Northern Trust Corp Has $78.86 Million Stake 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 decreased its position in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 1.5% in the 1st quarter, according to the company in its most recent Form 13F filing 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 quarter. Northern Trust Corp owned about 0.95% of Commerce Bancshares worth $78,863,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Louisiana State Employees Retirement System lifted its holdings in shares of Commerce Bancshares by 0.5% during the first quarter. Louisiana State Employees Retirement System now owns 34,200 shares of the financial services provider's stock valued at $2,128,000 after purchasing an additional 175 shares during the last quarter. State of Michigan Retirement System lifted its holdings in shares of Commerce Bancshares by 0.7% during the first quarter. State of Michigan Retirement System now owns 29,174 shares of the financial services provider's stock valued at $1,815,000 after purchasing an additional 200 shares during the last quarter. Allworth Financial LP lifted its holdings in shares of Commerce Bancshares by 55.0% during the first 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 during the last quarter. Missouri Trust & Investment Co lifted its holdings in shares of Commerce Bancshares by 5.8% during the first quarter. Missouri Trust & Investment Co now owns 4,708 shares of the financial services provider's stock valued at $293,000 after purchasing an additional 259 shares during the last quarter. Finally, Smith Shellnut Wilson LLC ADV lifted its holdings in shares of Commerce Bancshares by 5.0% during the fourth quarter. Smith Shellnut Wilson LLC ADV now owns 6,254 shares of the financial services provider's stock valued at $390,000 after purchasing an additional 295 shares during the last quarter. Institutional investors and hedge funds own 70.26% of the company's stock.

Commerce Bancshares Trading Down 0.1%

CBSH stock traded down $0.05 during mid-day trading on Friday, hitting $61.94. The stock had a trading volume of 668,412 shares, compared to its average volume of 697,543. Commerce Bancshares, Inc. has a 1-year low of $52.69 and a 1-year high of $72.75. The company has a fifty day moving average of $62.54 and a 200 day moving average of $62.17. The stock has a market capitalization of $8.27 billion, a price-to-earnings ratio of 14.75, a PEG ratio of 2.83 and a beta of 0.61.

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

Commerce Bancshares Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on CBSH shares. Bank of America upped 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. Zacks Research lowered Commerce Bancshares from a "strong-buy" rating to a "hold" rating in a research report on Wednesday. Wells Fargo & Company upped their price target on Commerce Bancshares from $62.00 to $69.00 and gave the company an "equal weight" rating in a research report on Monday, July 21st. Piper Sandler upped their price target on Commerce Bancshares from $66.50 to $70.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Finally, Morgan Stanley upped their price target on Commerce Bancshares from $58.00 to $61.00 and gave the company an "equal weight" rating in a research report on Tuesday, June 17th. Seven equities research analysts have rated the stock with a Hold rating, According to MarketBeat, Commerce Bancshares currently 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.