New York State Teachers Retirement System Has $4.10 Million Stock Holdings in Commerce Bancshares, Inc. $CBSH

Key Points

• New York State Teachers Retirement System cut its Commerce Bancshares stake by 39.7% in the first quarter, selling 54,930 shares and leaving it with 83,266 shares valued at about $4.1 million.
• Several other institutional investors adjusted holdings in CBSH, and institutions and hedge funds now own 70.26% of the company’s stock.
• Analysts currently have a mixed but mostly cautious view: the stock carries an average "Hold" rating with an average target price of $58.67, while Commerce Bancshares recently beat EPS estimates and paid a quarterly dividend of $0.275 per share.

New York State Teachers Retirement System decreased its position in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 39.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 83,266 shares of the financial services provider's stock after selling 54,930 shares during the quarter. New York State Teachers Retirement System owned 0.06% of Commerce Bancshares worth $4,097,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in CBSH. Tudor Investment Corp ET AL boosted its position in Commerce Bancshares by 5,922.5% in the third quarter. Tudor Investment Corp ET AL now owns 501,859 shares of the financial services provider's stock valued at $29,991,000 after buying an additional 493,526 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Commerce Bancshares by 8.1% during the fourth quarter. Vanguard Group Inc. now owns 14,690,039 shares of the financial services provider's stock worth $768,877,000 after buying an additional 1,098,142 shares in the last quarter. Verition Fund Management LLC raised its stake in shares of Commerce Bancshares by 39.8% in the fourth quarter. Verition Fund Management LLC now owns 631,981 shares of the financial services provider's stock valued at $33,078,000 after acquiring an additional 179,894 shares during the last quarter. Mattern Capital Management LLC boosted its holdings in shares of Commerce Bancshares by 14.4% in the 4th quarter. Mattern Capital Management LLC now owns 161,306 shares of the financial services provider's stock worth $8,443,000 after acquiring an additional 20,277 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of Commerce Bancshares by 6.7% in the 4th quarter. Geode Capital Management LLC now owns 2,780,678 shares of the financial services provider's stock worth $147,097,000 after acquiring an additional 174,863 shares in the last quarter. Institutional investors and hedge funds own 70.26% of the company's stock.

Analysts Set New Price Targets

CBSH has been the subject of a number of recent analyst reports. TD Cowen reaffirmed a "hold" rating and set a $54.00 price target (up from $53.00) on shares of Commerce Bancshares in a report on Thursday, April 23rd. Wells Fargo & Company boosted their price objective on Commerce Bancshares from $53.00 to $57.00 and gave the stock an "equal weight" rating in a research note on Monday. Morgan Stanley restated a "positive" rating and set a $65.00 target price (up from $61.00) on shares of Commerce Bancshares in a report on Monday, June 29th. Piper Sandler raised their target price on Commerce Bancshares from $58.50 to $59.00 and gave the company a "neutral" rating in a research note on Friday, June 26th. Finally, Wall Street Zen cut Commerce Bancshares from a "hold" rating to a "sell" rating in a report on Saturday, June 13th. Two analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $58.67.

Commerce Bancshares Stock Down 2.1%

Shares of CBSH opened at $57.59 on Thursday. The stock's fifty day simple moving average is $53.92 and its 200-day simple moving average is $52.54. The firm has a market capitalization of $8.40 billion, a PE ratio of 13.81, a price-to-earnings-growth ratio of 3.99 and a beta of 0.58. Commerce Bancshares, Inc. has a 12-month low of $46.99 and a 12-month high of $63.19.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last announced its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $0.96 EPS for the quarter, topping analysts' consensus estimates of $0.94 by $0.02. The firm had revenue of $475.69 million during the quarter, compared to analyst estimates of $481.94 million. Commerce Bancshares had a return on equity of 14.78% and a net margin of 26.37%.The company's revenue was up 11.1% on a year-over-year basis. During the same period last year, the company earned $0.98 earnings per share. Analysts anticipate that Commerce Bancshares, Inc. will post 4.13 EPS for the current year.

Commerce Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 23rd. Stockholders of record on Friday, June 5th were paid a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend was Friday, June 5th. Commerce Bancshares's dividend payout ratio (DPR) is 26.38%.

Commerce Bancshares Company Profile

Commerce Bancshares, Inc is a bank holding company primarily engaged in providing a broad range of banking and financial services across the Midwest. Through its principal subsidiary, Commerce Bank, the company offers commercial and consumer banking, treasury management, trust and wealth advisory, and mortgage lending. Its diversified product suite includes deposit and loan products, cash management solutions, capital markets services, and private banking designed to meet the needs of individuals, small businesses, and large corporations.

The company's commercial banking group delivers tailored credit facilities, equipment and inventory financing, asset-based lending, and merchant services.

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