Commerce Bancshares, Inc. $CBSH Shares Purchased by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC increased its stake in Commerce Bancshares, Inc. by 358.2% in Q1, acquiring an additional 16,425 shares for a total of 21,011 shares valued at approximately $1.3 million.
• Commerce Bancshares reported $1.14 earnings per share for the last quarter, exceeding analysts' expectations of $1.02, and experienced a 7.6% year-over-year revenue growth.
• The company has announced a quarterly dividend of $0.275 per share, which will be paid on September 23rd, representing a 1.8% dividend yield.

Hsbc Holdings PLC lifted its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 358.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,011 shares of the financial services provider's stock after purchasing an additional 16,425 shares during the period. Hsbc Holdings PLC's holdings in Commerce Bancshares were worth $1,303,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of CBSH. Invesco Ltd. increased its stake in shares of Commerce Bancshares by 136.0% during the 1st quarter. Invesco Ltd. now owns 848,442 shares of the financial services provider's stock worth $52,799,000 after purchasing an additional 488,960 shares in the last quarter. Nuveen LLC purchased a new stake in Commerce Bancshares in the 1st quarter worth approximately $21,995,000. Aristotle Capital Management LLC grew its stake in Commerce Bancshares by 4.3% in 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 during the period. Northern Trust Corp grew its stake in Commerce Bancshares by 31.8% in the 4th quarter. Northern Trust Corp now owns 1,286,483 shares of the financial services provider's stock worth $80,161,000 after acquiring an additional 310,443 shares during the period. Finally, Vanguard Group Inc. grew its stake in Commerce Bancshares by 2.0% in the 1st quarter. Vanguard Group Inc. now owns 13,493,741 shares of the financial services provider's stock worth $839,716,000 after acquiring an additional 268,250 shares during the period. 70.26% of the stock is owned by hedge funds and other institutional investors.

Commerce Bancshares Stock Performance

Shares of NASDAQ:CBSH traded down $0.05 during midday trading on Monday, hitting $61.94. 668,412 shares of the company's stock traded hands, compared to its average volume of 698,515. The company has a market cap of $8.27 billion, a PE ratio of 14.75, a P/E/G ratio of 2.83 and a beta of 0.61. The firm's fifty day moving average price is $62.54 and its two-hundred day moving average price is $62.14. 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 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.12. The business had revenue of $445.76 million for the quarter, compared to analyst estimates of $434.11 million. Commerce Bancshares had a net margin of 26.37% and a return on equity of 16.01%. The business's quarterly revenue was up 7.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.02 EPS. As a group, equities research analysts anticipate that Commerce Bancshares, Inc. will post 3.94 EPS for the current fiscal year.

Commerce Bancshares Announces Dividend

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 issued a dividend of $0.275 per share. The ex-dividend date is Friday, September 5th. This represents a $1.10 annualized dividend and a dividend yield of 1.8%. Commerce Bancshares's payout ratio is presently 26.19%.

Analysts Set New Price Targets

Several analysts have commented on the stock. Wells Fargo & Company lifted their target price on shares of Commerce Bancshares from $62.00 to $69.00 and gave the stock an "equal weight" rating in a research note on Monday, July 21st. Morgan Stanley lifted their target price on shares of Commerce Bancshares from $58.00 to $61.00 and gave the stock an "equal weight" rating in a research note on Tuesday, June 17th. Piper Sandler lifted their target price 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. Wall Street Zen cut shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Finally, Zacks Research cut shares of Commerce Bancshares from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 27th. Seven analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $68.20.

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.