California State Teachers Retirement System Grows Position in Commerce Bancshares, Inc. $CBSH

California State Teachers Retirement System raised its position in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 33.9% during the first quarter, HoldingsChannel.com reports. The firm owned 167,919 shares of the financial services provider’s stock after purchasing an additional 42,542 shares during the period. California State Teachers Retirement System’s holdings in Commerce Bancshares were worth $8,262,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of CBSH. Geneos Wealth Management Inc. lifted its stake in shares of Commerce Bancshares by 85.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 216 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Commerce Bancshares by 2.0% during the second quarter. Invesco Ltd. now owns 865,052 shares of the financial services provider’s stock valued at $53,780,000 after purchasing an additional 16,610 shares during the period. Cresset Asset Management LLC grew its holdings in shares of Commerce Bancshares by 3.0% in the second quarter. Cresset Asset Management LLC now owns 10,151 shares of the financial services provider’s stock worth $631,000 after purchasing an additional 300 shares during the last quarter. Jump Financial LLC bought a new stake in Commerce Bancshares during the 2nd quarter valued at about $376,000. Finally, California Public Employees Retirement System increased its position in shares of Commerce Bancshares by 4.8% during the second quarter. California Public Employees Retirement System now owns 208,148 shares of the financial services provider’s stock worth $12,941,000 after acquiring an additional 9,483 shares during the period. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Commerce Bancshares Trading Up 0.4%

NASDAQ CBSH opened at $59.93 on Wednesday. The company has a market capitalization of $8.74 billion, a PE ratio of 14.51, a P/E/G ratio of 2.14 and a beta of 0.59. The company has a fifty day moving average of $56.66 and a 200 day moving average of $53.31. Commerce Bancshares, Inc. has a 1 year low of $46.99 and a 1 year high of $60.92. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.82 and a quick ratio of 0.82.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings results on Thursday, July 16th. The financial services provider reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.06. Commerce Bancshares had a return on equity of 14.31% and a net margin of 26.07%.The company had revenue of $498.91 million during the quarter, compared to analysts’ expectations of $492.22 million. During the same period last year, the business earned $1.14 earnings per share. Research analysts forecast that Commerce Bancshares, Inc. will post 4.22 earnings per share for the current year.

Commerce Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 22nd. Stockholders of record on Friday, September 4th will be given a dividend of $0.275 per share. The ex-dividend date is Friday, September 4th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.8%. Commerce Bancshares’s dividend payout ratio (DPR) is 26.63%.

Insiders Place Their Bets

In other news, CEO John W. Kemper sold 5,830 shares of Commerce Bancshares stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $60.58, for a total value of $353,181.40. Following the sale, the chief executive officer owned 206,528 shares in the company, valued at $12,511,466.24. This trade represents a 2.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Charles G. Kim sold 19,771 shares of the business’s stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $59.18, for a total transaction of $1,170,047.78. Following the sale, the chief financial officer directly owned 119,410 shares of the company’s stock, valued at $7,066,683.80. This represents a 14.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 31,842 shares of company stock worth $1,897,310. Corporate insiders own 1.80% of the company’s stock.

Wall Street Analyst Weigh In

CBSH has been the topic of several research reports. Wall Street Zen upgraded Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Tuesday, July 28th. TD Cowen reissued a “hold” rating and set a $63.00 target price (up from $62.00) on shares of Commerce Bancshares in a research report on Friday, July 17th. Piper Sandler reaffirmed a “neutral” rating and issued a $66.00 price target (up from $59.00) on shares of Commerce Bancshares in a research report on Friday, July 17th. Weiss Ratings raised shares of Commerce Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, July 21st. Finally, Wells Fargo & Company upped their target price on Commerce Bancshares from $53.00 to $57.00 and gave the stock an “equal weight” rating in a report on Monday, July 6th. Three research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, Commerce Bancshares currently has a consensus rating of “Hold” and an average price target of $62.43.

Commerce Bancshares Company Profile

Commerce Bancshares, Inc is a bank holding company primarily engaged in providing a broad range of banking and financial services across the Midwest. Through its principal subsidiary, Commerce Bank, the company offers commercial and consumer banking, treasury management, trust and wealth advisory, and mortgage lending. Its diversified product suite includes deposit and loan products, cash management solutions, capital markets services, and private banking designed to meet the needs of individuals, small businesses, and large corporations.

The company’s commercial banking group delivers tailored credit facilities, equipment and inventory financing, asset-based lending, and merchant services.