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

New York State Common Retirement Fund lessened its holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 41.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund 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.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Kapitalo Investimentos Ltda bought a new stake in shares of Commerce Bancshares during the fourth quarter worth about $26,000. CoreFirst Bank & Trust bought a new stake in shares of Commerce Bancshares during the fourth quarter worth about $33,000. Allworth Financial LP lifted its stake in shares of Commerce Bancshares by 55.0% in the first quarter. Allworth Financial LP now owns 651 shares of the financial services provider's stock worth $40,000 after acquiring an additional 231 shares during the period. Nomura Asset Management Co. Ltd. increased its position in Commerce Bancshares by 46.9% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 839 shares of the financial services provider's stock valued at $52,000 after purchasing an additional 268 shares during the period. Finally, Transce3nd LLC bought a new position in Commerce Bancshares during the 4th quarter worth approximately $68,000. Institutional investors own 70.26% of the company's stock.

Wall Street Analysts Forecast Growth

CBSH has been the topic of several recent analyst reports. Wells Fargo & Company boosted their price target on Commerce Bancshares from $62.00 to $69.00 and gave the company an "equal weight" rating in a research note on Monday. Keefe, Bruyette & Woods dropped their price target on Commerce Bancshares from $74.00 to $70.00 and set a "market perform" rating on the stock in a research note on Thursday, April 17th. Bank of America boosted their price target on Commerce Bancshares from $69.00 to $71.00 and gave the company a "neutral" rating in a research note on Tuesday, June 24th. Piper Sandler reissued a "neutral" rating and issued a $70.00 price target (up from $66.50) on shares of Commerce Bancshares in a research note on Thursday, July 17th. Finally, Wall Street Zen lowered Commerce Bancshares from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. One investment analyst has rated the stock with a sell rating and six have assigned a hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $68.20.

Insider Buying and Selling at Commerce Bancshares

In related news, Director June Mcallister Fowler sold 1,618 shares of the firm's stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $60.72, for a total transaction of $98,244.96. Following the transaction, the director directly owned 3,175 shares in the company, valued at $192,786. This trade represents a 33.76% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.10% of the stock is currently owned by insiders.

Commerce Bancshares Stock Performance

CBSH stock opened at $64.24 on Wednesday. The company has a market capitalization of $8.57 billion, a price-to-earnings ratio of 15.30, a PEG ratio of 2.97 and a beta of 0.59. Commerce Bancshares, Inc. has a fifty-two week low of $52.69 and a fifty-two week high of $72.75. The stock has a fifty day moving average of $63.37 and a 200-day moving average of $62.88.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last issued its earnings results on Wednesday, July 16th. The financial services provider reported $1.14 EPS for the quarter, topping the consensus estimate of $1.02 by $0.12. Commerce Bancshares had a return on equity of 16.01% and a net margin of 26.37%. The business had revenue of $445.76 million during the quarter, compared to the consensus estimate of $434.11 million. During the same quarter last year, the company earned $1.02 EPS. The firm's revenue was up 7.6% compared to the same quarter last year. Equities analysts predict that Commerce Bancshares, Inc. will post 3.94 EPS for the current year.

Commerce Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 24th. Shareholders 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 1.71%. Commerce Bancshares's payout ratio is currently 26.19%.

About Commerce Bancshares

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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