Retirement Systems of Alabama Has $8.47 Million Holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Retirement Systems of Alabama trimmed its position in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 2.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 142,510 shares of the financial services provider’s stock after selling 2,979 shares during the period. Retirement Systems of Alabama’s holdings in Commerce Bancshares were worth $8,465,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. grew its position in shares of Commerce Bancshares by 0.5% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 30,906 shares of the financial services provider’s stock valued at $1,724,000 after acquiring an additional 154 shares during the period. Sound Stewardship LLC grew its holdings in Commerce Bancshares by 3.9% during the third quarter. Sound Stewardship LLC now owns 4,339 shares of the financial services provider’s stock worth $258,000 after purchasing an additional 163 shares during the period. Allworth Financial LP increased its position in Commerce Bancshares by 51.1% during the third quarter. Allworth Financial LP now owns 568 shares of the financial services provider’s stock worth $34,000 after buying an additional 192 shares during the last quarter. Outlook Wealth Advisors LLC increased its position in Commerce Bancshares by 3.6% during the third quarter. Outlook Wealth Advisors LLC now owns 6,303 shares of the financial services provider’s stock worth $374,000 after buying an additional 217 shares during the last quarter. Finally, Marshall Financial Group LLC raised its stake in Commerce Bancshares by 1.2% in the third quarter. Marshall Financial Group LLC now owns 18,257 shares of the financial services provider’s stock valued at $1,084,000 after buying an additional 223 shares during the period. 70.26% of the stock is owned by institutional investors.

Commerce Bancshares Stock Performance

CBSH stock opened at $66.71 on Wednesday. Commerce Bancshares, Inc. has a 52 week low of $47.09 and a 52 week high of $72.75. The company has a market capitalization of $8.55 billion, a PE ratio of 17.37, a price-to-earnings-growth ratio of 2.92 and a beta of 0.77. The company’s 50-day simple moving average is $66.98 and its 200 day simple moving average is $62.05.

Commerce Bancshares (NASDAQ:CBSH) last announced its earnings results on Thursday, October 17th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.07. Commerce Bancshares had a net margin of 24.15% and a return on equity of 15.93%. The firm had revenue of $421.38 million for the quarter, compared to analyst estimates of $412.85 million. On average, analysts forecast that Commerce Bancshares, Inc. will post 3.95 EPS for the current year.

Commerce Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 17th. Shareholders of record on Tuesday, December 3rd were paid a dividend of $0.27 per share. The ex-dividend date of this dividend was Tuesday, December 3rd. This represents a $1.08 dividend on an annualized basis and a yield of 1.62%. Commerce Bancshares’s dividend payout ratio (DPR) is presently 28.13%.

Insider Buying and Selling at Commerce Bancshares

In other Commerce Bancshares news, SVP David L. Roller sold 890 shares of the firm’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $72.27, for a total value of $64,320.30. Following the transaction, the senior vice president now directly owns 30,949 shares of the company’s stock, valued at $2,236,684.23. This trade represents a 2.80 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman David W. Kemper sold 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $61.78, for a total transaction of $1,853,400.00. Following the sale, the chairman now directly owns 1,151,994 shares of the company’s stock, valued at approximately $71,170,189.32. This trade represents a 2.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 36,816 shares of company stock valued at $2,330,126 in the last three months. Corporate insiders own 3.10% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Piper Sandler set a $68.50 target price on Commerce Bancshares and gave the stock a “neutral” rating in a report on Friday, October 18th. Keefe, Bruyette & Woods upped their price objective on shares of Commerce Bancshares from $66.00 to $78.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Morgan Stanley lowered shares of Commerce Bancshares from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $66.00 to $64.00 in a research report on Monday, September 30th. StockNews.com raised shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Finally, Wells Fargo & Company increased their price target on shares of Commerce Bancshares from $62.00 to $67.00 and gave the company an “equal weight” rating in a report on Tuesday, December 3rd. Seven investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, Commerce Bancshares has a consensus rating of “Hold” and a consensus price target of $65.07.

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.