PNC Financial Services Group Inc. Has $13.16 Million Stake in Commerce Bancshares, Inc. (NASDAQ:CBSH)

PNC Financial Services Group Inc. increased its stake in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 0.1% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 221,540 shares of the financial services provider’s stock after purchasing an additional 250 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Commerce Bancshares were worth $13,159,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in CBSH. Vanguard Group Inc. raised its position in shares of Commerce Bancshares by 2.1% in the first quarter. Vanguard Group Inc. now owns 12,631,645 shares of the financial services provider’s stock valued at $672,004,000 after purchasing an additional 259,127 shares during the period. SG Americas Securities LLC acquired a new position in Commerce Bancshares during the 2nd quarter worth $1,226,000. Marshall Financial Group LLC bought a new stake in Commerce Bancshares during the second quarter valued at about $1,006,000. Tidal Investments LLC grew its position in shares of Commerce Bancshares by 181.3% in the first quarter. Tidal Investments LLC now owns 17,905 shares of the financial services provider’s stock valued at $953,000 after purchasing an additional 11,540 shares during the last quarter. Finally, Cetera Investment Advisers increased its stake in shares of Commerce Bancshares by 138.3% in the first quarter. Cetera Investment Advisers now owns 31,872 shares of the financial services provider’s stock worth $1,696,000 after purchasing an additional 18,496 shares during the period. Institutional investors own 70.26% of the company’s stock.

Commerce Bancshares Price Performance

CBSH opened at $73.70 on Friday. The company has a market capitalization of $9.45 billion, a P/E ratio of 19.19, a P/E/G ratio of 3.87 and a beta of 0.73. The firm’s fifty day moving average price is $63.52 and its two-hundred day moving average price is $60.30. Commerce Bancshares, Inc. has a fifty-two week low of $47.19 and a fifty-two week high of $73.82.

Commerce Bancshares (NASDAQ:CBSH) last posted its earnings results on Thursday, October 17th. The financial services provider reported $1.07 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.07. Commerce Bancshares had a net margin of 24.15% and a return on equity of 15.93%. The business had revenue of $421.38 million for the quarter, compared to analysts’ expectations of $412.85 million. On average, equities research analysts expect that Commerce Bancshares, Inc. will post 4.02 EPS for the current fiscal year.

Commerce Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 17th. Stockholders of record on Tuesday, December 3rd will be issued a $0.27 dividend. The ex-dividend date is Tuesday, December 3rd. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.47%. Commerce Bancshares’s payout ratio is presently 28.13%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CBSH. Piper Sandler set a $68.50 target price on Commerce Bancshares and gave the company a “neutral” rating in a research note on Friday, October 18th. StockNews.com upgraded shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Finally, Morgan Stanley downgraded shares of Commerce Bancshares from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $66.00 to $64.00 in a report on Monday, September 30th. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $61.79.

Insider Activity at Commerce Bancshares

In other news, Chairman David W. Kemper sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $61.78, for a total value of $1,853,400.00. Following the transaction, the chairman now directly owns 1,151,994 shares of the company’s stock, valued at $71,170,189.32. The trade was a 2.54 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP David L. Roller sold 890 shares of the firm’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $72.27, for a total value of $64,320.30. Following the sale, the senior vice president now directly owns 30,949 shares of the company’s stock, valued at $2,236,684.23. This represents a 2.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 35,109 shares of company stock valued at $2,191,123 in the last 90 days. 3.20% of the stock is owned by corporate insiders.

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.