New York State Teachers Retirement System Acquires Shares of 143,463 Commerce Bancshares, Inc. (NASDAQ:CBSH)

New York State Teachers Retirement System acquired a new stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 143,463 shares of the financial services provider's stock, valued at approximately $8,928,000. New York State Teachers Retirement System owned approximately 0.11% of Commerce Bancshares at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of CBSH. Norges Bank bought a new position in shares of Commerce Bancshares during the 4th quarter valued at about $86,327,000. American Century Companies Inc. lifted its holdings in shares of Commerce Bancshares by 25.5% during the 4th quarter. American Century Companies Inc. now owns 3,675,031 shares of the financial services provider's stock valued at $228,991,000 after purchasing an additional 745,661 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Commerce Bancshares by 5.1% during 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 purchasing an additional 642,401 shares in the last quarter. Aristotle Capital Management LLC lifted its holdings in shares of Commerce Bancshares by 4.3% during the 4th quarter. Aristotle Capital Management LLC now owns 8,566,476 shares of the financial services provider's stock valued at $533,777,000 after purchasing an additional 351,406 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in Commerce Bancshares by 31.8% in the 4th quarter. Northern Trust Corp now owns 1,286,483 shares of the financial services provider's stock valued at $80,161,000 after acquiring an additional 310,443 shares in the last quarter. Institutional investors own 70.26% of the company's stock.

Commerce Bancshares Stock Up 0.3%

Shares of NASDAQ:CBSH traded up $0.20 during trading on Tuesday, hitting $65.13. 769,325 shares of the company were exchanged, compared to its average volume of 615,917. The stock has a market cap of $8.69 billion, a price-to-earnings ratio of 15.77, a P/E/G ratio of 2.87 and a beta of 0.59. Commerce Bancshares, Inc. has a fifty-two week low of $52.57 and a fifty-two week high of $72.75. The firm has a fifty day moving average price of $62.97 and a two-hundred day moving average price of $62.76. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.01.

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

Commerce Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 24th. Shareholders of record on Friday, June 6th were given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 1.69%. The ex-dividend date was Friday, June 6th. Commerce Bancshares's dividend payout ratio (DPR) is 26.63%.

Analyst Ratings Changes

Several research firms have commented 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 note on Tuesday, June 17th. Piper Sandler boosted their target price on Commerce Bancshares from $65.00 to $66.00 and gave the company a "neutral" rating in a research note on Thursday, April 17th. Wall Street Zen cut Commerce Bancshares from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Bank of America boosted their target price on Commerce Bancshares from $69.00 to $71.00 and gave the company a "neutral" rating in a research note on Tuesday, June 24th. Finally, Keefe, Bruyette & Woods cut their target price 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. One analyst has rated the stock with a sell rating and six have assigned a hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $65.60.

Insider Buying and Selling at Commerce Bancshares

In other Commerce Bancshares news, Director June Mcallister Fowler sold 1,618 shares of the business'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 owned 3,175 shares of the company's stock, valued at $192,786. The trade was a 33.76% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 3.10% of the stock is owned by company insiders.

Commerce Bancshares Company 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.