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

Commerce Bancshares, Inc. (NASDAQ:CBSH) declared a quarterly dividend on Friday, July 26th, RTT News reports. Stockholders of record on Thursday, September 5th will be given a dividend of 0.27 per share by the financial services provider on Monday, September 23rd. This represents a $1.08 annualized dividend and a dividend yield of 1.65%.

Commerce Bancshares has increased its dividend payment by an average of 16.1% annually over the last three years and has raised its dividend annually for the last 56 consecutive years. Commerce Bancshares has a dividend payout ratio of 28.6% indicating that its dividend is sufficiently covered by earnings. Analysts expect Commerce Bancshares to earn $3.78 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 28.6%.

Commerce Bancshares Stock Up 1.8 %

NASDAQ CBSH traded up $1.13 during trading hours on Friday, hitting $65.37. The company had a trading volume of 277,059 shares, compared to its average volume of 501,932. Commerce Bancshares has a fifty-two week low of $40.91 and a fifty-two week high of $65.83. The firm has a market cap of $8.47 billion, a P/E ratio of 17.89 and a beta of 0.76. The business has a fifty day simple moving average of $56.37 and a 200-day simple moving average of $54.20.

Commerce Bancshares (NASDAQ:CBSH) last posted its earnings results on Thursday, July 18th. The financial services provider reported $1.07 EPS for the quarter, topping the consensus estimate of $0.90 by $0.17. The firm had revenue of $414.90 million during the quarter, compared to analysts’ expectations of $406.88 million. Commerce Bancshares had a net margin of 23.62% and a return on equity of 16.50%. Commerce Bancshares’s quarterly revenue was up 4.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.97 EPS. Equities analysts forecast that Commerce Bancshares will post 3.77 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

CBSH has been the topic of a number of recent analyst reports. 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 note on Wednesday, April 17th. Keefe, Bruyette & Woods upped their price target on shares of Commerce Bancshares from $58.00 to $60.00 and gave the stock a “market perform” rating in a research note on Friday, May 10th. Wells Fargo & Company boosted their target price on Commerce Bancshares from $52.00 to $62.00 and gave the stock an “equal weight” rating in a report on Monday. StockNews.com raised Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Wednesday, April 17th. Finally, Raymond James upgraded Commerce Bancshares from a “market perform” rating to an “outperform” rating and set a $61.00 price objective for the company in a report on Wednesday, April 17th. Seven investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $58.86.

Insider Transactions at Commerce Bancshares

In related news, CEO John W. Kemper sold 26,581 shares of Commerce Bancshares stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $56.77, for a total value of $1,509,003.37. Following the transaction, the chief executive officer now owns 198,387 shares of the company’s stock, valued at approximately $11,262,429.99. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO John W. Kemper sold 26,581 shares of the company’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $56.77, for a total value of $1,509,003.37. Following the completion of the sale, the chief executive officer now owns 198,387 shares in the company, valued at approximately $11,262,429.99. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP David L. Roller sold 861 shares of Commerce Bancshares stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $64.30, for a total transaction of $55,362.30. Following the transaction, the senior vice president now owns 30,949 shares in the company, valued at $1,990,020.70. The disclosure for this sale can be found here. Insiders sold a total of 47,068 shares of company stock valued at $2,813,757 in the last three months. 3.20% of the stock is currently owned by corporate 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.