Retirement Systems of Alabama Reduces Stake in Commerce Bancshares, Inc.
Retirement Systems of Alabama, a prominent institutional investor, has scaled back its investment in Commerce Bancshares, Inc. (NASDAQ:CBSH), as indicated in its most recent Form 13F filing with the Securities & Exchange Commission. The reduction amounted to a 3.1% decrease in holdings during the third quarter, with the investor selling off 4,570 shares of the financial services company's stock. Post-sale, Retirement Systems of Alabama's holdings stood at 141,689 shares, a stake valued at approximately $6,798,000.
Other Investors' Movements
Commerce Bancshares has seen a mixed bag of actions from various hedge funds and institutional investors. For instance, Raymond James & Associates augmented their share count by 8.6%, now holding a total of 58,372 shares. HighTower Advisors LLC and Natixis Advisors L.P. also increased their investments, with HighTower adding 1,188 shares to its portfolio and Natixis purchasing an extra 5,417 shares. Great West Life Assurance Co. Can and Dimensional Fund Advisors LP made notable increases to their holdings as well, contributing to a substantial portion of the 69.63% of Commerce Bancshares' stock owned by institutional investors and hedge funds.
Insider Transactions
Commerce Bancshares has also been part of insider trading news. David W. Kemper, a company director, sold 20,000 shares, amounting to over $1 million in value, and now directly owns 1,181,172 shares. Additionally, EVP John K. Handy sold 1,508 shares, totaling around $82,623. Such insidere activities can often provide insights into company confidence levels and potential future performance. Over a recent 90-day period, insiders have sold a total of 22,660 shares worth more than $1.1 million. Company insiders currently own 3.20% of the stock.
The State of Commerce Bancshares Stock
Commerce Bancshares' stock recently experienced a 3.8% dip, with trading commencing at $52.12. The financial institution boasts a market capitalization of $6.80 billion, a P/E ratio of 14.36, and a relatively stable market beta of 0.80. The company's stock has oscillated between a 52-week low of $40.91 and a high of $64.86. In regard to financial performance, Commerce Bancshares reported a quarterly EPS of $0.84, slightly surpassing expectations and hinting at resilient profitability with a net margin of 24.41% and a return on equity of 17.46%.
Analyst Insights
An ensemble of analysts have weighed in on Commerce Bancshares' outlook, with varying price targets and ratings. Entities such as Keefe, Bruyette & Woods, Bank of America, and Wells Fargo & Company have provided evaluations ranging from 'market perform' to neutral stances. Despite some variations in target prices, the overaching sentiment among market analysts is a consensus of 'Hold' for the company's stock.
About Commerce Bancshares
Commerce Bancshares, Inc. serves as the holding company for Commerce Bank, which offers diverse financial services including retail, mortgage banking, corporate, and investment management. With branches across the United States, the company is segmented into three operational divisions: Consumer, Commercial, and Wealth. All divisions contribute to Commerce Bancshares' objective to meet the financial needs of a varied clientele.
Alabama, Commerce, Bancshares