State of New Jersey Common Pension Fund D Grows Stock Position in Commerce Bancshares, Inc. (NASDAQ:CBSH)

State of New Jersey Common Pension Fund D boosted its stake in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 5.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 52,463 shares of the financial services provider’s stock after acquiring an additional 2,498 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Commerce Bancshares were worth $2,802,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CBSH. Cooke & Bieler LP boosted its stake in shares of Commerce Bancshares by 32.4% during the 4th quarter. Cooke & Bieler LP now owns 972,255 shares of the financial services provider’s stock valued at $51,928,000 after buying an additional 237,703 shares during the last quarter. Walleye Capital LLC boosted its stake in shares of Commerce Bancshares by 147.7% during the 3rd quarter. Walleye Capital LLC now owns 296,634 shares of the financial services provider’s stock valued at $14,232,000 after buying an additional 176,897 shares during the last quarter. Schroder Investment Management Group boosted its stake in shares of Commerce Bancshares by 12.4% during the 3rd quarter. Schroder Investment Management Group now owns 618,515 shares of the financial services provider’s stock valued at $29,676,000 after buying an additional 68,256 shares during the last quarter. Boston Trust Walden Corp boosted its stake in shares of Commerce Bancshares by 6.7% during the 4th quarter. Boston Trust Walden Corp now owns 1,094,108 shares of the financial services provider’s stock valued at $58,436,000 after buying an additional 68,245 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Commerce Bancshares by 382.5% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 53,192 shares of the financial services provider’s stock valued at $2,552,000 after buying an additional 42,167 shares during the last quarter. Hedge funds and other institutional investors own 70.26% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on CBSH. Piper Sandler increased their target price on Commerce Bancshares from $53.00 to $54.00 and gave the company a “neutral” rating in a research note on Wednesday, April 17th. StockNews.com upgraded Commerce Bancshares from a “sell” rating to a “hold” rating in a research note 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 note on Wednesday, April 17th. Morgan Stanley upped their price target on Commerce Bancshares from $46.00 to $55.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 7th. Finally, Keefe, Bruyette & Woods upped their price target on Commerce Bancshares from $56.00 to $58.00 and gave the company a “market perform” rating in a research report on Wednesday, April 17th. Six investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $55.00.

Commerce Bancshares Trading Down 1.1 %

CBSH stock opened at $54.79 on Tuesday. Commerce Bancshares, Inc. has a 12-month low of $40.91 and a 12-month high of $56.75. The stock’s 50 day simple moving average is $52.55 and its 200 day simple moving average is $51.35. The firm has a market cap of $7.12 billion, a P/E ratio of 15.28 and a beta of 0.79.

Commerce Bancshares (NASDAQ:CBSH) last issued its earnings results on Tuesday, April 16th. The financial services provider reported $0.86 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $389.49 million. During the same period last year, the company earned $0.90 earnings per share. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. On average, research analysts forecast that Commerce Bancshares, Inc. will post 3.43 EPS for the current fiscal year.

Commerce Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 18th. Shareholders of record on Wednesday, June 5th will be given a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 1.97%. The ex-dividend date is Wednesday, June 5th. Commerce Bancshares’s dividend payout ratio is presently 30.12%.

Insiders Place Their Bets

In other Commerce Bancshares news, SVP David L. Roller sold 1,392 shares of the 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 sale, the senior vice president now directly owns 30,949 shares of the company’s stock, valued at $1,566,638.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, Director David W. Kemper sold 2,870 shares of the firm’s stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $50.81, for a total transaction of $145,824.70. Following the transaction, the director now directly owns 1,181,994 shares of the company’s stock, valued at $60,057,115.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP David L. Roller sold 1,392 shares of the firm’s stock in a transaction on Tuesday, February 6th. The shares were 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 $1,566,638.38. The disclosure for this sale can be found here. Insiders have sold 9,876 shares of company stock valued at $510,441 over the last three months. Company insiders own 3.10% of the company’s stock.

About Commerce Bancshares

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.