Commerce Bancshares, Inc. (NASDAQ:CBSH) Shares Acquired by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund lifted its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 5.0% during the fourth quarter, Holdings Channel.com reports. The fund owned 13,054 shares of the financial services provider’s stock after purchasing an additional 622 shares during the period. Illinois Municipal Retirement Fund’s holdings in Commerce Bancshares were worth $697,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in CBSH. BKM Wealth Management LLC acquired a new position in shares of Commerce Bancshares during the fourth quarter valued at approximately $29,000. Creative Financial Designs Inc. ADV bought a new stake in Commerce Bancshares during the fourth quarter worth approximately $35,000. Adirondack Trust Co. bought a new stake in Commerce Bancshares during the third quarter worth approximately $44,000. Exchange Traded Concepts LLC bought a new stake in Commerce Bancshares during the fourth quarter worth approximately $55,000. Finally, Signaturefd LLC boosted its holdings in Commerce Bancshares by 14.4% during the fourth quarter. Signaturefd LLC now owns 1,694 shares of the financial services provider’s stock worth $90,000 after buying an additional 213 shares in the last quarter. Institutional investors and hedge funds own 70.26% of the company’s stock.

Commerce Bancshares Price Performance

Shares of CBSH opened at $54.79 on Tuesday. The company has a market capitalization of $7.12 billion, a PE ratio of 15.28 and a beta of 0.79. Commerce Bancshares, Inc. has a one year low of $40.91 and a one year high of $56.75. The company’s fifty day moving average price is $52.55 and its 200 day moving average price is $51.35.

Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.06. The company had revenue of $397.80 million for the quarter, compared to analyst estimates of $389.49 million. Commerce Bancshares had a net margin of 23.33% and a return on equity of 16.78%. The business’s quarterly revenue was up 2.2% on a year-over-year basis. During the same period last year, the business posted $0.90 EPS. Analysts anticipate that Commerce Bancshares, Inc. will post 3.43 earnings per share for the current year.

Commerce Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Wednesday, June 5th will be given a $0.27 dividend. The ex-dividend date is Wednesday, June 5th. This represents a $1.08 annualized dividend and a yield of 1.97%. Commerce Bancshares’s dividend payout ratio is 30.12%.

Insiders Place Their Bets

In other Commerce Bancshares news, EVP Robert S. Holmes sold 5,000 shares of the firm’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $52.66, for a total value of $263,300.00. Following the sale, the executive vice president now directly owns 50,293 shares in the company, valued at approximately $2,648,429.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Robert S. Holmes sold 5,000 shares of Commerce Bancshares stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $52.66, for a total transaction of $263,300.00. Following the sale, the executive vice president now directly owns 50,293 shares in the company, valued at approximately $2,648,429.38. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director David W. Kemper sold 2,870 shares of Commerce Bancshares stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $50.81, for a total transaction of $145,824.70. Following the sale, 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. Insiders have sold 9,876 shares of company stock worth $510,441 in the last ninety days. Insiders own 3.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CBSH. Raymond James upgraded shares of Commerce Bancshares from a “market perform” rating to an “outperform” rating and set a $61.00 target price for the company in a report on Wednesday, April 17th. Keefe, Bruyette & Woods increased their target price on shares of Commerce Bancshares from $56.00 to $58.00 and gave the stock a “market perform” rating in a research report on Wednesday, April 17th. Piper Sandler increased their target price on shares of Commerce Bancshares from $53.00 to $54.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 17th. StockNews.com upgraded shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Wednesday, April 17th. Finally, Bank of America assumed coverage on shares of Commerce Bancshares in a research report on Thursday, January 11th. They issued a “neutral” rating and a $55.00 target price for the company. Six analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, Commerce Bancshares currently has a consensus rating of “Hold” and an average target price of $55.00.

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.