Commerce Bancshares, Inc. (NASDAQ:CBSH) to Issue Quarterly Dividend of $0.27

Commerce Bancshares, Inc. (NASDAQ:CBSH) declared a quarterly dividend on Wednesday, April 17th, RTT News reports. Stockholders of record on Wednesday, June 5th will be given a dividend of 0.27 per share by the financial services provider on Tuesday, June 18th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.04%.

Commerce Bancshares has increased its dividend payment by an average of 3.3% per year over the last three years and has increased its dividend every year for the last 56 years. Commerce Bancshares has a payout ratio of 32.0% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Commerce Bancshares to earn $3.34 per share next year, which means the company should continue to be able to cover its $1.08 annual dividend with an expected future payout ratio of 32.3%.

Commerce Bancshares Stock Performance

Shares of Commerce Bancshares stock traded up $1.00 during trading hours on Wednesday, reaching $53.01. The company’s stock had a trading volume of 566,772 shares, compared to its average volume of 485,062. The company’s 50 day simple moving average is $51.92 and its 200 day simple moving average is $50.90. Commerce Bancshares has a one year low of $40.91 and a one year high of $56.75. The stock has a market cap of $6.88 billion, a P/E ratio of 14.61 and a beta of 0.79.

Commerce Bancshares (NASDAQ:CBSH) last posted its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.06. The company had revenue of $397.80 million for the quarter, compared to the consensus estimate of $389.49 million. Commerce Bancshares had a net margin of 24.41% and a return on equity of 17.46%. The company’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period last year, the firm posted $0.90 EPS. On average, sell-side analysts predict that Commerce Bancshares will post 3.24 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Piper Sandler lifted their price objective on shares of Commerce Bancshares from $53.00 to $54.00 and gave the company a “neutral” rating in a research report on Wednesday. Raymond James upgraded shares of Commerce Bancshares from a “market perform” rating to an “outperform” rating and set a $61.00 price objective on the stock in a research report on Wednesday. Bank of America began coverage on shares of Commerce Bancshares in a research note on Thursday, January 11th. They set a “neutral” rating and a $55.00 target price on the stock. Morgan Stanley raised their target price on shares of Commerce Bancshares from $46.00 to $55.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 7th. Finally, Keefe, Bruyette & Woods raised their target price on shares of Commerce Bancshares from $56.00 to $58.00 and gave the company a “market perform” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, Commerce Bancshares currently has a consensus rating of “Hold” and a consensus target price of $55.00.

Insider Transactions at Commerce Bancshares

In other news, Director Benjamin F. Rassieur III sold 1,785 shares of Commerce Bancshares stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $53.83, for a total value of $96,086.55. Following the transaction, the director now owns 33,567 shares of the company’s stock, valued at approximately $1,806,911.61. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Benjamin F. Rassieur III sold 1,785 shares of Commerce Bancshares stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $53.83, for a total value of $96,086.55. Following the transaction, the director now directly owns 33,567 shares of the company’s stock, valued at $1,806,911.61. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP David L. Roller sold 1,392 shares of the firm’s stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $50.62, for a total transaction of $70,463.04. Following the sale, the senior vice president now owns 30,949 shares of the company’s stock, valued at $1,566,638.38. The disclosure for this sale can be found here. Insiders have sold 14,321 shares of company stock valued at $752,387 in the last quarter. Insiders own 3.10% of the company’s stock.

Institutional Trading of Commerce Bancshares

Several institutional investors have recently made changes to their positions in CBSH. First Republic Investment Management Inc. lifted its stake in Commerce Bancshares by 0.3% in the second quarter. First Republic Investment Management Inc. now owns 53,245 shares of the financial services provider’s stock valued at $3,496,000 after acquiring an additional 138 shares during the last quarter. Cetera Advisors LLC lifted its stake in shares of Commerce Bancshares by 3.6% in the fourth quarter. Cetera Advisors LLC now owns 5,099 shares of the financial services provider’s stock worth $347,000 after buying an additional 179 shares during the last quarter. Treasurer of the State of North Carolina lifted its stake in shares of Commerce Bancshares by 0.5% in the second quarter. Treasurer of the State of North Carolina now owns 49,934 shares of the financial services provider’s stock worth $2,432,000 after buying an additional 230 shares during the last quarter. Mercer Global Advisors Inc. ADV increased its position in Commerce Bancshares by 1.1% during the third quarter. Mercer Global Advisors Inc. ADV now owns 23,906 shares of the financial services provider’s stock worth $1,147,000 after acquiring an additional 250 shares during the period. Finally, FMR LLC increased its position in Commerce Bancshares by 3.3% during the third quarter. FMR LLC now owns 8,817 shares of the financial services provider’s stock worth $423,000 after acquiring an additional 282 shares during the period. 70.26% of the stock is currently owned by institutional investors and hedge funds.

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.