Retirement Systems of Alabama Reduces Holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Retirement Systems of Alabama cut its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 0.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 148,585 shares of the financial services provider’s stock after selling 391 shares during the quarter. Retirement Systems of Alabama owned 0.11% of Commerce Bancshares worth $9,246,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of CBSH. Kapitalo Investimentos Ltda purchased a new stake in Commerce Bancshares during the 4th quarter valued at about $26,000. CoreFirst Bank & Trust purchased a new stake in Commerce Bancshares in the 4th quarter worth approximately $33,000. Nomura Asset Management Co. Ltd. lifted its holdings in Commerce Bancshares by 46.9% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 839 shares of the financial services provider’s stock worth $52,000 after buying an additional 268 shares during the period. Transce3nd LLC purchased a new stake in Commerce Bancshares in the 4th quarter worth approximately $68,000. Finally, Harvest Fund Management Co. Ltd purchased a new stake in Commerce Bancshares in the 4th quarter worth approximately $113,000. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Commerce Bancshares

In related news, Director June Mcallister Fowler sold 1,618 shares of the firm’s stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $60.72, for a total transaction of $98,244.96. Following the completion of the transaction, the director now owns 3,175 shares of the company’s stock, valued at $192,786. This trade represents a 33.76% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.10% of the stock is owned by corporate insiders.

Commerce Bancshares Stock Up 1.0%

Shares of NASDAQ:CBSH opened at $61.36 on Tuesday. Commerce Bancshares, Inc. has a 52-week low of $50.90 and a 52-week high of $72.75. The firm has a market capitalization of $8.19 billion, a P/E ratio of 14.86, a P/E/G ratio of 4.02 and a beta of 0.60. The stock has a 50 day moving average price of $62.29 and a 200-day moving average price of $62.98. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.76 and a current ratio of 0.76.

Commerce Bancshares (NASDAQ:CBSH) last announced its earnings results on Wednesday, April 16th. The financial services provider reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.05. Commerce Bancshares had a return on equity of 16.23% and a net margin of 25.95%. The firm had revenue of $428.05 million during the quarter, compared to analyst estimates of $417.85 million. As a group, equities research analysts anticipate that Commerce Bancshares, Inc. will post 3.94 EPS for the current fiscal year.

Commerce Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 24th. Investors of record on Friday, June 6th will be given a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 1.79%. The ex-dividend date of this dividend is Friday, June 6th. Commerce Bancshares’s dividend payout ratio (DPR) is presently 26.63%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Piper Sandler increased their price objective on Commerce Bancshares from $65.00 to $66.00 and gave the stock a “neutral” rating in a report on Thursday, April 17th. Wall Street Zen cut Commerce Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, May 21st. Wells Fargo & Company dropped their price objective on Commerce Bancshares from $70.00 to $60.00 and set an “equal weight” rating for the company in a report on Wednesday, April 9th. Morgan Stanley increased their price objective on Commerce Bancshares from $58.00 to $61.00 and gave the stock an “equal weight” rating in a report on Tuesday, June 17th. Finally, Keefe, Bruyette & Woods decreased their target price on Commerce Bancshares from $74.00 to $70.00 and set a “market perform” rating for the company in a research report on Thursday, April 17th. One research analyst has rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $63.80.

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.