Commerce Bancshares, Inc. (NASDAQ:CBSH) Plans 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 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 dividend yield of 2.04%.

Commerce Bancshares has raised its dividend by an average of 3.3% per year 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 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 Price Performance

Shares of NASDAQ:CBSH traded up $1.00 during trading on Wednesday, reaching $53.01. 566,772 shares of the stock were exchanged, compared to its average volume of 485,062. Commerce Bancshares has a 1-year low of $40.91 and a 1-year high of $56.75. The stock has a fifty day moving average of $51.92 and a two-hundred day moving average of $50.90. The firm has a market cap of $6.88 billion, a price-to-earnings ratio of 14.61 and a beta of 0.79.

Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.86 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.06. The business had revenue of $397.80 million during the quarter, compared to analyst estimates of $389.49 million. Commerce Bancshares had a return on equity of 17.46% and a net margin of 24.41%. Commerce Bancshares’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.90 EPS. Sell-side analysts forecast that Commerce Bancshares will post 3.24 EPS for the current year.

Analysts Set New Price Targets

CBSH has been the subject of a number of analyst reports. Keefe, Bruyette & Woods increased their price target on Commerce Bancshares from $56.00 to $58.00 and gave the company a “market perform” rating in a research report on Wednesday. Piper Sandler raised their target price on Commerce Bancshares from $53.00 to $54.00 and gave the company a “neutral” rating in a research report on Wednesday. Raymond James raised Commerce Bancshares from a “market perform” rating to an “outperform” rating and set a $61.00 target price for the company in a research report on Wednesday. Bank of America started coverage on Commerce Bancshares in a research report on Thursday, January 11th. They set a “neutral” rating and a $55.00 target price for the company. Finally, Morgan Stanley raised their target price on Commerce Bancshares from $46.00 to $55.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 7th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $55.00.

Insider Activity

In related news, Director Benjamin F. Rassieur III sold 1,785 shares of the firm’s stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $53.83, for a total transaction of $96,086.55. Following the transaction, the director now directly owns 33,567 shares of the company’s stock, valued at approximately $1,806,911.61. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Benjamin F. Rassieur III sold 1,785 shares of the firm’s stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $53.83, for a total transaction of $96,086.55. Following the transaction, the director now directly owns 33,567 shares of the company’s stock, valued at approximately $1,806,911.61. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Robert S. Holmes sold 5,000 shares of the firm’s 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 transaction, the executive vice president now directly owns 50,293 shares in the company, valued at $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. 3.10% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Commerce Bancshares

Large investors have recently made changes to their positions in the business. PCA Investment Advisory Services Inc. bought a new stake in shares of Commerce Bancshares in the 2nd quarter worth approximately $38,000. Quantbot Technologies LP bought a new stake in shares of Commerce Bancshares in the 2nd quarter worth approximately $42,000. Altshuler Shaham Ltd bought a new stake in shares of Commerce Bancshares in the 4th quarter worth approximately $47,000. Rockefeller Capital Management L.P. grew its position in shares of Commerce Bancshares by 429.4% in the 4th quarter. Rockefeller Capital Management L.P. now owns 863 shares of the financial services provider’s stock worth $58,000 after buying an additional 700 shares during the last quarter. Finally, Point72 Middle East FZE bought a new stake in shares of Commerce Bancshares in the 4th quarter worth approximately $82,000. 70.26% of the stock is currently owned by 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.