Teacher Retirement System of Texas Has $3.75 Million Stock Position in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Teacher Retirement System of Texas increased its holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 20.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 60,180 shares of the financial services provider's stock after purchasing an additional 10,064 shares during the period. Teacher Retirement System of Texas' holdings in Commerce Bancshares were worth $3,750,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. Boston Trust Walden Corp boosted its holdings in shares of Commerce Bancshares by 17.6% during the 4th quarter. Boston Trust Walden Corp now owns 1,468,854 shares of the financial services provider's stock worth $91,524,000 after buying an additional 219,826 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Commerce Bancshares in the fourth quarter valued at about $10,387,000. Geode Capital Management LLC grew its position in shares of Commerce Bancshares by 7.3% in the third quarter. Geode Capital Management LLC now owns 2,396,740 shares of the financial services provider's stock valued at $142,951,000 after purchasing an additional 163,782 shares during the last quarter. Fisher Asset Management LLC increased its stake in shares of Commerce Bancshares by 3,635.0% in the fourth quarter. Fisher Asset Management LLC now owns 153,171 shares of the financial services provider's stock worth $9,544,000 after purchasing an additional 149,070 shares during the period. Finally, NFJ Investment Group LLC boosted its stake in Commerce Bancshares by 17.7% during the 3rd quarter. NFJ Investment Group LLC now owns 707,168 shares of the financial services provider's stock valued at $42,006,000 after purchasing an additional 106,316 shares during the period. Institutional investors and hedge funds own 70.26% of the company's stock.

Insiders Place Their Bets

In other news, CEO John W. Kemper sold 26,042 shares of the stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $67.28, for a total transaction of $1,752,105.76. Following the sale, the chief executive officer now owns 211,929 shares in the company, valued at approximately $14,258,583.12. This represents a 10.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP David L. Orf sold 1,036 shares of Commerce Bancshares stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $68.24, for a total value of $70,696.64. Following the completion of the transaction, the vice president now directly owns 22,175 shares of the company's stock, valued at $1,513,222. This represents a 4.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 78,434 shares of company stock valued at $5,248,272. 3.20% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

CBSH has been the subject of several research reports. Raymond James cut Commerce Bancshares from an "outperform" rating to a "market perform" rating in a research report on Thursday, December 19th. Wells Fargo & Company increased their price target on shares of Commerce Bancshares from $67.00 to $70.00 and gave the company an "equal weight" rating in a report on Wednesday, January 29th. StockNews.com upgraded shares of Commerce Bancshares from a "sell" rating to a "hold" rating in a report on Monday, January 13th. Piper Sandler increased their target price on shares of Commerce Bancshares from $69.00 to $72.00 and gave the company a "neutral" rating in a research note on Thursday, January 23rd. Finally, Keefe, Bruyette & Woods boosted their price target on Commerce Bancshares from $66.00 to $78.00 and gave the company a "market perform" rating in a research note on Wednesday, December 4th. One research analyst has rated the stock with a sell rating and six have assigned a hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $68.17.

Commerce Bancshares Stock Performance

Shares of CBSH stock traded down $0.65 during trading hours on Friday, hitting $61.62. The company had a trading volume of 412,403 shares, compared to its average volume of 576,838. Commerce Bancshares, Inc. has a 12 month low of $48.49 and a 12 month high of $72.75. The firm's fifty day moving average is $64.37 and its 200 day moving average is $64.41. The firm has a market capitalization of $8.26 billion, a price-to-earnings ratio of 15.37, a PEG ratio of 2.13 and a beta of 0.78.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last announced its quarterly earnings results on Wednesday, January 22nd. The financial services provider reported $1.01 earnings per share for the quarter, beating analysts' consensus estimates of $0.95 by $0.06. The firm had revenue of $422.10 million for the quarter, compared to analysts' expectations of $417.48 million. Commerce Bancshares had a return on equity of 16.31% and a net margin of 25.24%. The business's revenue was up 7.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.84 earnings per share. On average, sell-side analysts expect that Commerce Bancshares, Inc. will post 3.94 EPS for the current fiscal year.

Commerce Bancshares Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 25th. Shareholders of record on Friday, March 7th were given a $0.275 dividend. The ex-dividend date of this dividend was Friday, March 7th. This is a positive change from Commerce Bancshares's previous quarterly dividend of $0.27. This represents a $1.10 dividend on an annualized basis and a yield of 1.79%. Commerce Bancshares's payout ratio is 27.43%.

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.