Commerce Bancshares, Inc. (NASDAQ:CBSH – Get Rating) announced a quarterly dividend on Friday, August 5th, RTT News reports. Stockholders of record on Wednesday, September 7th will be given a dividend of 0.265 per share by the financial services provider on Thursday, September 22nd. This represents a $1.06 annualized dividend and a dividend yield of 1.49%.
Commerce Bancshares has a payout ratio of 24.7% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Commerce Bancshares to earn $4.28 per share next year, which means the company should continue to be able to cover its $1.06 annual dividend with an expected future payout ratio of 24.8%.
Get Commerce Bancshares alerts:Commerce Bancshares Stock Up 0.8 %
Commerce Bancshares stock traded up $0.58 during trading hours on Friday, hitting $71.19. The stock had a trading volume of 11,478 shares, compared to its average volume of 367,164. Commerce Bancshares has a one year low of $61.81 and a one year high of $74.72. The stock has a market cap of $8.59 billion, a price-to-earnings ratio of 18.25 and a beta of 0.80. The business's 50 day simple moving average is $67.13 and its 200-day simple moving average is $69.09.
Commerce Bancshares (NASDAQ:CBSH – Get Rating) last announced its quarterly earnings data on Thursday, July 21st. The financial services provider reported $0.96 EPS for the quarter, beating analysts' consensus estimates of $0.95 by $0.01. Commerce Bancshares had a return on equity of 14.27% and a net margin of 32.88%. The firm had revenue of $371.80 million during the quarter, compared to analysts' expectations of $362.50 million. During the same quarter last year, the firm posted $1.38 earnings per share. The company's revenue for the quarter was up 7.1% compared to the same quarter last year. Research analysts anticipate that Commerce Bancshares will post 4.04 EPS for the current fiscal year.Wall Street Analysts Forecast Growth
CBSH has been the subject of several recent analyst reports. StockNews.com upgraded Commerce Bancshares from a "sell" rating to a "hold" rating in a research report on Monday, July 18th. Jefferies Financial Group cut their price objective on Commerce Bancshares from $75.00 to $71.00 in a report on Monday, July 11th. Finally, DA Davidson upped their price objective on Commerce Bancshares to $71.00 in a report on Monday, July 25th.
Insider Transactions at Commerce Bancshares
In other news, Director Blackford F. Brauer bought 5,000 shares of Commerce Bancshares stock in a transaction dated Wednesday, July 27th. The shares were purchased at an average cost of $68.87 per share, with a total value of $344,350.00. Following the completion of the acquisition, the director now owns 16,027 shares of the company's stock, valued at approximately $1,103,779.49. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders have bought a total of 15,000 shares of company stock worth $1,015,150 in the last ninety days. Insiders own 3.20% of the company's stock.
Hedge Funds Weigh In On Commerce Bancshares
Several hedge funds have recently made changes to their positions in CBSH. Forum Financial Management LP purchased a new position in shares of Commerce Bancshares in the 1st quarter valued at about $205,000. HighTower Advisors LLC raised its position in shares of Commerce Bancshares by 14.7% during the 1st quarter. HighTower Advisors LLC now owns 9,253 shares of the financial services provider's stock worth $659,000 after purchasing an additional 1,188 shares during the last quarter. Graham Capital Management L.P. purchased a new position in Commerce Bancshares in the 1st quarter valued at about $740,000. Royal London Asset Management Ltd. boosted its holdings in Commerce Bancshares by 37.5% in the 1st quarter. Royal London Asset Management Ltd. now owns 12,441 shares of the financial services provider's stock worth $891,000 after buying an additional 3,394 shares during the last quarter. Finally, NewEdge Advisors LLC increased its stake in Commerce Bancshares by 2.6% during the 1st quarter. NewEdge Advisors LLC now owns 12,805 shares of the financial services provider's stock worth $917,000 after buying an additional 330 shares in the last quarter. 67.85% of the stock is owned by institutional investors and hedge funds.
About Commerce Bancshares
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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.
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