TIAA Trust National Association Acquires 227 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

TIAA Trust National Association increased its holdings in shares of Commerce Bancshares, Inc. (NASDAQ:CBSH) by 5.0% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 4,757 shares of the financial services provider’s stock after purchasing an additional 227 shares during the quarter. TIAA Trust National Association’s holdings in Commerce Bancshares were worth $296,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. CoreFirst Bank & Trust acquired a new position in shares of Commerce Bancshares in the fourth quarter valued at approximately $33,000. Marshall Investment Management LLC bought a new stake in shares of Commerce Bancshares in the fourth quarter valued at about $35,000. True Wealth Design LLC acquired a new stake in Commerce Bancshares in the 3rd quarter valued at approximately $47,000. V Square Quantitative Management LLC lifted its stake in Commerce Bancshares by 84.0% in the 4th quarter. V Square Quantitative Management LLC now owns 791 shares of the financial services provider’s stock valued at $49,000 after acquiring an additional 361 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of Commerce Bancshares by 19.6% during the 4th quarter. GAMMA Investing LLC now owns 1,139 shares of the financial services provider’s stock worth $71,000 after acquiring an additional 187 shares in the last quarter. 70.26% of the stock is currently owned by institutional investors and hedge funds.

Commerce Bancshares Stock Down 1.0 %

NASDAQ:CBSH opened at $61.62 on Friday. Commerce Bancshares, Inc. has a 12-month low of $48.49 and a 12-month high of $72.75. The firm has a market capitalization of $8.26 billion, a price-to-earnings ratio of 15.37, a P/E/G ratio of 2.13 and a beta of 0.78. The stock’s 50 day moving average price is $64.30 and its two-hundred day moving average price is $64.41.

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

Commerce Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 25th. Investors of record on Friday, March 7th were issued a dividend of $0.275 per share. This is an increase from Commerce Bancshares’s previous quarterly dividend of $0.27. The ex-dividend date was Friday, March 7th. This represents a $1.10 annualized dividend and a dividend yield of 1.79%. Commerce Bancshares’s payout ratio is presently 27.43%.

Insider Activity at Commerce Bancshares

In other news, EVP Kevin G. Barth sold 24,870 shares of the company’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $66.06, for a total value of $1,642,912.20. Following the transaction, the executive vice president now owns 45,511 shares of the company’s stock, valued at approximately $3,006,456.66. This represents a 35.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP David L. Orf sold 1,036 shares of the stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $68.24, for a total value of $70,696.64. Following the transaction, the vice president now owns 22,175 shares in the company, valued at approximately $1,513,222. This trade represents a 4.46 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 78,434 shares of company stock worth $5,248,272. Insiders own 3.20% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on CBSH shares. Keefe, Bruyette & Woods boosted their price objective 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. Morgan Stanley reduced their price objective on shares of Commerce Bancshares from $72.00 to $66.00 and set an “underweight” rating for the company in a research note on Thursday, March 13th. Raymond James downgraded Commerce Bancshares from an “outperform” rating to a “market perform” rating in a research report on Thursday, December 19th. Piper Sandler increased their price target on Commerce Bancshares from $69.00 to $72.00 and gave the company a “neutral” rating in a research report on Thursday, January 23rd. Finally, StockNews.com raised Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Monday, January 13th. One equities research analyst has rated the stock with a sell rating and six have assigned a hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $68.17.

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.