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

New York State Teachers Retirement System reduced its stake in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 39.7% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 83,266 shares of the financial services provider’s stock after selling 54,930 shares during the period. New York State Teachers Retirement System’s holdings in Commerce Bancshares were worth $4,097,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. Apriem Advisors increased its holdings in Commerce Bancshares by 5.0% in the fourth 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. Heartland Bank & Trust Co boosted its holdings in Commerce Bancshares by 4.4% during the fourth quarter. Heartland Bank & Trust Co now owns 4,595 shares of the financial services provider’s stock worth $240,000 after buying an additional 192 shares during the last quarter. Outlook Wealth Advisors LLC grew its position in shares of Commerce Bancshares by 3.7% during 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 period. Crossmark Global Holdings Inc. grew its position in shares of Commerce Bancshares by 2.7% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 8,265 shares of the financial services provider’s stock worth $494,000 after buying an additional 215 shares during the period. Finally, Elser Financial Planning Inc boosted its stake in Commerce Bancshares by 5.0% during the 4th quarter. Elser Financial Planning Inc now owns 4,531 shares of the financial services provider’s stock worth $237,000 after acquiring an additional 215 shares during the last quarter. 70.26% of the stock is owned by institutional investors and hedge funds.

Commerce Bancshares Stock Down 2.1%

Shares of CBSH stock opened at $57.59 on Thursday. Commerce Bancshares, Inc. has a 12-month low of $46.99 and a 12-month high of $63.19. The firm has a fifty day moving average of $53.92 and a 200-day moving average of $52.54. The company has a market capitalization of $8.40 billion, a price-to-earnings ratio of 13.81, a P/E/G ratio of 3.99 and a beta of 0.58.

Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $0.96 EPS for the quarter, beating the consensus estimate of $0.94 by $0.02. The business had revenue of $475.69 million for the quarter, compared to analysts’ expectations of $481.94 million. Commerce Bancshares had a net margin of 26.37% and a return on equity of 14.78%. The firm’s revenue was up 11.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.98 EPS. On average, equities analysts expect that Commerce Bancshares, Inc. will post 4.13 EPS for the current year.

Commerce Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 23rd. Stockholders of record on Friday, June 5th were issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date was Friday, June 5th. Commerce Bancshares’s payout ratio is 26.38%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on CBSH. Weiss Ratings restated a “hold (c)” rating on shares of Commerce Bancshares in a report on Wednesday, June 24th. Wells Fargo & Company lifted their price target on shares of Commerce Bancshares from $53.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Monday. Wall Street Zen cut shares of Commerce Bancshares from a “hold” rating to a “sell” rating in a research report on Saturday, June 13th. Piper Sandler upped their price objective on shares of Commerce Bancshares from $58.50 to $59.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. Finally, TD Cowen reaffirmed a “hold” rating and set a $54.00 price objective (up from $53.00) on shares of Commerce Bancshares in a research note on Thursday, April 23rd. Two analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $58.67.

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.