Commerce Bancshares, Inc. (NASDAQ:CBSH) Shares Sold by Teachers Retirement System of The State of Kentucky

Teachers Retirement System of The State of Kentucky cut its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 2.6% during the third quarter, HoldingsChannel.com reports. The firm owned 37,983 shares of the financial services provider’s stock after selling 1,030 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Commerce Bancshares were worth $2,256,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the stock. Los Angeles Capital Management LLC grew its position in Commerce Bancshares by 7,407.2% during the third quarter. Los Angeles Capital Management LLC now owns 362,900 shares of the financial services provider’s stock worth $21,556,000 after buying an additional 358,066 shares during the period. Dimensional Fund Advisors LP grew its holdings in Commerce Bancshares by 19.8% in the second quarter. Dimensional Fund Advisors LP now owns 2,069,924 shares of the financial services provider’s stock valued at $115,453,000 after purchasing an additional 342,793 shares during the last quarter. American Century Companies Inc. increased its position in shares of Commerce Bancshares by 7.4% in the second quarter. American Century Companies Inc. now owns 3,509,796 shares of the financial services provider’s stock valued at $195,776,000 after buying an additional 240,938 shares in the last quarter. Millennium Management LLC raised its stake in shares of Commerce Bancshares by 168.3% during the 2nd quarter. Millennium Management LLC now owns 342,084 shares of the financial services provider’s stock worth $19,081,000 after buying an additional 214,582 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Commerce Bancshares by 7.3% during the 3rd quarter. Geode Capital Management LLC now owns 2,396,740 shares of the financial services provider’s stock worth $142,951,000 after buying an additional 163,782 shares during the last quarter. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on CBSH shares. Piper Sandler set a $68.50 target price on shares of Commerce Bancshares and gave the company a “neutral” rating in a report on Friday, October 18th. Wells Fargo & Company raised their price objective on shares of Commerce Bancshares from $62.00 to $67.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 3rd. StockNews.com raised Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Keefe, Bruyette & Woods raised their price target on Commerce Bancshares from $66.00 to $78.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Finally, Morgan Stanley downgraded Commerce Bancshares from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $66.00 to $64.00 in a research report on Monday, September 30th. Seven analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, Commerce Bancshares presently has an average rating of “Hold” and an average target price of $65.07.

Commerce Bancshares Stock Performance

CBSH stock opened at $67.53 on Monday. Commerce Bancshares, Inc. has a one year low of $47.09 and a one year high of $72.75. The stock has a market capitalization of $8.66 billion, a P/E ratio of 17.59, a PEG ratio of 2.92 and a beta of 0.77. The company has a 50 day moving average price of $66.60 and a two-hundred day moving average price of $61.89.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings data on Thursday, October 17th. The financial services provider reported $1.07 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.07. Commerce Bancshares had a return on equity of 15.93% and a net margin of 24.15%. The business had revenue of $421.38 million during the quarter, compared to the consensus estimate of $412.85 million. Research analysts forecast that Commerce Bancshares, Inc. will post 3.95 earnings per share for the current fiscal year.

Commerce Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 17th. Stockholders of record on Tuesday, December 3rd will be paid a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.60%. The ex-dividend date of this dividend is Tuesday, December 3rd. Commerce Bancshares’s dividend payout ratio is currently 28.13%.

Insider Transactions at Commerce Bancshares

In other news, SVP Patricia R. Kellerhals sold 500 shares of the company’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $68.55, for a total transaction of $34,275.00. Following the completion of the sale, the senior vice president now directly owns 22,265 shares in the company, valued at $1,526,265.75. This represents a 2.20 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Chairman David W. Kemper sold 30,000 shares of Commerce Bancshares stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $61.78, for a total value of $1,853,400.00. Following the completion of the transaction, the chairman now owns 1,151,994 shares in the company, valued at $71,170,189.32. The trade was a 2.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 36,816 shares of company stock worth $2,330,126 in the last three months. Company insiders own 3.20% of the company’s stock.

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.