Northern Trust Corp Lowers Stock Holdings in Commerce Bancshares, Inc. $CBSH

Key Points

• Northern Trust Corp has reduced its stake in Commerce Bancshares, Inc. by 1.5%, currently holding approximately 1.27 million shares, valued at around $78.86 million.
• Commerce Bancshares reported earnings per share (EPS) of $1.14 for the last quarter, exceeding analyst expectations of $1.02, with a year-over-year revenue increase of 7.6%.
• The firm declared a quarterly dividend of $0.275 per share, representing an annualized dividend of $1.10, yielding about 1.7%.

Northern Trust Corp reduced its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 1.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,267,290 shares of the financial services provider's stock after selling 19,193 shares during the period. Northern Trust Corp owned about 0.95% of Commerce Bancshares worth $78,863,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of CBSH. Invesco Ltd. boosted its position in shares of Commerce Bancshares by 136.0% during the first quarter. Invesco Ltd. now owns 848,442 shares of the financial services provider's stock worth $52,799,000 after buying an additional 488,960 shares during the period. Nuveen LLC purchased a new position in Commerce Bancshares in the first quarter valued at $21,995,000. Aristotle Capital Management LLC boosted its holdings in Commerce Bancshares by 4.3% in the fourth quarter. Aristotle Capital Management LLC now owns 8,566,476 shares of the financial services provider's stock valued at $533,777,000 after purchasing an additional 351,406 shares during the period. Vanguard Group Inc. boosted its holdings in Commerce Bancshares by 2.0% in the first quarter. Vanguard Group Inc. now owns 13,493,741 shares of the financial services provider's stock valued at $839,716,000 after purchasing an additional 268,250 shares during the period. Finally, American Century Companies Inc. boosted its holdings in Commerce Bancshares by 4.4% in the first quarter. American Century Companies Inc. now owns 3,836,113 shares of the financial services provider's stock valued at $238,721,000 after purchasing an additional 161,082 shares during the period. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Commerce Bancshares Price Performance

Shares of NASDAQ CBSH opened at $62.88 on Monday. The company has a market capitalization of $8.39 billion, a price-to-earnings ratio of 14.97, a price-to-earnings-growth ratio of 2.87 and a beta of 0.61. The business has a 50-day moving average of $62.37 and a two-hundred day moving average of $62.30. Commerce Bancshares, Inc. has a 1 year low of $52.69 and a 1 year high of $72.75.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last announced its quarterly 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 company had revenue of $445.76 million during the quarter, compared to the consensus estimate of $434.11 million. Commerce Bancshares had a return on equity of 16.01% and a net margin of 26.37%.Commerce Bancshares's revenue for the quarter was up 7.6% on a year-over-year basis. During the same period in the previous year, the business earned $1.02 EPS. As a group, equities research analysts expect that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current year.

Commerce Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 23rd. Shareholders of record on Friday, September 5th will be issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Friday, September 5th. Commerce Bancshares's payout ratio is 26.19%.

Analysts Set New Price Targets

CBSH has been the subject of a number of recent research reports. Morgan Stanley lifted their target price on Commerce Bancshares from $58.00 to $61.00 and gave the company an "equal weight" rating in a report on Tuesday, June 17th. Bank of America lifted their target price on Commerce Bancshares from $69.00 to $71.00 and gave the company a "neutral" rating in a report on Tuesday, June 24th. Wells Fargo & Company lifted their target price on Commerce Bancshares from $62.00 to $69.00 and gave the company an "equal weight" rating in a report on Monday, July 21st. Piper Sandler lifted their target price on Commerce Bancshares from $66.50 to $70.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Finally, Wall Street Zen lowered Commerce Bancshares from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Six analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price 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.

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