Illinois Municipal Retirement Fund Raises Stock Holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Illinois Municipal Retirement Fund increased its position in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 5.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,054 shares of the financial services provider’s stock after purchasing an additional 622 shares during the period. Illinois Municipal Retirement Fund’s holdings in Commerce Bancshares were worth $697,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the stock. Boston Trust Walden Corp boosted its holdings in Commerce Bancshares by 6.7% in the fourth quarter. Boston Trust Walden Corp now owns 1,094,108 shares of the financial services provider’s stock worth $58,436,000 after acquiring an additional 68,245 shares in the last quarter. Cooke & Bieler LP boosted its holdings in Commerce Bancshares by 32.4% in the fourth quarter. Cooke & Bieler LP now owns 972,255 shares of the financial services provider’s stock worth $51,928,000 after acquiring an additional 237,703 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Commerce Bancshares by 4.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 883,380 shares of the financial services provider’s stock worth $42,385,000 after acquiring an additional 36,554 shares in the last quarter. Schroder Investment Management Group boosted its holdings in Commerce Bancshares by 12.4% in the third quarter. Schroder Investment Management Group now owns 618,515 shares of the financial services provider’s stock worth $29,676,000 after acquiring an additional 68,256 shares in the last quarter. Finally, Mutual Advisors LLC boosted its holdings in Commerce Bancshares by 7.1% in the fourth quarter. Mutual Advisors LLC now owns 446,503 shares of the financial services provider’s stock worth $23,848,000 after acquiring an additional 29,440 shares in the last quarter. 70.26% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, SVP David L. Roller sold 1,392 shares of Commerce Bancshares stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $50.62, for a total value of $70,463.04. Following the transaction, the senior vice president now directly owns 30,949 shares in the company, valued at approximately $1,566,638.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, SVP Douglas D. Neff sold 614 shares of the business’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $50.25, for a total transaction of $30,853.50. Following the transaction, the senior vice president now directly owns 8,038 shares in the company, valued at approximately $403,909.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP David L. Roller sold 1,392 shares of the business’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $50.62, for a total value of $70,463.04. Following the transaction, the senior vice president now owns 30,949 shares in the company, valued at $1,566,638.38. The disclosure for this sale can be found here. Insiders have sold 9,876 shares of company stock worth $510,441 in the last ninety days. 3.10% of the stock is owned by company insiders.

Commerce Bancshares Price Performance

NASDAQ:CBSH opened at $54.79 on Tuesday. The firm has a market capitalization of $7.12 billion, a price-to-earnings ratio of 15.28 and a beta of 0.79. Commerce Bancshares, Inc. has a 1 year low of $40.91 and a 1 year high of $56.75. The business has a 50 day simple moving average of $52.55 and a 200-day simple moving average of $51.35.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.06. Commerce Bancshares had a return on equity of 16.78% and a net margin of 23.33%. The firm had revenue of $397.80 million during the quarter, compared to analyst estimates of $389.49 million. During the same period last year, the company earned $0.90 EPS. Commerce Bancshares’s quarterly revenue was up 2.2% compared to the same quarter last year. As a group, analysts expect that Commerce Bancshares, Inc. will post 3.43 earnings per share for the current fiscal year.

Commerce Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Wednesday, June 5th will be issued a dividend of $0.27 per share. The ex-dividend date of this dividend is Wednesday, June 5th. This represents a $1.08 annualized dividend and a yield of 1.97%. Commerce Bancshares’s payout ratio is currently 30.12%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CBSH. Bank of America began coverage on Commerce Bancshares in a report on Thursday, January 11th. They set a “neutral” rating and a $55.00 price target on the stock. Piper Sandler upped their price target on Commerce Bancshares from $53.00 to $54.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 17th. Keefe, Bruyette & Woods upped their price target on Commerce Bancshares from $56.00 to $58.00 and gave the stock a “market perform” rating in a research report on Wednesday, April 17th. Raymond James upgraded Commerce Bancshares from a “market perform” rating to an “outperform” rating and set a $61.00 target price for the company in a research report on Wednesday, April 17th. Finally, StockNews.com raised Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Wednesday, April 17th. Six equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $55.00.

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.