Millennium Management LLC Sells 448,643 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

Millennium Management LLC decreased its position in Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report) by 93.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 29,861 shares of the financial services provider's stock after selling 448,643 shares during the quarter. Millennium Management LLC's holdings in Commerce Bancshares were worth $1,861,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Principal Financial Group Inc. increased its position in shares of Commerce Bancshares by 3.4% during the fourth quarter. Principal Financial Group Inc. now owns 281,040 shares of the financial services provider's stock worth $17,512,000 after acquiring an additional 9,362 shares during the period. Integrated Wealth Concepts LLC purchased a new stake in shares of Commerce Bancshares during the fourth quarter worth $842,000. Vanguard Group Inc. increased its position in shares of Commerce Bancshares by 5.1% during the fourth quarter. Vanguard Group Inc. now owns 13,225,491 shares of the financial services provider's stock worth $824,080,000 after acquiring an additional 642,401 shares during the period. Barclays PLC increased its position in shares of Commerce Bancshares by 19.4% during the third quarter. Barclays PLC now owns 106,934 shares of the financial services provider's stock worth $6,353,000 after acquiring an additional 17,400 shares during the period. Finally, PNC Financial Services Group Inc. increased its position in shares of Commerce Bancshares by 5.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 232,767 shares of the financial services provider's stock worth $14,504,000 after acquiring an additional 11,227 shares during the period. Hedge funds and other institutional investors own 70.26% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Piper Sandler upped their price objective on shares of Commerce Bancshares from $65.00 to $66.00 and gave the company a "neutral" rating in a research note on Thursday, April 17th. Keefe, Bruyette & Woods decreased their price objective on shares of Commerce Bancshares from $74.00 to $70.00 and set a "market perform" rating for the company in a research note on Thursday, April 17th. Wells Fargo & Company decreased their price objective on shares of Commerce Bancshares from $70.00 to $60.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 9th. Wall Street Zen downgraded shares of Commerce Bancshares from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Finally, Morgan Stanley upgraded shares of Commerce Bancshares from an "underweight" rating to an "equal weight" rating and decreased their price objective for the company from $66.00 to $58.00 in a research note on Monday, April 7th. One 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 has an average rating of "Hold" and a consensus target price of $63.20.

Insider Transactions at Commerce Bancshares

In other Commerce Bancshares news, Director June Mcallister Fowler sold 1,618 shares of the stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $60.72, for a total transaction of $98,244.96. Following the completion of the transaction, the director now directly owns 3,175 shares in the company, valued at $192,786. This represents a 33.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 3.10% of the company's stock.

Commerce Bancshares Price Performance

Shares of CBSH stock remained flat at $63.30 during mid-day trading on Wednesday. 417,491 shares of the stock were exchanged, compared to its average volume of 591,579. The firm's 50-day moving average is $61.33 and its 200 day moving average is $64.02. Commerce Bancshares, Inc. has a fifty-two week low of $49.97 and a fifty-two week high of $72.75. The stock has a market cap of $8.45 billion, a price-to-earnings ratio of 15.79, a PEG ratio of 2.13 and a beta of 0.60.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last released its quarterly earnings results on Wednesday, April 16th. The financial services provider reported $0.98 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.93 by $0.05. The business had revenue of $428.05 million for the quarter, compared to analyst estimates of $417.85 million. Commerce Bancshares had a net margin of 25.24% and a return on equity of 16.31%. On average, equities research analysts predict that Commerce Bancshares, Inc. will post 3.94 EPS for the current fiscal year.

Commerce Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 24th. Stockholders of record on Friday, June 6th will be issued a dividend of $0.275 per share. The ex-dividend date is Friday, June 6th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.74%. Commerce Bancshares's dividend payout ratio (DPR) is presently 26.63%.

Commerce Bancshares Company Profile

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.