Teachers Retirement System of The State of Kentucky trimmed its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 12.5% during the third quarter, HoldingsChannel reports. The institutional investor owned 16,740 shares of the financial services provider’s stock after selling 2,400 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Commerce Bancshares were worth $1,105,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Northern Trust Corp grew its stake in Commerce Bancshares by 1.0% during the second quarter. Northern Trust Corp now owns 736,430 shares of the financial services provider’s stock worth $47,655,000 after buying an additional 7,402 shares in the last quarter. Creative Planning grew its stake in Commerce Bancshares by 0.9% during the third quarter. Creative Planning now owns 115,235 shares of the financial services provider’s stock worth $7,608,000 after buying an additional 1,010 shares in the last quarter. Royal London Asset Management Ltd. acquired a new stake in Commerce Bancshares during the second quarter worth about $2,406,000. Meyer Handelman Co. acquired a new stake in Commerce Bancshares during the third quarter worth about $1,701,000. Finally, SG Americas Securities LLC grew its stake in Commerce Bancshares by 303.5% during the second quarter. SG Americas Securities LLC now owns 44,504 shares of the financial services provider’s stock worth $2,880,000 after buying an additional 33,474 shares in the last quarter. Hedge funds and other institutional investors own 63.09% of the company’s stock.
CBSH has been the topic of a number of analyst reports. BidaskClub upgraded shares of Commerce Bancshares from a “hold” rating to a “buy” rating in a research note on Thursday, August 9th. Zacks Investment Research downgraded shares of Commerce Bancshares from a “buy” rating to a “hold” rating in a research note on Monday, September 24th. Finally, ValuEngine downgraded shares of Commerce Bancshares from a “buy” rating to a “hold” rating in a research note on Tuesday, October 2nd. Three research analysts have rated the stock with a sell rating and ten have assigned a hold rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $64.33.
CBSH opened at $63.02 on Friday. Commerce Bancshares, Inc. has a 1-year low of $54.24 and a 1-year high of $72.55. The company has a market capitalization of $6.93 billion, a PE ratio of 23.87, a P/E/G ratio of 1.95 and a beta of 0.65.
Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings results on Thursday, October 11th. The financial services provider reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.07. Commerce Bancshares had a net margin of 30.97% and a return on equity of 15.56%. The company had revenue of $331.47 million for the quarter, compared to the consensus estimate of $330.91 million. Sell-side analysts anticipate that Commerce Bancshares, Inc. will post 3.74 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 17th. Stockholders of record on Friday, November 30th will be paid a $0.235 dividend. The ex-dividend date is Thursday, November 29th. This represents a $0.94 dividend on an annualized basis and a dividend yield of 1.49%. Commerce Bancshares’s payout ratio is currently 35.61%.
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Commerce Bancshares Company Profile
Commerce Bancshares, Inc operates as the holding company for Commerce Bank that provides retail, mortgage banking, corporate, investment, trust, and asset management products and services to individuals and businesses. It operates through three segments: Consumer, Commercial, and Wealth. The Consumer segment offers various banking products and services, including consumer deposits; consumer loans, such as automobile, motorcycle, marine, tractor/trailer, recreational vehicle, fixed rate and revolving home equity, and other consumer loans; patient health care financing; real estate loans; indirect and other consumer financing; personal mortgage banking; consumer installment lending; and consumer debit and credit bank cards, as well as provides online, mobile, and telephone banking services.
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