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

Key Points

• The New York State Teachers Retirement System reduced its stake in Commerce Bancshares by 8.3%, selling 11,847 shares during the second quarter.
• Analysts have varied opinions on Commerce Bancshares, with recent downgrades from banks including Piper Sandler and Wells Fargo, while Bank of America raised its price target.
• Commerce Bancshares announced a quarterly dividend of $0.275 per share, representing an annual yield of 2.0% and has a payout ratio of 26.25%.

New York State Teachers Retirement System lowered its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 8.3% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 131,616 shares of the financial services provider's stock after selling 11,847 shares during the quarter. New York State Teachers Retirement System owned approximately 0.10% of Commerce Bancshares worth $8,183,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of CBSH. Invesco Ltd. boosted its position in Commerce Bancshares by 136.0% during the first quarter. Invesco Ltd. now owns 848,442 shares of the financial services provider's stock worth $52,799,000 after acquiring an additional 488,960 shares during the last quarter. Nuveen LLC purchased a new position in Commerce Bancshares during the first quarter worth approximately $21,995,000. Vanguard Group Inc. raised its stake in Commerce Bancshares by 2.0% during the first quarter. Vanguard Group Inc. now owns 13,493,741 shares of the financial services provider's stock worth $839,716,000 after purchasing an additional 268,250 shares during the period. Adage Capital Partners GP L.L.C. raised its stake in Commerce Bancshares by 104.3% during the first quarter. Adage Capital Partners GP L.L.C. now owns 323,215 shares of the financial services provider's stock worth $20,114,000 after purchasing an additional 165,000 shares during the period. Finally, American Century Companies Inc. raised its stake in Commerce Bancshares by 4.4% during the first quarter. American Century Companies Inc. now owns 3,836,113 shares of the financial services provider's stock worth $238,721,000 after purchasing an additional 161,082 shares during the period. Institutional investors and hedge funds own 70.26% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Piper Sandler cut their price target on shares of Commerce Bancshares from $70.00 to $63.00 and set a "neutral" rating on the stock in a research note on Friday. Bank of America increased their price target on shares of Commerce Bancshares from $69.00 to $71.00 and gave the stock a "neutral" rating in a research note on Tuesday, June 24th. Wells Fargo & Company cut their price target on shares of Commerce Bancshares from $69.00 to $65.00 and set an "equal weight" rating on the stock in a research note on Monday, September 29th. Keefe, Bruyette & Woods cut their price target on shares of Commerce Bancshares from $65.00 to $60.00 and set a "market perform" rating on the stock in a research note on Friday. Finally, Zacks Research downgraded shares of Commerce Bancshares from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 27th. One analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $66.00.

Commerce Bancshares Trading Up 2.4%

Shares of CBSH stock opened at $53.68 on Monday. The company's fifty day simple moving average is $59.95 and its 200-day simple moving average is $61.26. Commerce Bancshares, Inc. has a 52 week low of $52.11 and a 52 week high of $72.75. The company has a market cap of $7.16 billion, a PE ratio of 12.81, a P/E/G ratio of 6.65 and a beta of 0.59.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last issued its earnings results on Thursday, October 16th. The financial services provider reported $1.06 EPS for the quarter, missing analysts' consensus estimates of $1.09 by ($0.03). Commerce Bancshares had a net margin of 26.48% and a return on equity of 15.73%. The business had revenue of $440.97 million during the quarter, compared to analysts' expectations of $447.04 million. During the same period in the prior year, the business posted $1.07 EPS. The business's revenue was up 4.7% on a year-over-year basis. Equities research analysts expect that Commerce Bancshares, Inc. will post 3.94 EPS for the current fiscal year.

Commerce Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 23rd. Investors of record on Friday, September 5th were issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend was Friday, September 5th. Commerce Bancshares's dividend payout ratio (DPR) is presently 26.25%.

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.

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