New York State Common Retirement Fund Purchases 2,065 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

Posted by Defense World Staff on Apr 19th, 2023

New York State Common Retirement Fund increased its stake in Commerce Bancshares, Inc. (NASDAQ:CBSH – Get Rating) by 1.0% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 212,664 shares of the financial services provider’s stock after acquiring an additional 2,065 shares during the quarter. New York State Common Retirement Fund owned 0.17% of Commerce Bancshares worth $14,476,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of CBSH. State Street Corp increased its stake in shares of Commerce Bancshares by 8.9% in the 1st quarter. State Street Corp now owns 6,656,709 shares of the financial services provider’s stock valued at $476,554,000 after acquiring an additional 544,292 shares in the last quarter. Mutual Advisors LLC acquired a new stake in Commerce Bancshares in the 4th quarter valued at $26,709,000. Boston Trust Walden Corp grew its position in Commerce Bancshares by 623.6% in the 3rd quarter. Boston Trust Walden Corp now owns 360,768 shares of the financial services provider’s stock valued at $23,868,000 after purchasing an additional 310,913 shares during the period. Eaton Vance Management grew its position in Commerce Bancshares by 15.0% in the 1st quarter. Eaton Vance Management now owns 1,385,610 shares of the financial services provider’s stock valued at $99,195,000 after purchasing an additional 181,148 shares during the period. Finally, Vanguard Group Inc. grew its position in Commerce Bancshares by 1.0% in the 3rd quarter. Vanguard Group Inc. now owns 11,332,270 shares of the financial services provider’s stock valued at $749,743,000 after purchasing an additional 117,162 shares during the period. Institutional investors own 64.12% of the company’s stock.

Insider Buying and Selling

In related news, SVP Patricia R. Kellerhals sold 884 shares of the business’s stock in a transaction dated Tuesday, January 24th. The shares were sold at an average price of $65.37, for a total value of $57,787.08. Following the transaction, the senior vice president now directly owns 9,417 shares of the company’s stock, valued at approximately $615,589.29. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, Director David W. Kemper sold 21,550 shares of the business’s stock in a transaction dated Wednesday, January 25th. The stock was sold at an average price of $65.51, for a total value of $1,411,740.50. Following the sale, the director now directly owns 1,172,276 shares in the company, valued at approximately $76,795,800.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Patricia R. Kellerhals sold 884 shares of the business’s stock in a transaction dated Tuesday, January 24th. The shares were sold at an average price of $65.37, for a total value of $57,787.08. Following the completion of the sale, the senior vice president now owns 9,417 shares in the company, valued at $615,589.29. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 46,551 shares of company stock valued at $3,076,855. 3.20% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts recently issued reports on CBSH shares. Keefe, Bruyette & Woods reduced their price target on shares of Commerce Bancshares from $72.00 to $61.00 and set a “market perform” rating for the company in a research report on Thursday, April 6th. Wells Fargo & Company reduced their price target on shares of Commerce Bancshares from $65.00 to $60.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 5th. StockNews.com downgraded shares of Commerce Bancshares from a “hold” rating to a “sell” rating in a research report on Thursday, March 30th. Finally, Morgan Stanley reduced their price target on shares of Commerce Bancshares from $70.00 to $50.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 5th. One research analyst has rated the stock with a sell rating and four have given a hold rating to the company. Based on data from MarketBeat, Commerce Bancshares currently has an average rating of “Hold” and an average price target of $64.50.

Commerce Bancshares Price Performance

CBSH opened at $54.28 on Wednesday. The company has a market capitalization of $6.77 billion, a price-to-earnings ratio of 14.10 and a beta of 0.74. The firm’s fifty day moving average price is $61.36 and its two-hundred day moving average price is $66.34. Commerce Bancshares, Inc. has a 1 year low of $53.84 and a 1 year high of $72.60.

Commerce Bancshares (NASDAQ:CBSH – Get Rating) last posted its quarterly earnings data on Tuesday, April 18th. The financial services provider reported $0.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.94 by $0.01. The firm had revenue of $389.20 million for the quarter, compared to the consensus estimate of $389.46 million. Commerce Bancshares had a net margin of 31.60% and a return on equity of 18.60%. The business’s revenue for the quarter was up 14.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.92 EPS. As a group, equities analysts anticipate that Commerce Bancshares, Inc. will post 3.78 EPS for the current year.

Commerce Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 27th. Investors of record on Tuesday, March 7th were issued a $0.27 dividend. This is an increase from Commerce Bancshares’s previous quarterly dividend of $0.27. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.99%. The ex-dividend date of this dividend was Monday, March 6th. Commerce Bancshares’s payout ratio is 28.06%.

Commerce Bancshares Profile

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Commerce Bancshares, Inc operates as a bank holding company for Commerce Bank. It provides general banking services, such as retail, corporate, investment, trust, and asset management products and services to individuals and businesses. The firm operates through the following business segments: Consumer, Commercial and Wealth.