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

Commerce Bancshares, Inc. (NASDAQ:CBSH) declared a quarterly dividend on Friday, October 25th,RTT News reports. Investors of record on Tuesday, December 3rd will be paid a dividend of 0.27 per share by the financial services provider on Tuesday, December 17th. This represents a $1.08 annualized dividend and a yield of 1.46%. The ex-dividend date is Tuesday, December 3rd.

Commerce Bancshares has raised its dividend by an average of 16.1% 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 28.1% meaning its dividend is sufficiently covered by earnings. Analysts expect Commerce Bancshares to earn $3.87 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 27.9%.

Commerce Bancshares Trading Down 0.2 %

Shares of Commerce Bancshares stock opened at $73.75 on Friday. The business has a 50-day moving average price of $64.66 and a two-hundred day moving average price of $60.91. Commerce Bancshares has a 1-year low of $47.28 and a 1-year high of $76.39. The company has a market cap of $9.46 billion, a P/E ratio of 19.21, a PEG ratio of 3.98 and a beta of 0.73.

Commerce Bancshares (NASDAQ:CBSH) last issued its quarterly earnings results on Thursday, October 17th. The financial services provider reported $1.07 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.07. Commerce Bancshares had a return on equity of 15.93% and a net margin of 24.15%. The firm had revenue of $421.38 million during the quarter, compared to the consensus estimate of $412.85 million. Equities research analysts forecast that Commerce Bancshares will post 4.02 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Piper Sandler set a $68.50 price target on Commerce Bancshares and gave the stock a “neutral” rating in a report on Friday, October 18th. Morgan Stanley downgraded Commerce Bancshares from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $66.00 to $64.00 in a report on Monday, September 30th. Finally, StockNews.com upgraded Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Seven equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $61.79.

Insider Activity

In related news, EVP John K. Handy sold 1,331 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $63.80, for a total value of $84,917.80. Following the transaction, the executive vice president now owns 41,548 shares of the company’s stock, valued at approximately $2,650,762.40. This trade represents a 3.10 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Patricia R. Kellerhals sold 2,000 shares of the firm’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $62.23, for a total transaction of $124,460.00. Following the completion of the transaction, the senior vice president now directly owns 23,381 shares in the company, valued at approximately $1,454,999.63. The trade was a 7.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 35,109 shares of company stock worth $2,191,123 in the last three months. Company insiders own 3.20% 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.