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

Retirement Systems of Alabama lifted its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 4.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 148,976 shares of the financial services provider's stock after purchasing an additional 6,466 shares during the period. Retirement Systems of Alabama owned 0.12% of Commerce Bancshares worth $9,283,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in CBSH. V Square Quantitative Management LLC bought a new position in shares of Commerce Bancshares in the third quarter valued at approximately $26,000. Allworth Financial LP boosted its position in shares of Commerce Bancshares by 51.1% in the third quarter. Allworth Financial LP now owns 568 shares of the financial services provider's stock valued at $34,000 after acquiring an additional 192 shares during the period. Capital Performance Advisors LLP bought a new position in shares of Commerce Bancshares in the third quarter valued at approximately $39,000. True Wealth Design LLC bought a new stake in Commerce Bancshares during the third quarter valued at approximately $47,000. Finally, Farther Finance Advisors LLC lifted its position in Commerce Bancshares by 48.2% during the third quarter. Farther Finance Advisors LLC now owns 882 shares of the financial services provider's stock valued at $52,000 after purchasing an additional 287 shares during the last quarter. Hedge funds and other institutional investors own 70.26% of the company's stock.

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Analyst Upgrades and Downgrades

Several brokerages have issued reports on CBSH. StockNews.com upgraded shares of Commerce Bancshares from a "sell" rating to a "hold" rating in a research report on Monday, January 13th. Piper Sandler lifted their target price on shares of Commerce Bancshares from $69.00 to $72.00 and gave the company a "neutral" rating in a research report on Thursday, January 23rd. Raymond James lowered shares of Commerce Bancshares from an "outperform" rating to a "market perform" rating in a research report on Thursday, December 19th. Keefe, Bruyette & Woods lifted their target price on shares of Commerce Bancshares from $66.00 to $78.00 and gave the company a "market perform" rating in a research report on Wednesday, December 4th. Finally, Wells Fargo & Company boosted their price objective on shares of Commerce Bancshares from $67.00 to $70.00 and gave the stock an "equal weight" rating in a report on Wednesday, January 29th. Seven analysts have rated the stock with a hold rating, According to MarketBeat.com, Commerce Bancshares has an average rating of "Hold" and an average price target of $67.83.

Commerce Bancshares Stock Performance

Shares of NASDAQ CBSH traded down $1.17 during mid-day trading on Wednesday, hitting $66.19. The stock had a trading volume of 508,216 shares, compared to its average volume of 536,951. Commerce Bancshares, Inc. has a 1 year low of $47.09 and a 1 year high of $72.75. The business has a 50 day moving average price of $65.21 and a two-hundred day moving average price of $64.23. The firm has a market cap of $8.49 billion, a P/E ratio of 16.51, a price-to-earnings-growth ratio of 2.27 and a beta of 0.80.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last issued its earnings results on Wednesday, January 22nd. The financial services provider reported $1.01 EPS for the quarter, topping the consensus estimate of $0.95 by $0.06. Commerce Bancshares had a net margin of 25.24% and a return on equity of 16.31%. The company had revenue of $422.10 million for the quarter, compared to the consensus estimate of $417.48 million. During the same period in the previous year, the firm earned $0.84 earnings per share. The firm's revenue for the quarter was up 7.3% on a year-over-year basis. Equities research analysts predict that Commerce Bancshares, Inc. will post 3.9 EPS for the current fiscal year.

Commerce Bancshares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Friday, March 7th will be given a dividend of $0.275 per share. This is an increase from Commerce Bancshares's previous quarterly dividend of $0.27. This represents a $1.10 dividend on an annualized basis and a yield of 1.66%. The ex-dividend date is Friday, March 7th. Commerce Bancshares's payout ratio is presently 27.43%.

Insider Buying and Selling at Commerce Bancshares

In other Commerce Bancshares news, CFO Charles G. Kim sold 13,493 shares of the business's stock in a transaction on Friday, February 7th. The shares were sold at an average price of $67.76, for a total transaction of $914,285.68. Following the transaction, the chief financial officer now directly owns 86,246 shares of the company's stock, valued at approximately $5,844,028.96. The trade was a 13.53 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO John W. Kemper sold 26,042 shares of the business's stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $67.28, for a total transaction of $1,752,105.76. Following the transaction, the chief executive officer now directly owns 211,929 shares in the company, valued at approximately $14,258,583.12. The trade was a 10.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 86,944 shares of company stock valued at $5,835,512. 3.20% of the stock is currently owned by company 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.