State of Michigan Retirement System Has $1.81 Million Stock Position in Commerce Bancshares, Inc. (NASDAQ:CBSH)

State of Michigan Retirement System boosted its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 3.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 28,974 shares of the financial services provider’s stock after acquiring an additional 1,093 shares during the quarter. State of Michigan Retirement System’s holdings in Commerce Bancshares were worth $1,805,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Farther Finance Advisors LLC boosted its holdings in shares of Commerce Bancshares by 48.2% during the third quarter. Farther Finance Advisors LLC now owns 882 shares of the financial services provider’s stock worth $52,000 after purchasing an additional 287 shares during the period. Robeco Institutional Asset Management B.V. acquired a new stake in shares of Commerce Bancshares during the 3rd quarter valued at $3,967,000. Capital Performance Advisors LLP acquired a new stake in shares of Commerce Bancshares during the 3rd quarter valued at $39,000. Atria Investments Inc increased its stake in shares of Commerce Bancshares by 9.3% in the third quarter. Atria Investments Inc now owns 24,455 shares of the financial services provider’s stock worth $1,453,000 after acquiring an additional 2,071 shares during the last quarter. Finally, Los Angeles Capital Management LLC increased its stake in shares of Commerce Bancshares by 7,407.2% in the third quarter. Los Angeles Capital Management LLC now owns 362,900 shares of the financial services provider’s stock worth $21,556,000 after acquiring an additional 358,066 shares during the last quarter. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Commerce Bancshares Trading Up 0.4 %

Shares of Commerce Bancshares stock opened at $62.22 on Friday. Commerce Bancshares, Inc. has a 1-year low of $47.89 and a 1-year high of $72.75. The firm has a fifty day simple moving average of $64.72 and a 200-day simple moving average of $64.58. The stock has a market capitalization of $8.33 billion, a price-to-earnings ratio of 15.52, a PEG ratio of 2.13 and a beta of 0.78.

Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings results on Wednesday, January 22nd. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.06. The company had revenue of $422.10 million during the quarter, compared to analysts’ expectations of $417.48 million. Commerce Bancshares had a net margin of 25.24% and a return on equity of 16.31%. The business’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.84 earnings per share. As a group, research analysts predict that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current year.

Commerce Bancshares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Friday, March 7th will be issued a $0.275 dividend. The ex-dividend date of this dividend is Friday, March 7th. This represents a $1.10 dividend on an annualized basis and a yield of 1.77%. This is a positive change from Commerce Bancshares’s previous quarterly dividend of $0.27. Commerce Bancshares’s dividend payout ratio (DPR) is 27.43%.

Analyst Upgrades and Downgrades

CBSH has been the topic of a number of recent research reports. Raymond James downgraded Commerce Bancshares from an “outperform” rating to a “market perform” rating in a research note on Thursday, December 19th. Piper Sandler boosted their price target on Commerce Bancshares from $69.00 to $72.00 and gave the company a “neutral” rating in a research note on Thursday, January 23rd. Wells Fargo & Company raised their price objective on shares of Commerce Bancshares from $67.00 to $70.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 29th. Keefe, Bruyette & Woods boosted their target price on shares of Commerce Bancshares from $66.00 to $78.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Finally, StockNews.com upgraded shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Monday, January 13th. Seven equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $67.83.

Insiders Place Their Bets

In related news, EVP Kevin G. Barth sold 24,870 shares of the business’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $66.06, for a total transaction of $1,642,912.20. Following the transaction, the executive vice president now directly owns 45,511 shares in the company, valued at $3,006,456.66. The trade was a 35.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Patricia R. Kellerhals sold 500 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $68.55, for a total value of $34,275.00. Following the completion of the transaction, the senior vice president now directly owns 22,265 shares of the company’s stock, valued at approximately $1,526,265.75. This trade represents a 2.20 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 81,516 shares of company stock valued at $5,457,086 in the last three months. Company insiders own 3.20% of the company’s stock.

Commerce Bancshares Company 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.