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

Commerce Bancshares, Inc. (NASDAQ:CBSH) announced a quarterly dividend on Wednesday, April 17th, RTT News reports. Shareholders of record on Wednesday, June 5th will be paid 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 yield of 2.03%.

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 dividend payout ratio of 32.0% meaning its dividend is sufficiently covered by earnings. Research analysts expect Commerce Bancshares to earn $3.39 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 31.9%.

Commerce Bancshares Trading Up 0.1 %

Shares of CBSH stock opened at $53.10 on Friday. Commerce Bancshares has a 12 month low of $40.91 and a 12 month high of $56.75. The stock has a market cap of $6.90 billion, a P/E ratio of 14.81 and a beta of 0.79. The company has a 50 day simple moving average of $52.02 and a two-hundred day simple moving average of $50.93.

Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings data 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 firm had revenue of $397.80 million during the quarter, compared to analysts’ expectations of $389.49 million. Commerce Bancshares had a net margin of 23.33% and a return on equity of 16.78%. The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.90 earnings per share. As a group, equities analysts forecast that Commerce Bancshares will post 3.39 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. StockNews.com raised shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research note on Wednesday. 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. Raymond James raised shares of Commerce Bancshares from a “market perform” rating to an “outperform” rating and set a $61.00 target price for the company in a research note on Wednesday. Piper Sandler raised their target price on shares of Commerce Bancshares from $53.00 to $54.00 and gave the company a “neutral” rating in a research note on Wednesday. Finally, Bank of America assumed 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 for the company. Six investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $55.00.

Insider Buying and Selling at Commerce Bancshares

In other Commerce Bancshares news, SVP Patricia R. Kellerhals sold 730 shares of the stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $54.87, for a total transaction of $40,055.10. Following the completion of the transaction, the senior vice president now owns 25,502 shares in the company, valued at $1,399,294.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, SVP Douglas D. Neff sold 614 shares of the firm’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $50.25, for a total value of $30,853.50. Following the completion of the sale, the senior vice president now owns 8,038 shares in the company, valued at approximately $403,909.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Patricia R. Kellerhals sold 730 shares of the firm’s stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $54.87, for a total transaction of $40,055.10. Following the completion of the sale, the senior vice president now owns 25,502 shares of the company’s stock, valued at approximately $1,399,294.74. The disclosure for this sale can be found here. Insiders sold 14,321 shares of company stock worth $752,387 over the last 90 days. 3.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Commerce Bancshares

Institutional investors have recently made changes to their positions in the company. Moneta Group Investment Advisors LLC increased its stake in Commerce Bancshares by 102,920.9% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 133,790,172 shares of the financial services provider’s stock worth $9,107,097,000 after buying an additional 133,660,305 shares during the period. Vanguard Group Inc. increased its stake in Commerce Bancshares by 4.7% in the 4th quarter. Vanguard Group Inc. now owns 12,372,518 shares of the financial services provider’s stock worth $660,816,000 after buying an additional 558,017 shares during the period. BlackRock Inc. increased its stake in Commerce Bancshares by 2.0% in the 1st quarter. BlackRock Inc. now owns 10,934,079 shares of the financial services provider’s stock worth $638,003,000 after buying an additional 217,024 shares during the period. State Street Corp increased its stake in Commerce Bancshares by 18.9% in the 2nd quarter. State Street Corp now owns 7,736,375 shares of the financial services provider’s stock worth $376,761,000 after buying an additional 1,227,825 shares during the period. Finally, Lazard Asset Management LLC increased its stake in Commerce Bancshares by 2.1% in the 1st quarter. Lazard Asset Management LLC now owns 5,304,379 shares of the financial services provider’s stock worth $379,739,000 after buying an additional 111,594 shares during the period. Institutional investors own 70.26% of the company’s stock.

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.