New York State Teachers Retirement System Takes Position in Commerce Bancshares, Inc. (NASDAQ:CBSH)

New York State Teachers Retirement System bought a new stake in Commerce Bancshares, Inc. (NASDAQ:CBSH) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 143,463 shares of the financial services provider’s stock, valued at approximately $8,928,000.

A number of other institutional investors also recently modified their holdings of CBSH. Jones Financial Companies Lllp lifted its position in Commerce Bancshares by 26.7% during the fourth quarter. Jones Financial Companies Lllp now owns 7,159 shares of the financial services provider’s stock worth $446,000 after purchasing an additional 1,510 shares during the period. Steward Partners Investment Advisory LLC increased its position in Commerce Bancshares by 8.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 34,133 shares of the financial services provider’s stock valued at $2,127,000 after purchasing an additional 2,532 shares during the period. State of Michigan Retirement System increased its position in Commerce Bancshares by 3.9% during the 4th quarter. State of Michigan Retirement System now owns 28,974 shares of the financial services provider’s stock valued at $1,805,000 after purchasing an additional 1,093 shares during the period. Charles Schwab Investment Management Inc. increased its position in Commerce Bancshares by 4.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,055,430 shares of the financial services provider’s stock valued at $65,764,000 after purchasing an additional 43,928 shares during the period. Finally, Victory Capital Management Inc. grew its position in shares of Commerce Bancshares by 1.2% during the 4th quarter. Victory Capital Management Inc. now owns 89,125 shares of the financial services provider’s stock worth $5,553,000 after buying an additional 1,052 shares during the period. Institutional investors own 70.26% of the company’s stock.

Insider Activity

In other news, Director June Mcallister Fowler sold 1,618 shares of the stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $60.72, for a total value of $98,244.96. Following the sale, the director directly owned 3,175 shares of the company’s stock, valued at approximately $192,786. This represents a 33.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 3.10% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on CBSH shares. Morgan Stanley lifted their price objective on shares of Commerce Bancshares from $58.00 to $61.00 and gave the company an “equal weight” rating in a research note on Tuesday, June 17th. Piper Sandler lifted their price objective on shares of Commerce Bancshares from $65.00 to $66.00 and gave the stock a “neutral” rating in a report on Thursday, April 17th. Keefe, Bruyette & Woods cut their price objective on shares of Commerce Bancshares from $74.00 to $70.00 and set a “market perform” rating on the stock in a report on Thursday, April 17th. Wells Fargo & Company cut their price objective on shares of Commerce Bancshares from $70.00 to $60.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 9th. Finally, Wall Street Zen downgraded shares of Commerce Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, May 21st. One analyst has rated the stock with a sell rating and six have given a hold rating to the company’s stock. According to MarketBeat, Commerce Bancshares has an average rating of “Hold” and a consensus target price of $65.60.

Commerce Bancshares Price Performance

CBSH opened at $64.53 on Friday. The firm has a market cap of $8.61 billion, a P/E ratio of 15.62, a PEG ratio of 2.85 and a beta of 0.59. The firm has a 50-day moving average of $62.81 and a 200 day moving average of $62.74. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.76 and a current ratio of 0.76. Commerce Bancshares, Inc. has a fifty-two week low of $52.27 and a fifty-two week high of $72.75.

Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings results on Wednesday, April 16th. The financial services provider reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.05. The company had revenue of $428.05 million during the quarter, compared to analyst estimates of $417.85 million. Commerce Bancshares had a net margin of 25.95% and a return on equity of 16.23%. On average, research analysts expect that Commerce Bancshares, Inc. will post 3.94 EPS for the current year.

Commerce Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 24th. Shareholders of record on Friday, June 6th were issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 1.70%. The ex-dividend date was Friday, June 6th. Commerce Bancshares’s dividend payout ratio (DPR) is presently 26.63%.

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.