VIRGINIA RETIREMENT SYSTEMS ET Al Purchases Shares of 43,100 Commerce Bancshares, Inc. $CBSH

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 43,100 shares of the financial services provider's stock, valued at approximately $2,680,000.

Several other institutional investors and hedge funds have also recently modified their holdings of CBSH. Invesco Ltd. raised its holdings in shares of Commerce Bancshares by 136.0% in the 1st quarter. Invesco Ltd. now owns 848,442 shares of the financial services provider's stock valued at $52,799,000 after acquiring an additional 488,960 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Commerce Bancshares in the 1st quarter valued at about $21,995,000. Vanguard Group Inc. raised its holdings in shares of Commerce Bancshares by 2.0% in the 1st quarter. Vanguard Group Inc. now owns 13,493,741 shares of the financial services provider's stock valued at $839,716,000 after acquiring an additional 268,250 shares in the last quarter. Adage Capital Partners GP L.L.C. raised its holdings in shares of Commerce Bancshares by 104.3% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 323,215 shares of the financial services provider's stock valued at $20,114,000 after acquiring an additional 165,000 shares in the last quarter. Finally, American Century Companies Inc. raised its holdings in shares of Commerce Bancshares by 4.4% in the 1st quarter. American Century Companies Inc. now owns 3,836,113 shares of the financial services provider's stock valued at $238,721,000 after acquiring an additional 161,082 shares in the last quarter. Hedge funds and other institutional investors own 70.26% of the company's stock.

Commerce Bancshares Trading Down 0.3%

Shares of NASDAQ CBSH opened at $53.84 on Wednesday. The stock has a market cap of $7.18 billion, a price-to-earnings ratio of 12.85, a P/E/G ratio of 4.85 and a beta of 0.59. Commerce Bancshares, Inc. has a 1-year low of $52.11 and a 1-year high of $72.75. The stock's 50-day moving average is $59.68 and its 200 day moving average is $61.20.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last announced its quarterly earnings data on Thursday, October 16th. The financial services provider reported $1.06 earnings per share for the quarter, missing analysts' consensus estimates of $1.09 by ($0.03). The firm had revenue of $440.97 million for the quarter, compared to analysts' expectations of $447.04 million. Commerce Bancshares had a net margin of 26.48% and a return on equity of 15.73%. The business's quarterly revenue was up 4.7% on a year-over-year basis. During the same period in the prior year, the business posted $1.07 earnings per share. On average, analysts forecast that Commerce Bancshares, Inc. will post 3.94 EPS for the current fiscal year.

Commerce Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 23rd. Shareholders of record on Friday, September 5th were paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend was Friday, September 5th. Commerce Bancshares's payout ratio is 26.25%.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. TD Cowen assumed coverage on Commerce Bancshares in a report on Thursday, September 25th. They issued a "hold" rating and a $63.00 price target on the stock. Hovde Group initiated coverage on Commerce Bancshares in a report on Monday, October 6th. They set an "outperform" rating and a $70.00 price objective on the stock. Zacks Research cut Commerce Bancshares from a "strong-buy" rating to a "hold" rating in a report on Wednesday, August 27th. Morgan Stanley raised their price objective on Commerce Bancshares from $66.00 to $70.00 and gave the company an "underperform" rating in a report on Monday, September 29th. Finally, Weiss Ratings reissued a "hold (c+)" rating on shares of Commerce Bancshares in a report on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Commerce Bancshares has a consensus rating of "Hold" and a consensus target price of $65.29.

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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