Hsbc Holdings PLC Has $271,000 Stake in Commerce Bancshares, Inc. $CBSH

Key Points

• Hsbc Holdings PLC cut its Commerce Bancshares stake by 95.1% in the second quarter, selling 91,045 shares and retaining 4,701 shares valued at approximately $271,000. Institutional investors collectively own 70.26% of CBSH.
• Commerce Bancshares reported quarterly EPS of $1.10, beating the $1.04 consensus estimate, while revenue reached $498.91 million. The company also declared a quarterly dividend of $0.275 per share, representing a 1.9% yield.
• CBSH shares opened at $57.28, down 2.1%, while analysts maintained an overall “Hold” rating with an average price target of $64.86; Morgan Stanley was notably more bullish, raising its target to $76.

Hsbc Holdings PLC reduced its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 95.1% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 4,701 shares of the financial services provider's stock after selling 91,045 shares during the period. Hsbc Holdings PLC's holdings in Commerce Bancshares were worth $271,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of CBSH. BlackRock Inc. purchased a new position in shares of Commerce Bancshares during the second quarter valued at approximately $755,669,000. Commerce Bank purchased a new stake in Commerce Bancshares in the 2nd quarter valued at $316,010,000. Dimensional Fund Advisors LP lifted its stake in Commerce Bancshares by 29.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,943,247 shares of the financial services provider's stock valued at $193,999,000 after acquiring an additional 894,183 shares in the last quarter. Geode Capital Management LLC lifted its stake in Commerce Bancshares by 6.7% during the 4th quarter. Geode Capital Management LLC now owns 2,780,678 shares of the financial services provider's stock valued at $147,097,000 after acquiring an additional 174,863 shares in the last quarter. Finally, First Trust Advisors LP boosted its holdings in Commerce Bancshares by 11.0% during the 1st quarter. First Trust Advisors LP now owns 2,610,223 shares of the financial services provider's stock worth $128,423,000 after acquiring an additional 257,817 shares during the last quarter. 70.26% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Robert S. Holmes sold 5,000 shares of Commerce Bancshares stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $60.20, for a total value of $301,000.00. Following the sale, the executive vice president owned 55,962 shares of the company's stock, valued at approximately $3,368,912.40. The trade was a 8.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Charles G. Kim sold 19,771 shares of the company's stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $59.18, for a total value of $1,170,047.78. Following the completion of the transaction, the chief financial officer owned 119,410 shares in the company, valued at approximately $7,066,683.80. The trade was a 14.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 32,950 shares of company stock worth $1,963,777. 1.80% of the stock is owned by insiders.

Commerce Bancshares Trading Down 2.1%

Shares of Commerce Bancshares stock opened at $57.28 on Thursday. Commerce Bancshares, Inc. has a 1 year low of $46.99 and a 1 year high of $60.92. The firm has a market cap of $8.22 billion, a PE ratio of 13.87, a P/E/G ratio of 2.08 and a beta of 0.58. The stock has a fifty day moving average price of $58.77 and a 200-day moving average price of $54.40. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.82 and a quick ratio of 0.82.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last issued its quarterly earnings results on Thursday, July 16th. The financial services provider reported $1.10 earnings per share for the quarter, topping analysts' consensus estimates of $1.04 by $0.06. The company had revenue of $498.91 million for the quarter, compared to the consensus estimate of $492.22 million. Commerce Bancshares had a net margin of 26.07% and a return on equity of 14.31%. During the same period in the previous year, the firm earned $1.14 EPS. Equities research analysts anticipate that Commerce Bancshares, Inc. will post 4.25 EPS for the current year.

Commerce Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 22nd. Shareholders of record on Friday, September 4th will be paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Friday, September 4th. Commerce Bancshares's payout ratio is presently 26.63%.

Analysts Set New Price Targets

Several analysts have recently issued reports on CBSH shares. Morgan Stanley upgraded shares of Commerce Bancshares from a "positive" rating to an "overweight" rating and upped their target price for the stock from $65.00 to $76.00 in a research note on Tuesday, September 8th. Keefe, Bruyette & Woods upped their price objective on shares of Commerce Bancshares from $60.00 to $62.00 and gave the stock a "market perform" rating in a research report on Monday, July 20th. Piper Sandler reiterated a "neutral" rating and issued a $66.00 price objective (up from $59.00) on shares of Commerce Bancshares in a research note on Friday, July 17th. Raymond James Financial upgraded shares of Commerce Bancshares to a "hold" rating in a research note on Thursday, August 27th. Finally, Wells Fargo & Company set a $63.00 target price on shares of Commerce Bancshares and gave the stock an "equal weight" rating in a research report on Monday, August 10th. Three research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Commerce Bancshares has an average rating of "Hold" and an average price target of $64.86.

About Commerce Bancshares

Commerce Bancshares, Inc is a financial services holding company headquartered in Kansas City, Missouri. Through its principal subsidiary, Commerce Bank, the company provides banking and financial services to individuals, businesses, institutions and government entities.

Commerce Bank offers deposit accounts, consumer and commercial lending, treasury and payment services, wealth management, trust services, investment banking and brokerage services. Its commercial banking activities include financing, cash-management solutions and other services designed for businesses and institutional clients.

Founded in 1865, Commerce Bancshares primarily serves customers through a regional network centered in Missouri and extending into Kansas, Illinois, Oklahoma and Colorado.

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