Millennium Management LLC Purchases 214,582 Shares of Commerce Bancshares, Inc. (NASDAQ:CBSH)

Millennium Management LLC lifted its position in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 168.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 342,084 shares of the financial services provider’s stock after acquiring an additional 214,582 shares during the quarter. Millennium Management LLC owned 0.26% of Commerce Bancshares worth $19,081,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Dark Forest Capital Management LP bought a new stake in shares of Commerce Bancshares during the 2nd quarter worth approximately $522,000. AQR Capital Management LLC increased its stake in Commerce Bancshares by 18.4% in the second quarter. AQR Capital Management LLC now owns 154,828 shares of the financial services provider’s stock worth $8,548,000 after purchasing an additional 24,101 shares during the period. Alpha DNA Investment Management LLC bought a new stake in shares of Commerce Bancshares during the second quarter worth $417,000. Bank of Montreal Can boosted its stake in shares of Commerce Bancshares by 76.8% during the second quarter. Bank of Montreal Can now owns 66,701 shares of the financial services provider’s stock valued at $3,724,000 after purchasing an additional 28,969 shares during the period. Finally, Evergreen Capital Management LLC bought a new position in shares of Commerce Bancshares in the second quarter worth about $271,000. 70.26% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CBSH has been the subject of a number of research analyst reports. Jefferies Financial Group lifted their price objective on shares of Commerce Bancshares from $60.00 to $62.00 and gave the company a “hold” rating in a report on Wednesday, July 3rd. Wells Fargo & Company lifted their price target on shares of Commerce Bancshares from $52.00 to $62.00 and gave the company an “equal weight” rating in a research note on Monday, July 22nd. Finally, Morgan Stanley cut Commerce Bancshares from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $66.00 to $64.00 in a research note on Monday, September 30th. Seven investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $59.71.

Commerce Bancshares Stock Performance

NASDAQ CBSH opened at $58.52 on Friday. The company has a market cap of $7.54 billion, a PE ratio of 16.32, a P/E/G ratio of 9.40 and a beta of 0.74. The firm’s 50 day moving average price is $61.52 and its 200-day moving average price is $57.49. Commerce Bancshares, Inc. has a 52-week low of $40.91 and a 52-week high of $65.86.

Commerce Bancshares (NASDAQ:CBSH) last announced its earnings results on Thursday, July 18th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.90 by $0.17. The business had revenue of $414.90 million for the quarter, compared to analysts’ expectations of $406.88 million. Commerce Bancshares had a return on equity of 16.50% and a net margin of 23.62%. The business’s revenue for the quarter was up 4.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.97 EPS. On average, analysts forecast that Commerce Bancshares, Inc. will post 3.97 earnings per share for the current fiscal year.

Commerce Bancshares Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 23rd. Shareholders of record on Thursday, September 5th were issued a $0.27 dividend. The ex-dividend date was Thursday, September 5th. This represents a $1.08 dividend on an annualized basis and a yield of 1.85%. Commerce Bancshares’s dividend payout ratio is presently 30.12%.

Insider Buying and Selling at Commerce Bancshares

In other news, EVP Robert S. Holmes sold 3,795 shares of Commerce Bancshares stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $64.75, for a total value of $245,726.25. Following the transaction, the executive vice president now owns 50,293 shares of the company’s stock, valued at $3,256,471.75. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Commerce Bancshares news, Director Jonathan M. Kemper sold 19,626 shares of the stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $63.66, for a total value of $1,249,391.16. Following the completion of the sale, the director now directly owns 997,112 shares in the company, valued at approximately $63,476,149.92. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Robert S. Holmes sold 3,795 shares of the firm’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $64.75, for a total value of $245,726.25. Following the completion of the sale, the executive vice president now directly owns 50,293 shares of the company’s stock, valued at approximately $3,256,471.75. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 49,612 shares of company stock valued at $3,184,609. 3.20% of the stock is currently owned by insiders.

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.