Commerce Bancshares, Inc. (CBSH) to Distribute Quarterly Dividend of $0.27 on June 18th

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 raised its dividend 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. Equities 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 Price Performance

CBSH stock opened at $53.10 on Friday. The stock has a market capitalization of $6.90 billion, a PE ratio of 14.81 and a beta of 0.79. The company’s 50-day moving average is $52.02 and its 200-day moving average is $50.93. Commerce Bancshares has a 1 year low of $40.91 and a 1 year high of $56.75.

Commerce Bancshares (NASDAQ:CBSH) last released 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 company had revenue of $397.80 million for 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 business’s revenue was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.90 EPS. On average, analysts anticipate that Commerce Bancshares will post 3.39 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on CBSH shares. Bank of America started coverage on shares of Commerce Bancshares in a research report on Thursday, January 11th. They set a “neutral” rating and a $55.00 price objective on the stock. Piper Sandler raised their price target on shares of Commerce Bancshares from $53.00 to $54.00 and gave the company a “neutral” rating in a research report on Wednesday. Keefe, Bruyette & Woods raised their price target on shares of Commerce Bancshares from $56.00 to $58.00 and gave the company a “market perform” rating in a research report on Wednesday. StockNews.com raised shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Wednesday. Finally, Raymond James raised shares of Commerce Bancshares from a “market perform” rating to an “outperform” rating and set a $61.00 price target on the stock in a research report on Wednesday. Six investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $55.00.

Insider Buying and Selling at Commerce Bancshares

In other Commerce Bancshares news, EVP Robert S. Holmes sold 5,000 shares of the stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $52.66, for a total value of $263,300.00. Following the completion of the sale, the executive vice president now owns 50,293 shares in the company, valued at approximately $2,648,429.38. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, SVP Douglas D. Neff sold 614 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $50.25, for a total transaction 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 sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Robert S. Holmes sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $52.66, for a total transaction of $263,300.00. Following the sale, the executive vice president now owns 50,293 shares of the company’s stock, valued at approximately $2,648,429.38. The disclosure for this sale can be found here. In the last 90 days, insiders sold 14,321 shares of company stock worth $752,387. Insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Moneta Group Investment Advisors LLC grew 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 valued at $9,107,097,000 after buying an additional 133,660,305 shares in the last quarter. Vanguard Group Inc. grew 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 valued at $660,816,000 after buying an additional 558,017 shares in the last quarter. BlackRock Inc. grew 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 valued at $638,003,000 after buying an additional 217,024 shares in the last quarter. State Street Corp grew 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 valued at $376,761,000 after buying an additional 1,227,825 shares in the last quarter. Finally, Lazard Asset Management LLC grew 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 valued at $379,739,000 after buying an additional 111,594 shares in the last quarter. 70.26% of the stock is currently owned by hedge funds and other institutional investors.

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.