PNC Financial Services Group Inc. Has $10.34 Million Stock Holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH)

PNC Financial Services Group Inc. raised its stake in Commerce Bancshares, Inc. (NASDAQ:CBSHFree Report) by 4.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 193,619 shares of the financial services provider’s stock after buying an additional 7,740 shares during the period. PNC Financial Services Group Inc. owned 0.15% of Commerce Bancshares worth $10,341,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Dimensional Fund Advisors LP grew its position in Commerce Bancshares by 22.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,676,350 shares of the financial services provider’s stock worth $89,541,000 after acquiring an additional 302,630 shares during the last quarter. Norges Bank bought a new position in Commerce Bancshares in the 4th quarter valued at approximately $71,835,000. Boston Trust Walden Corp boosted its position in Commerce Bancshares by 6.7% during the 4th quarter. Boston Trust Walden Corp now owns 1,094,108 shares of the financial services provider’s stock worth $58,436,000 after buying an additional 68,245 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Commerce Bancshares by 10.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 977,891 shares of the financial services provider’s stock worth $52,229,000 after acquiring an additional 94,511 shares during the last quarter. Finally, Cooke & Bieler LP increased its position in Commerce Bancshares by 32.4% in the 4th quarter. Cooke & Bieler LP now owns 972,255 shares of the financial services provider’s stock valued at $51,928,000 after acquiring an additional 237,703 shares during the period. Institutional investors own 70.26% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on CBSH shares. Morgan Stanley lifted their target price on Commerce Bancshares from $46.00 to $55.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 7th. Keefe, Bruyette & Woods upped their target price on Commerce Bancshares from $58.00 to $60.00 and gave the company a “market perform” rating in a report on Friday, May 10th. Raymond James upgraded shares of Commerce Bancshares from a “market perform” rating to an “outperform” rating and set a $61.00 price target for the company in a report on Wednesday, April 17th. StockNews.com raised shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Wednesday, April 17th. Finally, Piper Sandler lifted their target price on shares of Commerce Bancshares from $53.00 to $54.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 17th. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $55.29.

Read Our Latest Analysis on Commerce Bancshares

Insider Transactions at Commerce Bancshares

In other news, CEO John W. Kemper sold 26,581 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $56.77, for a total value of $1,509,003.37. Following the completion of the sale, the chief executive officer now directly owns 198,387 shares in the company, valued at approximately $11,262,429.99. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Commerce Bancshares news, EVP Robert S. Holmes sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $52.66, for a total value of $263,300.00. Following the completion of the sale, the executive vice president now owns 50,293 shares in the company, valued at $2,648,429.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO John W. Kemper sold 26,581 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $56.77, for a total transaction of $1,509,003.37. Following the completion of the transaction, the chief executive officer now owns 198,387 shares in the company, valued at approximately $11,262,429.99. The disclosure for this sale can be found here. 3.20% of the stock is owned by corporate insiders.

Commerce Bancshares Stock Performance

NASDAQ CBSH opened at $56.00 on Thursday. The company has a market capitalization of $7.25 billion, a PE ratio of 15.62, a price-to-earnings-growth ratio of 1.87 and a beta of 0.76. Commerce Bancshares, Inc. has a 52-week low of $40.91 and a 52-week high of $57.48. The company has a 50-day simple moving average of $53.95 and a 200 day simple moving average of $52.58.

Commerce Bancshares (NASDAQ:CBSHGet Free Report) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.06. Commerce Bancshares had a net margin of 23.33% and a return on equity of 16.78%. The company had revenue of $397.80 million during the quarter, compared to analyst estimates of $389.49 million. During the same quarter last year, the business posted $0.90 EPS. Commerce Bancshares’s quarterly revenue was up 2.2% compared to the same quarter last year. As a group, analysts forecast that Commerce Bancshares, Inc. will post 3.53 EPS for the current fiscal year.

Commerce Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Stockholders of record on Wednesday, June 5th will be given a dividend of $0.27 per share. The ex-dividend date of this dividend is Wednesday, June 5th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.93%. Commerce Bancshares’s dividend payout ratio is presently 30.12%.

Commerce Bancshares Company Profile

(Free Report)

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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Institutional Ownership by Quarter for Commerce Bancshares (NASDAQ:CBSH)

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