Commerce Bancshares, Inc. $CBSH Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System trimmed its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 8.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 131,616 shares of the financial services provider’s stock after selling 11,847 shares during the period. New York State Teachers Retirement System’s holdings in Commerce Bancshares were worth $8,183,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. HB Wealth Management LLC grew its holdings in Commerce Bancshares by 4.5% during the 2nd quarter. HB Wealth Management LLC now owns 4,056 shares of the financial services provider’s stock worth $252,000 after acquiring an additional 174 shares in the last quarter. Louisiana State Employees Retirement System grew its holdings in Commerce Bancshares by 0.5% during the 1st quarter. Louisiana State Employees Retirement System now owns 34,200 shares of the financial services provider’s stock worth $2,128,000 after acquiring an additional 175 shares in the last quarter. Public Employees Retirement System of Ohio grew its holdings in Commerce Bancshares by 0.5% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 39,371 shares of the financial services provider’s stock worth $2,448,000 after acquiring an additional 190 shares in the last quarter. State of Michigan Retirement System grew its holdings in Commerce Bancshares by 0.7% during the 1st quarter. State of Michigan Retirement System now owns 29,174 shares of the financial services provider’s stock worth $1,815,000 after acquiring an additional 200 shares in the last quarter. Finally, Geneos Wealth Management Inc. grew its holdings in Commerce Bancshares by 85.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 216 shares in the last quarter. 70.26% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have weighed in on CBSH shares. Piper Sandler decreased their price objective on shares of Commerce Bancshares from $70.00 to $63.00 and set a “neutral” rating for the company in a report on Friday. TD Cowen started coverage on shares of Commerce Bancshares in a report on Thursday, September 25th. They set a “hold” rating and a $63.00 price objective for the company. Zacks Research lowered shares of Commerce Bancshares from a “strong-buy” rating to a “hold” rating in a report on Wednesday, August 27th. Wells Fargo & Company decreased their price objective on shares of Commerce Bancshares from $69.00 to $65.00 and set an “equal weight” rating for the company in a report on Monday, September 29th. Finally, Bank of America lifted their price target on shares of Commerce Bancshares from $69.00 to $71.00 and gave the company a “neutral” rating in a report on Tuesday, June 24th. One research analyst has rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Commerce Bancshares currently has an average rating of “Hold” and an average target price of $66.00.

Commerce Bancshares Stock Performance

NASDAQ CBSH opened at $53.68 on Monday. Commerce Bancshares, Inc. has a one year low of $52.11 and a one year high of $72.75. The company has a 50-day simple moving average of $59.95 and a 200-day simple moving average of $61.26. The firm has a market capitalization of $7.16 billion, a PE ratio of 12.81, a price-to-earnings-growth ratio of 6.65 and a beta of 0.59.

Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings results on Thursday, October 16th. The financial services provider reported $1.06 EPS for the quarter, missing the consensus estimate of $1.09 by ($0.03). The business had revenue of $440.97 million during the quarter, compared to analyst estimates of $447.04 million. Commerce Bancshares had a net margin of 26.48% and a return on equity of 15.73%. The company’s quarterly revenue was up 4.7% on a year-over-year basis. During the same period last year, the firm posted $1.07 earnings per share. Equities analysts forecast that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current year.

Commerce Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 23rd. Investors of record on Friday, September 5th were given a $0.275 dividend. The ex-dividend date was Friday, September 5th. This represents a $1.10 annualized dividend and a yield of 2.0%. Commerce Bancshares’s dividend payout ratio (DPR) is currently 26.25%.

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.