Commerce Bancshares, Inc. (CBSH) to Distribute Quarterly Dividend of $0.28 on June 24th

Commerce Bancshares, Inc. (NASDAQ:CBSH) announced a quarterly dividend on Friday, April 25th, RTT News reports. Shareholders of record on Friday, June 6th will be paid a dividend of 0.275 per share by the financial services provider on Tuesday, June 24th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.82%.

Commerce Bancshares has raised its dividend payment by an average of 6.0% annually over the last three years and has raised its dividend annually for the last 58 consecutive years. Commerce Bancshares has a payout ratio of 26.2% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Commerce Bancshares to earn $4.18 per share next year, which means the company should continue to be able to cover its $1.10 annual dividend with an expected future payout ratio of 26.3%.

Commerce Bancshares Stock Performance

NASDAQ:CBSH opened at $60.56 on Friday. The company has a market capitalization of $8.12 billion, a P/E ratio of 15.10, a P/E/G ratio of 2.13 and a beta of 0.71. The stock’s 50 day moving average price is $60.94 and its 200 day moving average price is $64.22. Commerce Bancshares has a 52 week low of $49.97 and a 52 week high of $72.75.

Commerce Bancshares (NASDAQ:CBSH) last announced its earnings results on Wednesday, April 16th. The financial services provider reported $0.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.05. Commerce Bancshares had a return on equity of 16.31% and a net margin of 25.24%. The firm had revenue of $428.05 million during the quarter, compared to analysts’ expectations of $417.85 million. As a group, sell-side analysts forecast that Commerce Bancshares will post 3.94 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Wells Fargo & Company lowered their target price on shares of Commerce Bancshares from $70.00 to $60.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 9th. Piper Sandler raised their price target on Commerce Bancshares from $65.00 to $66.00 and gave the company a “neutral” rating in a research report on Thursday, April 17th. Keefe, Bruyette & Woods dropped their price objective on Commerce Bancshares from $74.00 to $70.00 and set a “market perform” rating on the stock in a research note on Thursday, April 17th. Morgan Stanley upgraded Commerce Bancshares from an “underweight” rating to an “equal weight” rating and decreased their target price for the company from $66.00 to $58.00 in a research note on Monday, April 7th. Finally, StockNews.com downgraded Commerce Bancshares from a “hold” rating to a “sell” rating in a research report on Thursday, April 17th. One analyst has rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. According to data from MarketBeat, Commerce Bancshares currently has a consensus rating of “Hold” and a consensus price target of $63.20.

Insider Activity at Commerce Bancshares

In other news, VP David L. Orf sold 1,036 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $68.24, for a total transaction of $70,696.64. Following the sale, the vice president now directly owns 22,175 shares in the company, valued at approximately $1,513,222. The trade was a 4.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Charles G. Kim sold 13,493 shares of the company’s stock in a transaction on Friday, February 7th. The shares were sold at an average price of $67.76, for a total value of $914,285.68. Following the completion of the transaction, the chief financial officer now owns 86,246 shares of the company’s stock, valued at $5,844,028.96. The trade was a 13.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 53,564 shares of company stock worth $3,605,360. Company insiders own 3.10% 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.