New York State Common Retirement Fund Sells 34,608 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

New York State Common Retirement Fund lessened its position in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 41.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 49,848 shares of the financial services provider's stock after selling 34,608 shares during the period. New York State Common Retirement Fund's holdings in Commerce Bancshares were worth $3,102,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of Commerce Bancshares by 5.1% in the 4th quarter. Vanguard Group Inc. now owns 13,225,491 shares of the financial services provider's stock valued at $824,080,000 after buying an additional 642,401 shares during the last quarter. Aristotle Capital Management LLC increased its position in shares of Commerce Bancshares by 4.3% during the fourth quarter. Aristotle Capital Management LLC now owns 8,566,476 shares of the financial services provider's stock valued at $533,777,000 after acquiring an additional 351,406 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Commerce Bancshares by 3.7% during the fourth quarter. Geode Capital Management LLC now owns 2,484,463 shares of the financial services provider's stock valued at $155,756,000 after acquiring an additional 87,723 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Commerce Bancshares by 11.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,272,118 shares of the financial services provider's stock valued at $141,584,000 after acquiring an additional 227,052 shares during the last quarter. Finally, Wells Fargo & Company MN increased its position in Commerce Bancshares by 1.8% in the fourth quarter. Wells Fargo & Company MN now owns 2,175,133 shares of the financial services provider's stock worth $135,533,000 after buying an additional 38,210 shares during the last quarter. Institutional investors and hedge funds own 70.26% of the company's stock.

Insider Transactions at Commerce Bancshares

In other Commerce Bancshares news, Director June Mcallister Fowler sold 1,618 shares of the 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 completion of the sale, the director owned 3,175 shares in the company, valued at approximately $192,786. This represents a 33.76% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 3.10% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently commented on CBSH. Keefe, Bruyette & Woods cut their price target on Commerce Bancshares from $74.00 to $70.00 and set a "market perform" rating for the company in a report on Thursday, April 17th. Piper Sandler restated a "neutral" rating and set a $70.00 price target (up previously from $66.50) on shares of Commerce Bancshares in a research report on Thursday, July 17th. Bank of America lifted their price objective on Commerce Bancshares from $69.00 to $71.00 and gave the stock a "neutral" rating in a report on Tuesday, June 24th. Morgan Stanley boosted their price target on Commerce Bancshares from $58.00 to $61.00 and gave the company an "equal weight" rating in a report on Tuesday, June 17th. Finally, Wells Fargo & Company lifted their price objective on Commerce Bancshares from $62.00 to $69.00 and gave the company an "equal weight" rating in a research report on Monday, July 21st. One equities research analyst has rated the stock with a sell rating and six have given a hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $68.20.

Commerce Bancshares Price Performance

NASDAQ CBSH traded up $0.26 during mid-day trading on Friday, reaching $62.03. The stock had a trading volume of 690,699 shares, compared to its average volume of 843,853. The stock has a market cap of $8.28 billion, a PE ratio of 14.77, a price-to-earnings-growth ratio of 2.86 and a beta of 0.59. The company has a fifty day moving average price of $63.11 and a 200 day moving average price of $62.89. Commerce Bancshares, Inc. has a 1 year low of $52.69 and a 1 year high of $72.75.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $1.14 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.12. The firm had revenue of $445.76 million for the quarter, compared to analysts' expectations of $434.11 million. Commerce Bancshares had a return on equity of 16.01% and a net margin of 26.37%. The company's revenue was up 7.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.02 EPS. As a group, equities research 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 disclosed a quarterly dividend, which will be paid on Tuesday, September 23rd. Stockholders of record on Friday, September 5th will be paid a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 1.77%. Commerce Bancshares's dividend payout ratio (DPR) is 26.19%.

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.