Teacher Retirement System of Texas Cuts Holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Teacher Retirement System of Texas cut its holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 27.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. 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 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Novem Group increased its stake in Commerce Bancshares by 35.3% in the 1st quarter. Novem Group now owns 16,663 shares of the financial services provider's stock worth $1,037,000 after acquiring an additional 4,344 shares during the last quarter. New York State Teachers Retirement System bought a new stake in Commerce Bancshares in the 1st quarter worth approximately $8,928,000. Stonebridge Financial Group LLC increased its stake in Commerce Bancshares by 2.7% in the 1st quarter. Stonebridge Financial Group LLC now owns 71,211 shares of the financial services provider's stock worth $4,431,000 after acquiring an additional 1,900 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in Commerce Bancshares in the 1st quarter worth approximately $1,855,000. Finally, XML Financial LLC increased its stake in Commerce Bancshares by 13.3% in the 1st quarter. XML Financial LLC now owns 3,928 shares of the financial services provider's stock worth $244,000 after acquiring an additional 460 shares during the last quarter. 70.26% of the stock is owned by hedge funds and other institutional investors.

Commerce Bancshares Trading Down 1.0%

NASDAQ:CBSH traded down $0.64 on Friday, reaching $65.45. The company's stock had a trading volume of 702,537 shares, compared to its average volume of 614,991. Commerce Bancshares, Inc. has a 12-month low of $52.69 and a 12-month high of $72.75. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.01. The firm has a market cap of $8.73 billion, a price-to-earnings ratio of 15.85, a price-to-earnings-growth ratio of 2.92 and a beta of 0.59. The stock has a 50 day moving average price of $63.21 and a 200 day moving average price of $62.82.

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

Commerce Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 24th. Investors of record on Friday, June 6th were issued a $0.275 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.10 annualized dividend and a dividend yield of 1.68%. Commerce Bancshares's dividend payout ratio is presently 26.63%.

Analyst Ratings Changes

Several research firms have recently weighed in on CBSH. Morgan Stanley boosted their target price on Commerce Bancshares from $58.00 to $61.00 and gave the company an "equal weight" rating in a research report on Tuesday, June 17th. Bank of America upped their price objective on Commerce Bancshares from $69.00 to $71.00 and gave the company a "neutral" rating in a research report on Tuesday, June 24th. Wall Street Zen downgraded Commerce Bancshares from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. Keefe, Bruyette & Woods cut their price objective on Commerce Bancshares from $74.00 to $70.00 and set a "market perform" rating on the stock in a research report on Thursday, April 17th. Finally, Piper Sandler upped their price objective on Commerce Bancshares from $65.00 to $66.00 and gave the stock a "neutral" rating in a research note on Thursday, April 17th. One research analyst has rated the stock with a sell rating and six have given a hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $66.00.

Insider Activity

In related news, Director June Mcallister Fowler sold 1,618 shares of the business's stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $60.72, for a total value of $98,244.96. Following the sale, the director owned 3,175 shares in the company, valued at approximately $192,786. The trade was a 33.76% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 3.10% of the company's stock.

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.