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

California Public Employees Retirement System trimmed its holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 0.5% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 227,108 shares of the financial services provider’s stock after selling 1,235 shares during the period. California Public Employees Retirement System’s holdings in Commerce Bancshares were worth $12,130,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Cooke & Bieler LP grew its stake in Commerce Bancshares by 32.4% in the fourth quarter. Cooke & Bieler LP now owns 972,255 shares of the financial services provider’s stock worth $51,928,000 after purchasing an additional 237,703 shares in the last quarter. Walleye Capital LLC grew its stake in Commerce Bancshares by 147.7% in the third quarter. Walleye Capital LLC now owns 296,634 shares of the financial services provider’s stock worth $14,232,000 after purchasing an additional 176,897 shares in the last quarter. Schroder Investment Management Group grew its stake in Commerce Bancshares by 12.4% in the third quarter. Schroder Investment Management Group now owns 618,515 shares of the financial services provider’s stock worth $29,676,000 after purchasing an additional 68,256 shares in the last quarter. Boston Trust Walden Corp grew its stake in Commerce Bancshares by 6.7% in the fourth quarter. Boston Trust Walden Corp now owns 1,094,108 shares of the financial services provider’s stock worth $58,436,000 after purchasing an additional 68,245 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake in Commerce Bancshares by 382.5% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 53,192 shares of the financial services provider’s stock worth $2,552,000 after purchasing an additional 42,167 shares in the last quarter. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CBSH has been the topic of several research analyst reports. Piper Sandler increased their price objective on Commerce Bancshares from $53.00 to $54.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 17th. StockNews.com raised Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Wednesday, April 17th. Keefe, Bruyette & Woods increased their target price on Commerce Bancshares from $56.00 to $58.00 and gave the company a “market perform” rating in a research report on Wednesday, April 17th. Raymond James raised Commerce Bancshares from a “market perform” rating to an “outperform” rating and set a $61.00 target price on the stock in a research report on Wednesday, April 17th. Finally, Morgan Stanley increased their target price on Commerce Bancshares from $46.00 to $55.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 7th. Six investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $55.00.

Commerce Bancshares Trading Up 2.0 %

Shares of NASDAQ CBSH opened at $55.76 on Thursday. The stock has a market capitalization of $7.24 billion, a PE ratio of 15.53 and a beta of 0.79. Commerce Bancshares, Inc. has a 12-month low of $40.91 and a 12-month high of $56.75. The stock’s fifty day simple moving average is $52.61 and its two-hundred day simple moving average is $51.41.

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

Commerce Bancshares Announces Dividend

The firm 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 $0.27 dividend. The ex-dividend date of this dividend is Wednesday, June 5th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.94%. Commerce Bancshares’s payout ratio is 30.08%.

Insider Transactions at Commerce Bancshares

In related news, EVP Robert S. Holmes sold 5,000 shares of the firm’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $52.66, for a total value of $263,300.00. Following the completion of the transaction, the executive vice president now owns 50,293 shares in the company, valued at approximately $2,648,429.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director David W. Kemper sold 2,870 shares of the firm’s stock in a transaction 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 completion of the transaction, the director now owns 1,181,994 shares in the company, valued at approximately $60,057,115.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Robert S. Holmes sold 5,000 shares of the firm’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $52.66, for a total value of $263,300.00. Following the completion of the transaction, the executive vice president now owns 50,293 shares of the company’s stock, valued at approximately $2,648,429.38. The disclosure for this sale can be found here. Insiders sold 9,876 shares of company stock valued at $510,441 in the last quarter. 3.20% of the stock is currently owned by corporate insiders.

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.