California State Teachers Retirement System Boosts Holdings in Commerce Bancshares, Inc. $CBSH

Key Points

• California State Teachers Retirement System increased its Commerce Bancshares stake by 33.9% in the first quarter, owning 167,919 shares worth approximately $8.26 million. Institutional investors collectively hold 70.26% of the company.
• Commerce Bancshares reported quarterly EPS of $1.10, beating the $1.04 consensus estimate, while revenue of $498.91 million also exceeded expectations. The company posted a 26.07% net margin and 14.31% return on equity.
• The company declared a quarterly dividend of $0.275 per share, equivalent to $1.10 annually and a 1.8% yield. Analysts maintain a consensus “Hold” rating with an average price target of $62.43.

California State Teachers Retirement System raised its position in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 33.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). 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 owned 0.12% of Commerce Bancshares worth $8,262,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Apriem Advisors raised its holdings in shares of Commerce Bancshares by 5.0% in the 4th quarter. Apriem Advisors now owns 4,018 shares of the financial services provider's stock valued at $210,000 after acquiring an additional 191 shares in the last quarter. Heartland Bank & Trust Co grew its holdings in shares of Commerce Bancshares by 4.4% during the fourth quarter. Heartland Bank & Trust Co now owns 4,595 shares of the financial services provider's stock worth $240,000 after purchasing an additional 192 shares in the last quarter. Outlook Wealth Advisors LLC increased its position in shares of Commerce Bancshares by 3.7% in the fourth quarter. Outlook Wealth Advisors LLC now owns 5,934 shares of the financial services provider's stock worth $311,000 after purchasing an additional 214 shares during the last quarter. Centerpoint Advisory Group raised its stake in Commerce Bancshares by 5.0% in the fourth quarter. Centerpoint Advisory Group now owns 4,534 shares of the financial services provider's stock valued at $237,000 after purchasing an additional 215 shares in the last quarter. Finally, Geneos Wealth Management Inc. raised its stake in Commerce Bancshares by 85.4% in the first quarter. Geneos Wealth Management Inc. now owns 469 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 216 shares in the last quarter. Institutional investors own 70.26% of the company's stock.

Commerce Bancshares Stock Performance

Commerce Bancshares stock opened at $59.93 on Wednesday. The stock's 50 day moving average is $56.66 and its 200 day moving average is $53.31. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $8.74 billion, a P/E ratio of 14.51, a PEG ratio of 2.14 and a beta of 0.59. Commerce Bancshares, Inc. has a twelve month low of $46.99 and a twelve month high of $60.92.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last issued its earnings results on Thursday, July 16th. The financial services provider reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.04 by $0.06. Commerce Bancshares had a net margin of 26.07% and a return on equity of 14.31%. The business had revenue of $498.91 million during the quarter, compared to analysts' expectations of $492.22 million. During the same period in the previous year, the company earned $1.14 earnings per share. On average, equities research analysts predict that Commerce Bancshares, Inc. will post 4.22 earnings per share for the current fiscal year.

Commerce Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 22nd. Shareholders of record on Friday, September 4th will be paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Friday, September 4th. Commerce Bancshares's dividend payout ratio is presently 26.63%.

Insiders Place Their Bets

In other news, EVP Robert S. Holmes sold 5,000 shares of the business's stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $60.20, for a total value of $301,000.00. Following the transaction, the executive vice president directly owned 55,962 shares in the company, valued at $3,368,912.40. The trade was a 8.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Charles G. Kim sold 19,771 shares of the company's stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $59.18, for a total value of $1,170,047.78. Following the completion of the transaction, the chief financial officer directly owned 119,410 shares of the company's stock, valued at approximately $7,066,683.80. This trade represents a 14.21% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 31,842 shares of company stock worth $1,897,310. 1.80% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Weiss Ratings raised shares of Commerce Bancshares from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, July 21st. Morgan Stanley reaffirmed a "positive" rating and set a $65.00 price objective (up from $61.00) on shares of Commerce Bancshares in a report on Monday, June 29th. Stephens set a $64.00 target price on shares of Commerce Bancshares and gave the stock an "equal weight" rating in a research report on Friday, July 17th. Piper Sandler reissued a "neutral" rating and set a $66.00 price target (up from $59.00) on shares of Commerce Bancshares in a research note on Friday, July 17th. Finally, Wells Fargo & Company increased their price objective on Commerce Bancshares from $53.00 to $57.00 and gave the company an "equal weight" rating in a research note on Monday, July 6th. Three equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $62.43.

About Commerce Bancshares

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.

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