PNC Financial Services Group Inc. Grows Stock Holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH)

PNC Financial Services Group Inc. lifted its position in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 5.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 232,767 shares of the financial services provider’s stock after buying an additional 11,227 shares during the period. PNC Financial Services Group Inc. owned approximately 0.18% of Commerce Bancshares worth $14,504,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the company. Marshall Investment Management LLC acquired a new stake in Commerce Bancshares in the fourth quarter valued at approximately $35,000. Capital Performance Advisors LLP purchased a new stake in shares of Commerce Bancshares during the 3rd quarter valued at $39,000. True Wealth Design LLC acquired a new stake in shares of Commerce Bancshares in the 3rd quarter worth $47,000. V Square Quantitative Management LLC grew its stake in Commerce Bancshares by 84.0% during the 4th quarter. V Square Quantitative Management LLC now owns 791 shares of the financial services provider’s stock worth $49,000 after buying an additional 361 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its stake in Commerce Bancshares by 48.2% during the 3rd quarter. Farther Finance Advisors LLC now owns 882 shares of the financial services provider’s stock worth $52,000 after buying an additional 287 shares during the last quarter. Institutional investors own 70.26% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on CBSH shares. Wells Fargo & Company raised their price target on Commerce Bancshares from $67.00 to $70.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 29th. StockNews.com upgraded shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Monday, January 13th. Raymond James downgraded shares of Commerce Bancshares from an “outperform” rating to a “market perform” rating in a research report on Thursday, December 19th. Piper Sandler raised their price target on shares of Commerce Bancshares from $69.00 to $72.00 and gave the stock a “neutral” rating in a report on Thursday, January 23rd. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Commerce Bancshares from $66.00 to $78.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Seven analysts have rated the stock with a hold rating, According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $67.83.

Insider Transactions at Commerce Bancshares

In related news, SVP Patricia R. Kellerhals sold 1,000 shares of the business’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $67.69, for a total value of $67,690.00. Following the completion of the transaction, the senior vice president now directly owns 21,265 shares in the company, valued at $1,439,427.85. The trade was a 4.49 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Charles G. Kim sold 13,493 shares of the firm’s stock in a transaction on Friday, February 7th. The shares were sold at an average price of $67.76, for a total transaction of $914,285.68. Following the sale, the chief financial officer now owns 86,246 shares in the company, valued at approximately $5,844,028.96. This represents a 13.53 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 81,016 shares of company stock worth $5,422,811 over the last quarter. 3.20% of the stock is currently owned by insiders.

Commerce Bancshares Trading Down 2.2 %

Shares of NASDAQ:CBSH opened at $60.86 on Tuesday. Commerce Bancshares, Inc. has a twelve month low of $47.89 and a twelve month high of $72.75. The company’s 50 day moving average is $64.68 and its 200 day moving average is $64.59. The company has a market cap of $8.15 billion, a PE ratio of 15.18, a price-to-earnings-growth ratio of 2.13 and a beta of 0.78.

Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings data on Wednesday, January 22nd. The financial services provider reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.06. The firm had revenue of $422.10 million for the quarter, compared to analyst estimates of $417.48 million. Commerce Bancshares had a net margin of 25.24% and a return on equity of 16.31%. The business’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.84 earnings per share. Equities research analysts predict that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current fiscal year.

Commerce Bancshares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Friday, March 7th will be issued a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 1.81%. The ex-dividend date of this dividend is Friday, March 7th. This is a boost from Commerce Bancshares’s previous quarterly dividend of $0.27. Commerce Bancshares’s payout ratio is 27.43%.

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.