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

Teachers Retirement System of The State of Kentucky lessened its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 2.6% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor 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 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of CBSH. Centiva Capital LP acquired a new position in shares of Commerce Bancshares during the third quarter worth $581,000. Wealth Enhancement Advisory Services LLC purchased a new stake in Commerce Bancshares during the 2nd quarter worth about $436,000. Dark Forest Capital Management LP purchased a new stake in Commerce Bancshares during the 2nd quarter worth about $522,000. &PARTNERS acquired a new position in shares of Commerce Bancshares during the 2nd quarter worth about $396,000. Finally, Edgestream Partners L.P. purchased a new position in shares of Commerce Bancshares in the 2nd quarter valued at about $489,000. 70.26% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Chairman David W. Kemper sold 30,000 shares of the stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $61.78, for a total transaction of $1,853,400.00. Following the completion of the sale, the chairman now directly owns 1,151,994 shares of the company’s stock, valued at $71,170,189.32. This trade represents a 2.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP David L. Roller sold 890 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $72.27, for a total transaction of $64,320.30. Following the completion of the transaction, the senior vice president now directly owns 30,949 shares in the company, valued at $2,236,684.23. This represents a 2.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 36,816 shares of company stock valued at $2,330,126. 3.20% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

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

Commerce Bancshares Price Performance

Shares of Commerce Bancshares stock opened at $67.53 on Monday. The firm’s fifty day simple moving average is $66.60 and its 200-day simple moving average is $61.89. Commerce Bancshares, Inc. has a 12 month low of $47.09 and a 12 month high of $72.75. The stock has a market capitalization of $8.66 billion, a price-to-earnings ratio of 17.59, a PEG ratio of 2.92 and a beta of 0.77.

Commerce Bancshares (NASDAQ:CBSH) last posted 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 net margin of 24.15% and a return on equity of 15.93%. The company had revenue of $421.38 million for the quarter, compared to analyst estimates of $412.85 million. Analysts anticipate that Commerce Bancshares, Inc. will post 3.95 earnings per share for the current year.

Commerce Bancshares Dividend Announcement

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

Commerce Bancshares Company Profile

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.