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Friday, September 5th. Commerce Bancshares's dividend payout ratio is 26.19%.

Commerce Bancshares 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.

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