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

kopsource · Aug 7, 2022 10:41

Commerce Bancshares, Inc. (NASDAQ:CBSH – Get Rating) declared a quarterly dividend on Friday, August 5th, RTT News reports. Shareholders 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 yield of 1.49%.

Commerce Bancshares has a payout ratio of 24.7% indicating that its dividend is sufficiently covered by earnings. 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%.

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Commerce Bancshares Trading Up 0.9 %

CBSH stock opened at $71.25 on Friday. Commerce Bancshares has a one year low of $61.81 and a one year high of $74.72. The firm has a 50-day moving average of $67.18 and a two-hundred day moving average of $69.06. The firm has a market capitalization of $8.60 billion, a PE ratio of 18.41 and a beta of 0.80.

Commerce Bancshares (NASDAQ:CBSH – Get Rating) last posted its quarterly earnings results on Thursday, July 21st. The financial services provider reported $0.96 EPS for the quarter, topping the consensus estimate of $0.95 by $0.01. The business had revenue of $371.80 million during the quarter, compared to analysts' expectations of $362.50 million. Commerce Bancshares had a net margin of 32.88% and a return on equity of 14.27%. The firm's quarterly revenue was up 7.1% compared to the same quarter last year. During the same period last year, the company posted $1.38 earnings per share. On average, equities research analysts anticipate that Commerce Bancshares will post 4.04 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts recently commented on the stock. DA Davidson raised their price target on shares of Commerce Bancshares to $71.00 in a report on Monday, July 25th. Jefferies Financial Group dropped their price target on shares of Commerce Bancshares from $75.00 to $71.00 in a research report on Monday, July 11th. Finally, StockNews.com raised shares of Commerce Bancshares from a "sell" rating to a "hold" rating in a research report on Monday, July 18th.

Insiders Place Their Bets

In related news, EVP Robert S. Holmes sold 2,000 shares of the company's stock in a transaction dated Thursday, August 4th. The shares were sold at an average price of $70.45, for a total transaction of $140,900.00. Following the transaction, the executive vice president now owns 43,058 shares in the company, valued at approximately $3,033,436.10. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, EVP Robert S. Holmes sold 2,000 shares of the company's stock in a transaction dated Thursday, August 4th. The stock was sold at an average price of $70.45, for a total value of $140,900.00. Following the completion of the sale, the executive vice president now directly owns 43,058 shares of the company's stock, valued at approximately $3,033,436.10. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Blackford F. Brauer acquired 5,000 shares of the firm's stock in a transaction that occurred on Friday, June 10th. The stock was acquired at an average price of $65.85 per share, with a total value of $329,250.00. Following the completion of the transaction, the director now directly owns 11,027 shares in the company, valued at approximately $726,127.95. The disclosure for this purchase can be found here. Insiders have acquired 15,000 shares of company stock worth $1,015,150 over the last 90 days. Corporate insiders own 3.20% of the company's stock.

Hedge Funds Weigh In On Commerce Bancshares

Institutional investors and hedge funds have recently modified their holdings of the business. Forum Financial Management LP acquired a new position in shares of Commerce Bancshares in the 1st quarter valued at approximately $205,000. HighTower Advisors LLC boosted its position in 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 acquiring an additional 1,188 shares during the last quarter. Graham Capital Management L.P. acquired a new position in Commerce Bancshares during the 1st quarter worth approximately $740,000. Royal London Asset Management Ltd. boosted its position in Commerce Bancshares by 37.5% during the 1st quarter. Royal London Asset Management Ltd. now owns 12,441 shares of the financial services provider's stock worth $891,000 after acquiring an additional 3,394 shares during the last quarter. Finally, NewEdge Advisors LLC boosted its position 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 acquiring an additional 330 shares during the last quarter. 67.85% of the stock is currently owned by institutional investors and hedge funds.

Commerce Bancshares Company Profile

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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.