California Public Employees Retirement System Boosts Holdings in Commerce Bancshares, Inc. $CBSH

California Public Employees Retirement System increased its position in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 6.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 244,402 shares of the financial services provider’s stock after purchasing an additional 13,959 shares during the period. California Public Employees Retirement System’s holdings in Commerce Bancshares were worth $12,025,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of CBSH. MTM Investment Management LLC lifted its holdings in Commerce Bancshares by 0.3% in the first quarter. MTM Investment Management LLC now owns 88,242 shares of the financial services provider’s stock valued at $4,342,000 after acquiring an additional 281 shares during the period. Heartland Bank & Trust Co boosted its holdings in Commerce Bancshares by 48.1% in the 1st quarter. Heartland Bank & Trust Co now owns 6,806 shares of the financial services provider’s stock worth $335,000 after buying an additional 2,211 shares during the period. Bank of New York Mellon Corp increased its stake in Commerce Bancshares by 2.7% in the 1st quarter. Bank of New York Mellon Corp now owns 999,394 shares of the financial services provider’s stock worth $49,170,000 after buying an additional 26,526 shares in the last quarter. Mattern Capital Management LLC increased its stake in Commerce Bancshares by 0.6% in the 1st quarter. Mattern Capital Management LLC now owns 162,241 shares of the financial services provider’s stock worth $7,982,000 after buying an additional 935 shares in the last quarter. Finally, State of Michigan Retirement System raised its holdings in Commerce Bancshares by 7.9% during the first quarter. State of Michigan Retirement System now owns 32,952 shares of the financial services provider’s stock valued at $1,621,000 after acquiring an additional 2,400 shares during the period. 70.26% of the stock is owned by hedge funds and other institutional investors.

Commerce Bancshares Stock Up 0.8%

Shares of Commerce Bancshares stock opened at $59.09 on Friday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.01. The company has a market cap of $8.61 billion, a P/E ratio of 14.31, a PEG ratio of 2.10 and a beta of 0.58. The firm’s 50 day moving average price is $55.62 and its 200-day moving average price is $53.03. Commerce Bancshares, Inc. has a 52-week low of $46.99 and a 52-week high of $60.76.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings results on Thursday, July 16th. The financial services provider reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.06. Commerce Bancshares had a return on equity of 14.31% and a net margin of 26.07%.The business had revenue of $498.91 million for the quarter, compared to analyst estimates of $492.22 million. During the same quarter in the previous year, the firm earned $1.14 earnings per share. On average, sell-side analysts predict that Commerce Bancshares, Inc. will post 4.22 EPS for the current fiscal year.

Analyst Ratings Changes

CBSH has been the subject of a number of research reports. Piper Sandler restated a “neutral” rating and set a $66.00 target price (up from $59.00) on shares of Commerce Bancshares in a research report on Friday, July 17th. Morgan Stanley reiterated a “positive” rating and issued a $65.00 price target (up from $61.00) on shares of Commerce Bancshares in a report on Monday, June 29th. Hovde Group dropped their price target on Commerce Bancshares from $63.00 to $60.00 and set an “outperform” rating for the company in a research note on Wednesday, April 22nd. Stephens set a $64.00 price target on Commerce Bancshares and gave the company an “equal weight” rating in a report on Friday, July 17th. Finally, Weiss Ratings raised Commerce Bancshares from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday. Three analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $62.43.

Commerce Bancshares Profile

Commerce Bancshares, Inc is a bank holding company primarily engaged in providing a broad range of banking and financial services across the Midwest. Through its principal subsidiary, Commerce Bank, the company offers commercial and consumer banking, treasury management, trust and wealth advisory, and mortgage lending. Its diversified product suite includes deposit and loan products, cash management solutions, capital markets services, and private banking designed to meet the needs of individuals, small businesses, and large corporations.

The company’s commercial banking group delivers tailored credit facilities, equipment and inventory financing, asset-based lending, and merchant services.