Commerce Bancshares, Inc. Announces Quarterly Dividend of $0.28 (NASDAQ:CBSH)

Commerce Bancshares, Inc. (NASDAQ:CBSH) declared a quarterly dividend on Friday, October 31st. Stockholders of record on Tuesday, December 2nd will be given a dividend of 0.275 per share by the financial services provider on Monday, December 15th. This represents a c) annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Tuesday, December 2nd.

Commerce Bancshares has increased its dividend payment by an average of 0.1%per year over the last three years and has raised its dividend annually for the last 58 consecutive years. Commerce Bancshares has a dividend payout ratio of 26.2% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Commerce Bancshares to earn $4.18 per share next year, which means the company should continue to be able to cover its $1.10 annual dividend with an expected future payout ratio of 26.3%.

Commerce Bancshares Trading Up 0.3%

Shares of NASDAQ:CBSH opened at $53.91 on Friday. Commerce Bancshares has a 12-month low of $51.12 and a 12-month high of $70.86. The stock has a fifty day simple moving average of $55.29 and a two-hundred day simple moving average of $59.85. The stock has a market capitalization of $7.14 billion, a price-to-earnings ratio of 12.87, a PEG ratio of 4.71 and a beta of 0.62.

Commerce Bancshares shares are set to split before the market opens on Tuesday, December 2nd. The 1.05-1 split was recently announced. The newly created shares will be issued to shareholders after the market closes on Monday, December 1st.

Commerce Bancshares (NASDAQ:CBSH) last posted its earnings results on Thursday, October 16th. The financial services provider reported $1.06 EPS for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.03). Commerce Bancshares had a return on equity of 15.73% and a net margin of 26.48%.The business had revenue of $448.85 million during the quarter, compared to the consensus estimate of $447.04 million. During the same period in the previous year, the business posted $1.07 EPS. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. As a group, equities research analysts predict that Commerce Bancshares will post 3.94 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts recently commented on CBSH shares. TD Cowen initiated coverage on Commerce Bancshares in a report on Thursday, September 25th. They issued a “hold” rating and a $63.00 target price on the stock. Keefe, Bruyette & Woods lowered their price objective on Commerce Bancshares from $65.00 to $60.00 and set a “market perform” rating on the stock in a research report on Friday, October 17th. Zacks Research downgraded Commerce Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 27th. Morgan Stanley raised their target price on shares of Commerce Bancshares from $66.00 to $70.00 and gave the stock an “underperform” rating in a research note on Monday, September 29th. Finally, Wells Fargo & Company dropped their price target on shares of Commerce Bancshares from $65.00 to $60.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 21st. One research analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Commerce Bancshares has an average rating of “Hold” and a consensus price target of $65.29.

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.