Teacher Retirement System of Texas reduced its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 27.8% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 43,446 shares of the financial services provider's stock after selling 16,734 shares during the period. Teacher Retirement System of Texas' holdings in Commerce Bancshares were worth $2,704,000 at the end of the most recent reporting period.
Several other institutional investors have also made changes to their positions in the business. Novem Group boosted its position in shares of Commerce Bancshares by 35.3% during the 1st quarter. Novem Group now owns 16,663 shares of the financial services provider's stock valued at $1,037,000 after acquiring an additional 4,344 shares in the last quarter. New York State Teachers Retirement System acquired a new stake in shares of Commerce Bancshares during the 1st quarter valued at about $8,928,000. Stonebridge Financial Group LLC boosted its position in shares of Commerce Bancshares by 2.7% during the 1st quarter. Stonebridge Financial Group LLC now owns 71,211 shares of the financial services provider's stock valued at $4,431,000 after acquiring an additional 1,900 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in shares of Commerce Bancshares during the 1st quarter valued at about $1,855,000. Finally, XML Financial LLC boosted its position in shares of Commerce Bancshares by 13.3% during the 1st quarter. XML Financial LLC now owns 3,928 shares of the financial services provider's stock valued at $244,000 after acquiring an additional 460 shares in the last quarter. 70.26% of the stock is currently owned by institutional investors and hedge funds.
Commerce Bancshares Price Performance
Shares of NASDAQ CBSH traded down $0.64 during trading on Friday, reaching $65.45. The company had a trading volume of 702,537 shares, compared to its average volume of 615,257. Commerce Bancshares, Inc. has a 52 week low of $52.69 and a 52 week high of $72.75. The stock has a market cap of $8.73 billion, a PE ratio of 15.85, a PEG ratio of 2.89 and a beta of 0.59. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.76 and a current ratio of 0.76. The business's 50 day moving average price is $63.21 and its 200-day moving average price is $62.82.
Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last announced its earnings results on Wednesday, April 16th. The financial services provider reported $0.98 earnings per share for the quarter, topping analysts' consensus estimates of $0.93 by $0.05. Commerce Bancshares had a net margin of 25.95% and a return on equity of 16.23%. The company had revenue of $428.05 million during the quarter, compared to the consensus estimate of $417.85 million. Analysts expect that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current year.
Commerce Bancshares Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Tuesday, June 24th. Shareholders of record on Friday, June 6th were paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.68%. The ex-dividend date was Friday, June 6th. Commerce Bancshares's dividend payout ratio is presently 26.63%.
Wall Street Analysts Forecast Growth
CBSH has been the subject of several analyst reports. Piper Sandler lifted their price target on shares of Commerce Bancshares from $65.00 to $66.00 and gave the company a "neutral" rating in a report on Thursday, April 17th. Wells Fargo & Company lifted their price target on shares of Commerce Bancshares from $60.00 to $62.00 and gave the company an "equal weight" rating in a report on Thursday. Wall Street Zen downgraded shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Morgan Stanley lifted their price target on shares of Commerce Bancshares from $58.00 to $61.00 and gave the company an "equal weight" rating in a report on Tuesday, June 17th. 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 sell rating and six have given a hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $66.00.
Check Out Our Latest Stock Report on CBSH
Insider Buying and Selling at Commerce Bancshares
In related news, Director June Mcallister Fowler sold 1,618 shares of the business's stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $60.72, for a total transaction of $98,244.96. Following the completion of the sale, the director directly owned 3,175 shares of the company's stock, valued at $192,786. The trade was a 33.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 3.10% of the company's stock.
Commerce Bancshares Company Profile
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Free Report)
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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