Public Employees Retirement System of Ohio Purchases New Holdings in Commerce Bancshares, Inc. $CBSH

Key Points

• Public Employees Retirement System of Ohio acquired 40,014 shares of Commerce Bancshares, valued at approximately $2.31 million. Institutional investors collectively own 70.26% of the company.
• Commerce Bancshares reported quarterly EPS of $1.10, exceeding estimates of $1.04, while revenue reached $498.91 million versus the $492.22 million consensus.
• The company declared a quarterly dividend of $0.275 per share, equivalent to an annualized $1.10 payout and a 1.9% yield. Analysts maintain a consensus “Hold” rating with an average price target of $63.29.

Public Employees Retirement System of Ohio purchased a new position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 40,014 shares of the financial services provider's stock, valued at approximately $2,311,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Apriem Advisors increased its position in shares of Commerce Bancshares by 5.0% during the 4th quarter. Apriem Advisors now owns 4,018 shares of the financial services provider's stock valued at $210,000 after purchasing an additional 191 shares during the last quarter. Outlook Wealth Advisors LLC boosted its holdings in shares of Commerce Bancshares by 3.7% in the 4th quarter. Outlook Wealth Advisors LLC now owns 5,934 shares of the financial services provider's stock worth $311,000 after buying an additional 214 shares during the last quarter. Centerpoint Advisory Group grew its position in Commerce Bancshares by 5.0% during the fourth quarter. Centerpoint Advisory Group now owns 4,534 shares of the financial services provider's stock valued at $237,000 after buying an additional 215 shares during the period. Geneos Wealth Management Inc. grew its position in Commerce Bancshares by 85.4% during the first quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider's stock valued at $29,000 after buying an additional 216 shares during the period. Finally, CIBC Asset Management Inc increased its holdings in Commerce Bancshares by 5.0% during the fourth quarter. CIBC Asset Management Inc now owns 4,643 shares of the financial services provider's stock worth $243,000 after buying an additional 219 shares during the last quarter. Hedge funds and other institutional investors own 70.26% of the company's stock.

Commerce Bancshares Price Performance

Shares of NASDAQ:CBSH opened at $58.37 on Friday. The firm has a market capitalization of $8.37 billion, a PE ratio of 14.13, a P/E/G ratio of 2.09 and a beta of 0.58. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.01. The company has a 50-day moving average price of $58.77 and a two-hundred day moving average price of $54.10. Commerce Bancshares, Inc. has a twelve month low of $46.99 and a twelve month high of $60.92.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last posted its quarterly earnings results on Thursday, July 16th. The financial services provider reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.04 by $0.06. The company had revenue of $498.91 million for the quarter, compared to analyst estimates of $492.22 million. Commerce Bancshares had a net margin of 26.07% and a return on equity of 14.31%. During the same quarter in the previous year, the firm posted $1.14 earnings per share. Equities analysts forecast that Commerce Bancshares, Inc. will post 4.23 EPS for the current year.

Commerce Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 22nd. Shareholders of record on Friday, September 4th will be given a dividend of $0.275 per share. The ex-dividend date is Friday, September 4th. This represents a $1.10 annualized dividend and a dividend yield of 1.9%. Commerce Bancshares's dividend payout ratio is currently 26.63%.

Insider Activity

In related news, SVP Douglas D. Neff sold 666 shares of the stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $58.15, for a total transaction of $38,727.90. Following the sale, the senior vice president owned 11,746 shares of the company's stock, valued at approximately $683,029.90. This represents a 5.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Robert S. Holmes sold 5,000 shares of the firm's stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $60.20, for a total value of $301,000.00. Following the completion of the transaction, the executive vice president owned 55,962 shares of the company's stock, valued at approximately $3,368,912.40. This represents a 8.20% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 33,150 shares of company stock valued at $1,974,783. 1.80% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Morgan Stanley reaffirmed a "positive" rating and issued a $65.00 price objective (up from $61.00) on shares of Commerce Bancshares in a research report on Monday, June 29th. Raymond James Financial upgraded shares of Commerce Bancshares to a "hold" rating in a research note on Thursday, August 27th. TD Cowen reaffirmed a "hold" rating and issued a $63.00 price target (up from $62.00) on shares of Commerce Bancshares in a report on Friday, July 17th. Wall Street Zen upgraded Commerce Bancshares from a "sell" rating to a "hold" rating in a research note on Tuesday, July 28th. Finally, Wells Fargo & Company set a $63.00 price objective on Commerce Bancshares and gave the company an "equal weight" rating in a report on Monday, August 10th. Three research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. According to data from MarketBeat.com, Commerce Bancshares presently has an average rating of "Hold" and an average price target of $63.29.

About Commerce Bancshares

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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