Commerce Bancshares, Inc. $CBSH Shares Sold by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System cut its Commerce Bancshares stake by 6.5%, selling 10,996 shares and retaining 156,923 shares valued at approximately $9.1 million. Institutional investors and hedge funds collectively own 70.26% of the company.
• Commerce Bancshares reported quarterly EPS of $1.10, beating analyst expectations of $1.04, while revenue reached $498.91 million. The company also announced a quarterly dividend of $0.275 per share, implying a 1.9% annual yield.
• Analyst sentiment remains cautious, with a consensus rating of “Hold” and an average price target of $64.86, although Morgan Stanley upgraded the stock to “Overweight” and raised its target to $76.00.

California State Teachers Retirement System reduced its holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 6.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 156,923 shares of the financial services provider's stock after selling 10,996 shares during the quarter. California State Teachers Retirement System owned 0.11% of Commerce Bancshares worth $9,062,303 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of CBSH. BlackRock Inc. acquired a new stake in Commerce Bancshares in the 2nd quarter valued at about $755,669,000. Commerce Bank bought a new position in shares of Commerce Bancshares in the 2nd quarter worth about $316,010,000. Dimensional Fund Advisors LP increased its position in shares of Commerce Bancshares by 29.3% during the first quarter. Dimensional Fund Advisors LP now owns 3,943,247 shares of the financial services provider's stock valued at $193,999,000 after acquiring an additional 894,183 shares during the last quarter. Geode Capital Management LLC boosted its stake in Commerce Bancshares by 6.7% in the 4th quarter. Geode Capital Management LLC now owns 2,780,678 shares of the financial services provider's stock worth $147,097,000 after purchasing an additional 174,863 shares during the period. Finally, First Trust Advisors LP boosted its stake in shares of Commerce Bancshares by 11.0% in the 1st quarter. First Trust Advisors LP now owns 2,610,223 shares of the financial services provider's stock valued at $128,423,000 after purchasing an additional 257,817 shares in the last quarter. 70.26% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Commerce Bancshares

In related news, SVP Douglas Neff sold 666 shares of the firm's stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $58.15, for a total value of $38,727.90. Following the transaction, the senior vice president owned 11,746 shares in the company, valued at approximately $683,029.90. This trade represents a 5.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Robert Holmes sold 5,000 shares of the business's stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $60.20, for a total value of $301,000.00. Following the sale, the executive vice president directly owned 55,962 shares in the company, valued at approximately $3,368,912.40. The trade was a 8.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 32,950 shares of company stock worth $1,963,777 in the last 90 days. Insiders own 1.80% of the company's stock.

Commerce Bancshares Stock Performance

Commerce Bancshares stock traded down $0.10 during trading on Tuesday, hitting $58.55. The stock had a trading volume of 358,077 shares, compared to its average volume of 1,215,350. Commerce Bancshares, Inc. has a 1 year low of $46.99 and a 1 year high of $60.92. 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 stock has a market cap of $8.40 billion, a price-to-earnings ratio of 14.18, a price-to-earnings-growth ratio of 2.07 and a beta of 0.58. The stock's 50 day moving average is $58.78 and its two-hundred day moving average is $54.33.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last announced its quarterly earnings data on Thursday, July 16th. The financial services provider reported $1.10 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.04 by $0.06. Commerce Bancshares had a return on equity of 14.31% and a net margin of 26.07%.The business had revenue of $498.91 million during the quarter, compared to analysts' expectations of $492.22 million. During the same quarter in the previous year, the business earned $1.14 earnings per share. As a group, analysts predict that Commerce Bancshares, Inc. will post 4.25 EPS for the current year.

Commerce Bancshares Dividend Announcement

The firm also recently disclosed 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. The ex-dividend date is Friday, September 4th. This represents a $1.10 dividend on an annualized basis and a yield of 1.9%. Commerce Bancshares's payout ratio is currently 26.63%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on CBSH shares. Morgan Stanley upgraded shares of Commerce Bancshares from a "positive" rating to an "overweight" rating and lifted their target price for the company from $65.00 to $76.00 in a research note on Tuesday, September 8th. Raymond James Financial upgraded Commerce Bancshares to a "hold" rating in a research note on Thursday, August 27th. Piper Sandler restated a "neutral" rating and set a $66.00 target price (up from $59.00) on shares of Commerce Bancshares in a research report on Friday, July 17th. TD Cowen reissued a "hold" rating and set a $63.00 price objective (up from $62.00) on shares of Commerce Bancshares in a report on Friday, July 17th. Finally, Stephens set a $64.00 price objective on shares of Commerce Bancshares and gave the stock an "equal weight" rating in a research report on Friday, July 17th. Three analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $64.86.

Commerce Bancshares Profile

Commerce Bancshares, Inc is a financial services holding company headquartered in Kansas City, Missouri. Through its principal subsidiary, Commerce Bank, the company provides banking and financial services to individuals, businesses, institutions and government entities.

Commerce Bank offers deposit accounts, consumer and commercial lending, treasury and payment services, wealth management, trust services, investment banking and brokerage services. Its commercial banking activities include financing, cash-management solutions and other services designed for businesses and institutional clients.

Founded in 1865, Commerce Bancshares primarily serves customers through a regional network centered in Missouri and extending into Kansas, Illinois, Oklahoma and Colorado.

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