Arizona State Retirement System Boosts Stake in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Posted by on May 10th, 2023

Arizona State Retirement System lifted its stake in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH – Get Rating) by 8.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 31,967 shares of the financial services provider’s stock after purchasing an additional 2,439 shares during the period. Arizona State Retirement System’s holdings in Commerce Bancshares were worth $2,176,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of CBSH. Vanguard Group Inc. boosted its holdings in Commerce Bancshares by 1.0% in the 3rd quarter. Vanguard Group Inc. now owns 11,332,270 shares of the financial services provider’s stock valued at $749,743,000 after purchasing an additional 117,162 shares during the period. State Street Corp lifted its stake in Commerce Bancshares by 8.9% in the first quarter. State Street Corp now owns 6,656,709 shares of the financial services provider’s stock worth $476,554,000 after purchasing an additional 544,292 shares during the last quarter. Lazard Asset Management LLC raised its stake in shares of Commerce Bancshares by 2.1% during the first quarter. Lazard Asset Management LLC now owns 5,304,379 shares of the financial services provider’s stock valued at $379,739,000 after acquiring an additional 111,594 shares during the last quarter. Eaton Vance Management raised its stake in Commerce Bancshares by 0.6% in the third quarter. Eaton Vance Management now owns 1,404,351 shares of the financial services provider’s stock worth $92,912,000 after buying an additional 8,468 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Commerce Bancshares by 1.2% in the first quarter. Dimensional Fund Advisors LP now owns 1,110,800 shares of the financial services provider’s stock worth $79,527,000 after buying an additional 12,655 shares in the last quarter. Hedge funds and other institutional investors own 64.12% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on CBSH shares. Wells Fargo & Company cut their price objective on shares of Commerce Bancshares from $65.00 to $60.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 5th. StockNews.com cut shares of Commerce Bancshares from a “hold” rating to a “sell” rating in a report on Thursday, March 30th. Keefe, Bruyette & Woods cut their price target on shares of Commerce Bancshares from $72.00 to $61.00 and set a “market perform” rating on the stock in a report on Thursday, April 6th. Finally, Morgan Stanley cut their price target on shares of Commerce Bancshares from $70.00 to $50.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 5th. One equities research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. Based on data from MarketBeat, Commerce Bancshares presently has an average rating of “Hold” and a consensus target price of $64.50.

Commerce Bancshares Stock Down 0.8 %

CBSH opened at $50.49 on Wednesday. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 0.56. Commerce Bancshares, Inc. has a 1-year low of $50.16 and a 1-year high of $72.60. The company has a market capitalization of $6.30 billion, a PE ratio of 13.03 and a beta of 0.74. The firm’s 50 day simple moving average is $57.40 and its two-hundred day simple moving average is $64.60.

Commerce Bancshares (NASDAQ:CBSH – Get Rating) last released its quarterly earnings results on Tuesday, April 18th. The financial services provider reported $0.95 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.03. Commerce Bancshares had a net margin of 29.71% and a return on equity of 19.18%. The business had revenue of $389.20 million for the quarter, compared to the consensus estimate of $389.46 million. During the same period last year, the firm earned $0.92 earnings per share. The company’s quarterly revenue was up 14.3% on a year-over-year basis. As a group, equities analysts forecast that Commerce Bancshares, Inc. will post 3.69 EPS for the current year.

Commerce Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 20th. Stockholders of record on Monday, June 5th will be given a dividend of $0.27 per share. The ex-dividend date is Friday, June 2nd. This represents a $1.08 annualized dividend and a dividend yield of 2.14%. Commerce Bancshares’s payout ratio is 27.87%.

Commerce Bancshares Company Profile

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Commerce Bancshares, Inc operates as a bank holding company for Commerce Bank. It provides general banking services, such as retail, corporate, investment, trust, and asset management products and services to individuals and businesses. The firm operates through the following business segments: Consumer, Commercial and Wealth.

Further Reading

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Institutional Ownership by Quarter for Commerce Bancshares (NASDAQ:CBSH)

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