Alberta Investment Management Corp Has $2.05 Million Stock Position in 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 reduced its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 28.6% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm 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 filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the stock. Natixis Advisors LLC grew its stake in shares of Commerce Bancshares by 18.5% during the 1st quarter. Natixis Advisors LLC now owns 22,410 shares of the financial services provider's stock worth $1,395,000 after acquiring an additional 3,492 shares in the last quarter. Bayforest Capital Ltd grew its stake in shares of Commerce Bancshares by 203.0% during the 1st quarter. Bayforest Capital Ltd now owns 3,381 shares of the financial services provider's stock worth $210,000 after acquiring an additional 2,265 shares in the last quarter. XTX Topco Ltd grew its stake in shares of Commerce Bancshares by 200.1% during the 1st quarter. XTX Topco Ltd now owns 13,938 shares of the financial services provider's stock worth $867,000 after acquiring an additional 9,293 shares in the last quarter. Meeder Asset Management Inc. grew its stake in shares of Commerce Bancshares by 185.1% during the 1st quarter. Meeder Asset Management Inc. now owns 28,606 shares of the financial services provider's stock worth $1,780,000 after acquiring an additional 18,573 shares in the last quarter. Finally, LPL Financial LLC grew its stake in shares of Commerce Bancshares by 41.7% during the 1st quarter. LPL Financial LLC now owns 108,513 shares of the financial services provider's stock worth $6,753,000 after acquiring an additional 31,916 shares in the last quarter. 70.26% of the stock is currently owned by institutional investors and hedge funds.

Commerce Bancshares Stock Up 1.0%

Shares of NASDAQ:CBSH traded up $0.59 during midday trading on Friday, hitting $60.45. The stock had a trading volume of 174,438 shares, compared to its average volume of 647,757. Commerce Bancshares, Inc. has a 12 month low of $52.69 and a 12 month high of $72.75. The business's 50-day simple moving average is $62.62 and its 200-day simple moving average is $62.74. The company has a market cap of $8.07 billion, a P/E ratio of 14.42, a PEG ratio of 2.78 and a beta of 0.61.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $1.14 EPS for the quarter, topping 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 firm had revenue of $445.76 million during the quarter, compared to analysts' expectations of $434.11 million. During the same period in the previous year, the business posted $1.02 earnings per share. The company's revenue for the quarter was up 7.6% compared to the same quarter last year. As a group, equities analysts predict that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current year.

Commerce Bancshares Announces Dividend

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

Analyst Ratings Changes

Several brokerages have recently weighed in on CBSH. Wells Fargo & Company raised 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 raised 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. Wall Street Zen cut shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Keefe, Bruyette & Woods decreased their target price on shares of Commerce Bancshares from $74.00 to $70.00 and set a "market perform" rating for the company in a research note on Thursday, April 17th. Finally, Morgan Stanley raised their target price on shares of Commerce Bancshares from $58.00 to $61.00 and gave the company an "equal weight" rating in a research note on Tuesday, June 17th. One research analyst has rated the stock with a sell rating and six have given a hold rating to the company's stock. Based on data from MarketBeat, Commerce Bancshares currently has a consensus rating of "Hold" and an average price target of $68.20.

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.