Employees Retirement System of Texas Invests $65,000 in Commerce Bancshares, Inc. $CBSH

Employees Retirement System of Texas purchased a new position in Commerce Bancshares, Inc. (NASDAQ:CBSH) during the 2nd quarter, Holdings Channel.com reports. The firm purchased 1,051 shares of the financial services provider’s stock, valued at approximately $65,000.

Other large investors have also added to or reduced their stakes in the company. Cetera Investment Advisers grew its stake in shares of Commerce Bancshares by 29.9% in the first quarter. Cetera Investment Advisers now owns 74,660 shares of the financial services provider’s stock worth $4,646,000 after acquiring an additional 17,167 shares during the last quarter. HB Wealth Management LLC grew its position in Commerce Bancshares by 17.4% during the 1st quarter. HB Wealth Management LLC now owns 3,882 shares of the financial services provider’s stock valued at $242,000 after purchasing an additional 575 shares during the last quarter. LPL Financial LLC increased its stake in Commerce Bancshares by 41.7% during the 1st quarter. LPL Financial LLC now owns 108,513 shares of the financial services provider’s stock valued at $6,753,000 after purchasing an additional 31,916 shares in the last quarter. XTX Topco Ltd increased its stake in Commerce Bancshares by 200.1% during the 1st quarter. XTX Topco Ltd now owns 13,938 shares of the financial services provider’s stock valued at $867,000 after purchasing an additional 9,293 shares in the last quarter. Finally, Bayforest Capital Ltd lifted its stake in shares of Commerce Bancshares by 203.0% in the first quarter. Bayforest Capital Ltd now owns 3,381 shares of the financial services provider’s stock worth $210,000 after buying an additional 2,265 shares in the last quarter. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on CBSH shares. Zacks Research downgraded shares of Commerce Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 27th. Piper Sandler cut their target price on Commerce Bancshares from $70.00 to $63.00 and set a “neutral” rating on the stock in a research note on Friday, October 17th. Wall Street Zen cut Commerce Bancshares from a “hold” rating to a “sell” rating in a research note on Saturday, October 18th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Commerce Bancshares in a report on Tuesday. Finally, Wells Fargo & Company reduced their price objective on Commerce Bancshares from $65.00 to $60.00 and set an “equal weight” rating for the company in a report on Tuesday, October 21st. One equities research analyst has rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Commerce Bancshares has an average rating of “Hold” and an average target price of $65.29.

Commerce Bancshares Price Performance

CBSH stock opened at $53.91 on Friday. The company has a market cap of $7.14 billion, a P/E ratio of 12.87, a price-to-earnings-growth ratio of 4.71 and a beta of 0.62. Commerce Bancshares, Inc. has a 1 year low of $51.12 and a 1 year high of $70.86. The stock’s fifty day moving average price is $55.29 and its 200-day moving average price is $59.89.

Commerce Bancshares’s stock is set to split on Tuesday, December 2nd. The 1.05-1 split was recently announced. The newly issued shares will be issued to shareholders after the market closes on Monday, December 1st.

Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings data on Thursday, October 16th. The financial services provider reported $1.06 EPS for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.03). The firm had revenue of $448.85 million for the quarter, compared to analysts’ expectations of $447.04 million. Commerce Bancshares had a net margin of 26.48% and a return on equity of 15.73%. The firm’s revenue was up 4.7% compared to the same quarter last year. During the same quarter last year, the company posted $1.07 EPS. As a group, analysts expect that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current year.

Commerce Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Tuesday, December 2nd will be issued a $0.275 dividend. The ex-dividend date of this dividend is Tuesday, December 2nd. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.0%. Commerce Bancshares’s dividend payout ratio (DPR) is presently 26.25%.

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.