State of Michigan Retirement System Acquires 1,093 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

State of Michigan Retirement System raised its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 3.9% during the fourth quarter, Holdings Channel reports. The firm owned 28,974 shares of the financial services provider’s stock after buying an additional 1,093 shares during the period. State of Michigan Retirement System’s holdings in Commerce Bancshares were worth $1,805,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of CBSH. Farther Finance Advisors LLC boosted its stake in Commerce Bancshares by 48.2% in the 3rd quarter. Farther Finance Advisors LLC now owns 882 shares of the financial services provider’s stock valued at $52,000 after buying an additional 287 shares in the last quarter. Robeco Institutional Asset Management B.V. bought a new position in shares of Commerce Bancshares during the third quarter valued at $3,967,000. Capital Performance Advisors LLP acquired a new stake in shares of Commerce Bancshares in the 3rd quarter valued at $39,000. Atria Investments Inc grew its holdings in shares of Commerce Bancshares by 9.3% in the 3rd quarter. Atria Investments Inc now owns 24,455 shares of the financial services provider’s stock worth $1,453,000 after purchasing an additional 2,071 shares during the last quarter. Finally, Los Angeles Capital Management LLC increased its position in shares of Commerce Bancshares by 7,407.2% during the 3rd quarter. Los Angeles Capital Management LLC now owns 362,900 shares of the financial services provider’s stock worth $21,556,000 after purchasing an additional 358,066 shares in the last quarter. 70.26% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, VP David L. Orf sold 1,036 shares of the company’s stock in a transaction that occurred on 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 owns 22,175 shares in the company, valued at $1,513,222. This represents a 4.46 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Charles G. Kim sold 13,493 shares of the firm’s stock in a transaction on Friday, February 7th. The stock was sold at an average price of $67.76, for a total transaction of $914,285.68. Following the sale, the chief financial officer now owns 86,246 shares in the company, valued at approximately $5,844,028.96. The trade was a 13.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 81,516 shares of company stock worth $5,457,086 over the last ninety days. 3.20% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

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

Commerce Bancshares Trading Up 0.4 %

Shares of CBSH opened at $62.22 on Friday. The stock has a market cap of $8.33 billion, a P/E ratio of 15.52, a price-to-earnings-growth ratio of 2.13 and a beta of 0.78. The stock’s 50-day moving average price is $64.72 and its two-hundred day moving average price is $64.58. Commerce Bancshares, Inc. has a 1 year low of $47.89 and a 1 year high of $72.75.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings data on Wednesday, January 22nd. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.06. The firm had revenue of $422.10 million during the quarter, compared to analysts’ expectations of $417.48 million. Commerce Bancshares had a net margin of 25.24% and a return on equity of 16.31%. The business’s revenue for the quarter was up 7.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.84 earnings per share. As a group, equities analysts forecast that Commerce Bancshares, Inc. will post 3.94 EPS for the current year.

Commerce Bancshares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Friday, March 7th will be paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 1.77%. This is a boost from Commerce Bancshares’s previous quarterly dividend of $0.27. The ex-dividend date is Friday, March 7th. Commerce Bancshares’s payout ratio is presently 27.43%.

Commerce Bancshares Company 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.