Commerce Bancshares, Inc. (NASDAQ:CBSH) Stake Cut by State of New Jersey Common Pension Fund D

Posted by on Jul 19th, 2023

State of New Jersey Common Pension Fund D cut its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH – Free Report) by 14.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 40,667 shares of the financial services provider’s stock after selling 6,645 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Commerce Bancshares were worth $2,373,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Accurate Wealth Management LLC bought a new stake in Commerce Bancshares in the fourth quarter valued at $28,000. Belpointe Asset Management LLC bought a new stake in Commerce Bancshares in the fourth quarter valued at $30,000. Raleigh Capital Management Inc. lifted its stake in Commerce Bancshares by 205.6% in the fourth quarter. Raleigh Capital Management Inc. now owns 440 shares of the financial services provider’s stock valued at $30,000 after buying an additional 296 shares during the last quarter. Allworth Financial LP lifted its stake in Commerce Bancshares by 621.3% in the first quarter. Allworth Financial LP now owns 440 shares of the financial services provider’s stock valued at $26,000 after buying an additional 379 shares during the last quarter. Finally, Asset Dedication LLC lifted its stake in Commerce Bancshares by 530.0% in the fourth quarter. Asset Dedication LLC now owns 441 shares of the financial services provider’s stock valued at $30,000 after buying an additional 371 shares during the last quarter. 67.99% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. StockNews.com assumed coverage on Commerce Bancshares in a research note on Thursday, May 18th. They issued a “sell” rating on the stock. Wells Fargo & Company cut their price objective on shares of Commerce Bancshares from $65.00 to $60.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 5th. TheStreet cut shares of Commerce Bancshares from a “b-” rating to a “c+” rating in a research note on Wednesday, May 24th. Keefe, Bruyette & Woods cut their price objective on shares of Commerce Bancshares from $72.00 to $61.00 and set a “market perform” rating on the stock in a research note on Thursday, April 6th. Finally, Morgan Stanley cut shares of Commerce Bancshares from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $50.00 to $48.00 in a research note on Tuesday, May 16th. Two research analysts have rated the stock with a sell rating and three have given a hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $62.80.

Commerce Bancshares Trading Up 2.9 %

Shares of CBSH opened at $50.96 on Wednesday. The business’s 50-day moving average price is $49.00 and its 200 day moving average price is $57.43. The stock has a market capitalization of $6.36 billion, a P/E ratio of 13.15 and a beta of 0.74. Commerce Bancshares, Inc. has a 1-year low of $45.55 and a 1-year high of $72.60. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.56.

Commerce Bancshares (NASDAQ:CBSH – Get Free Report) last issued its quarterly earnings results on Tuesday, April 18th. The financial services provider reported $0.95 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.03. The firm had revenue of $389.20 million for the quarter, compared to analysts’ expectations of $389.46 million. Commerce Bancshares had a return on equity of 19.18% and a net margin of 29.71%. Commerce Bancshares’s revenue was up 14.3% on a year-over-year basis. During the same quarter last year, the business posted $0.92 EPS. Analysts expect that Commerce Bancshares, Inc. will post 3.65 earnings per share for the current year.

Commerce Bancshares Company Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Commerce Bancshares (NASDAQ:CBSH)

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