New York State Common Retirement Fund decreased its holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH – Get Rating) by 0.7% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 220,292 shares of the financial services provider's stock after selling 1,592 shares during the quarter. New York State Common Retirement Fund owned 0.18% of Commerce Bancshares worth $15,771,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also bought and sold shares of CBSH. National Bank of Canada FI bought a new position in Commerce Bancshares in the fourth quarter valued at about $29,000. Allspring Global Investments Holdings LLC bought a new position in shares of Commerce Bancshares in the 4th quarter worth approximately $41,000. Signaturefd LLC boosted its holdings in shares of Commerce Bancshares by 36.0% in the first quarter. Signaturefd LLC now owns 672 shares of the financial services provider's stock worth $48,000 after buying an additional 178 shares during the last quarter. Point72 Hong Kong Ltd grew its position in Commerce Bancshares by 274.0% during the fourth quarter. Point72 Hong Kong Ltd now owns 819 shares of the financial services provider's stock valued at $56,000 after buying an additional 600 shares during the period. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in Commerce Bancshares by 19.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 1,125 shares of the financial services provider's stock valued at $78,000 after buying an additional 180 shares during the last quarter. Institutional investors own 67.85% of the company's stock.
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Insider Buying and Selling at Commerce Bancshares
In other news, EVP Robert S. Holmes sold 2,000 shares of the business's stock in a transaction on Thursday, August 4th. The shares were sold at an average price of $70.45, for a total value of $140,900.00. Following the transaction, the executive vice president now owns 43,058 shares of the company's stock, valued at $3,033,436.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, EVP Robert S. Holmes sold 2,000 shares of the stock in a transaction that occurred on Thursday, August 4th. The stock was sold at an average price of $70.45, for a total transaction of $140,900.00. Following the completion of the transaction, the executive vice president now directly owns 43,058 shares of the company's stock, valued at $3,033,436.10. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Blackford F. Brauer acquired 5,000 shares of Commerce Bancshares stock in a transaction on Wednesday, July 27th. The stock was purchased at an average cost of $68.87 per share, for a total transaction of $344,350.00. Following the purchase, the director now owns 16,027 shares in the company, valued at $1,103,779.49. The disclosure for this purchase can be found here. Insiders purchased a total of 15,000 shares of company stock valued at $1,015,150 in the last three months. 3.20% of the stock is currently owned by corporate insiders.
Commerce Bancshares Price Performance
Shares of CBSH stock opened at $71.25 on Friday. Commerce Bancshares, Inc. has a one year low of $61.81 and a one year high of $74.72. The company's fifty day moving average price is $67.18 and its 200-day moving average price is $69.07. The company has a market capitalization of $8.60 billion, a price-to-earnings ratio of 18.41 and a beta of 0.80.
Commerce Bancshares (NASDAQ:CBSH – Get Rating) last posted its quarterly earnings results on Thursday, July 21st. The financial services provider reported $0.96 EPS for the quarter, beating analysts' consensus estimates of $0.95 by $0.01. The business had revenue of $371.80 million for the quarter, compared to analysts' expectations of $362.50 million. Commerce Bancshares had a return on equity of 14.27% and a net margin of 32.88%. The business's quarterly revenue was up 7.1% on a year-over-year basis. During the same period last year, the firm earned $1.38 earnings per share. Equities research analysts expect that Commerce Bancshares, Inc. will post 4.04 earnings per share for the current fiscal year.
Commerce Bancshares Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 22nd. Shareholders of record on Wednesday, September 7th will be paid a $0.265 dividend. This represents a $1.06 annualized dividend and a yield of 1.49%. Commerce Bancshares's payout ratio is 27.39%.
Analysts Set New Price Targets
Several research analysts have recently weighed in on the stock. StockNews.com upgraded shares of Commerce Bancshares from a "sell" rating to a "hold" rating in a research note on Monday, July 18th. Jefferies Financial Group cut their price target on Commerce Bancshares from $75.00 to $71.00 in a report on Monday, July 11th. Finally, DA Davidson lifted their price objective on Commerce Bancshares to $71.00 in a research report on Monday, July 25th.
Commerce Bancshares Company Profile
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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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