Alberta Investment Management Corp Sells 13,221 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

Key Points

• Alberta Investment Management Corp reduced its stake in Commerce Bancshares, Inc. by 28.6%, selling 13,221 shares, leaving it with 32,987 shares valued at approximately $2.05 million.
• Commerce Bancshares reported earnings of $1.14 per share for the last quarter, exceeding analysts' expectations, with a revenue of $445.76 million, up 7.6% year-over-year.
• The company declared a quarterly dividend of $0.275 per share, with a dividend yield of 1.8%, scheduled to be paid on September 23rd.

Alberta Investment Management Corp trimmed its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 28.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 32,987 shares of the financial services provider's stock after selling 13,221 shares during the period. Alberta Investment Management Corp's holdings in Commerce Bancshares were worth $2,053,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of CBSH. Allspring Global Investments Holdings LLC bought a new position in Commerce Bancshares in the first quarter worth about $1,855,000. Integrated Wealth Concepts LLC bought a new position in Commerce Bancshares in the fourth quarter worth about $842,000. GAMMA Investing LLC raised its stake in Commerce Bancshares by 64.9% in the first quarter. GAMMA Investing LLC now owns 1,878 shares of the financial services provider's stock worth $117,000 after buying an additional 739 shares in the last quarter. Novem Group raised its stake in Commerce Bancshares by 35.3% in the first quarter. Novem Group now owns 16,663 shares of the financial services provider's stock worth $1,037,000 after buying an additional 4,344 shares in the last quarter. Finally, Advisor Resource Council bought a new position in Commerce Bancshares in the first quarter worth about $316,000. 70.26% of the stock is owned by institutional investors.

Commerce Bancshares Stock Performance

Shares of NASDAQ CBSH opened at $59.92 on Monday. Commerce Bancshares, Inc. has a fifty-two week low of $52.69 and a fifty-two week high of $72.75. The company has a 50 day simple moving average of $62.83 and a two-hundred day simple moving average of $62.83. The company has a market capitalization of $8.00 billion, a price-to-earnings ratio of 14.27, a P/E/G ratio of 2.76 and a beta of 0.61.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last announced its earnings results on Wednesday, July 16th. The financial services provider reported $1.14 earnings per share for the quarter, beating analysts' consensus estimates of $1.02 by $0.12. Commerce Bancshares had a net margin of 26.37% and a return on equity of 16.01%. The business had revenue of $445.76 million during the quarter, compared to the consensus estimate of $434.11 million. During the same quarter last year, the firm earned $1.02 earnings per share. The business's revenue for the quarter was up 7.6% on a year-over-year basis. On average, analysts forecast that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current fiscal year.

Commerce Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 23rd. Stockholders of record on Friday, September 5th will be issued a dividend of $0.275 per share. The ex-dividend date is Friday, September 5th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.8%. Commerce Bancshares's dividend payout ratio is presently 26.19%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on CBSH shares. Wall Street Zen downgraded shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Wells Fargo & Company increased their price target on shares of Commerce Bancshares from $62.00 to $69.00 and gave the stock an "equal weight" rating in a research note on Monday, July 21st. Piper Sandler increased their price target on shares of Commerce Bancshares from $66.50 to $70.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Morgan Stanley increased their price target on shares of Commerce Bancshares from $58.00 to $61.00 and gave the stock an "equal weight" rating in a research note on Tuesday, June 17th. Finally, Bank of America increased their price target on shares of Commerce Bancshares from $69.00 to $71.00 and gave the stock a "neutral" rating in a research note on Tuesday, June 24th. One investment analyst has rated the stock with a sell rating and six have assigned a hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $68.20.

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.

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