California Public Employees Retirement System Cuts Stock Position in Commerce Bancshares, Inc. (NASDAQ:CBSH)

California Public Employees Retirement System lowered its holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 0.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 227,108 shares of the financial services provider’s stock after selling 1,235 shares during the period. California Public Employees Retirement System owned about 0.17% of Commerce Bancshares worth $12,130,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. AE Wealth Management LLC purchased a new position in shares of Commerce Bancshares during the 3rd quarter valued at $221,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Commerce Bancshares by 19.9% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 23,728 shares of the financial services provider’s stock valued at $1,138,000 after buying an additional 3,937 shares during the last quarter. FORVIS Wealth Advisors LLC lifted its position in shares of Commerce Bancshares by 5.5% during the 3rd quarter. FORVIS Wealth Advisors LLC now owns 12,416 shares of the financial services provider’s stock valued at $596,000 after buying an additional 650 shares during the last quarter. Advisor Partners II LLC bought a new stake in shares of Commerce Bancshares during the 3rd quarter valued at $201,000. Finally, TIAA Trust National Association bought a new stake in shares of Commerce Bancshares during the 3rd quarter valued at $230,000. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Wall Street Analyst Weigh In

CBSH has been the topic of a number of analyst reports. Piper Sandler boosted their price objective on Commerce Bancshares from $53.00 to $54.00 and gave the company a “neutral” rating in a research note on Wednesday, April 17th. Keefe, Bruyette & Woods boosted their price objective on Commerce Bancshares from $56.00 to $58.00 and gave the company a “market perform” rating in a research note on Wednesday, April 17th. Bank of America initiated coverage on Commerce Bancshares in a research note on Thursday, January 11th. They set a “neutral” rating and a $55.00 price objective on the stock. Raymond James upgraded Commerce Bancshares from a “market perform” rating to an “outperform” rating and set a $61.00 price objective on the stock in a research note on Wednesday, April 17th. Finally, StockNews.com upgraded Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Wednesday, April 17th. Six investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Commerce Bancshares presently has a consensus rating of “Hold” and a consensus target price of $55.00.

Insider Activity

In related news, Director David W. Kemper sold 2,870 shares of the firm’s stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $50.81, for a total transaction of $145,824.70. Following the transaction, the director now directly owns 1,181,994 shares in the company, valued at approximately $60,057,115.14. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, SVP David L. Roller sold 1,392 shares of the firm’s stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $50.62, for a total transaction of $70,463.04. Following the transaction, the senior vice president now directly owns 30,949 shares in the company, valued at approximately $1,566,638.38. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director David W. Kemper sold 2,870 shares of the firm’s stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $50.81, for a total value of $145,824.70. Following the transaction, the director now owns 1,181,994 shares in the company, valued at $60,057,115.14. The disclosure for this sale can be found here. In the last three months, insiders have sold 9,876 shares of company stock worth $510,441. 3.20% of the stock is currently owned by insiders.

Commerce Bancshares Stock Up 2.0 %

Shares of NASDAQ CBSH opened at $55.76 on Thursday. The firm has a market capitalization of $7.24 billion, a P/E ratio of 15.53 and a beta of 0.79. The stock’s 50-day simple moving average is $52.61 and its two-hundred day simple moving average is $51.41. Commerce Bancshares, Inc. has a twelve month low of $40.91 and a twelve month high of $56.75.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $0.86 EPS for the quarter, beating the consensus estimate of $0.80 by $0.06. The firm had revenue of $397.80 million for the quarter, compared to analyst estimates of $389.49 million. Commerce Bancshares had a return on equity of 16.78% and a net margin of 23.33%. The company’s revenue was up 2.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.90 EPS. As a group, research analysts anticipate that Commerce Bancshares, Inc. will post 3.43 EPS for the current fiscal year.

Commerce Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Stockholders of record on Wednesday, June 5th will be given a dividend of $0.27 per share. The ex-dividend date is Wednesday, June 5th. This represents a $1.08 annualized dividend and a dividend yield of 1.94%. Commerce Bancshares’s dividend payout ratio (DPR) is presently 30.08%.

Commerce Bancshares 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.