Commerce Bancshares, Inc. (NASDAQ:CBSH) announced a quarterly dividend on Friday, July 31st, RTT News reports. Shareholders of record on Friday, September 4th will be given a dividend of 0.27 per share by the financial services provider on Monday, September 21st. This represents a $1.08 dividend on an annualized basis and a yield of 1.89%.
Commerce Bancshares has increased its dividend payment by an average of 15.6% annually over the last three years and has raised its dividend annually for the last 51 consecutive years. Commerce Bancshares has a payout ratio of 45.4% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Commerce Bancshares to earn $2.98 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 36.2%.
NASDAQ CBSH opened at $57.26 on Friday. The stock’s 50-day simple moving average is $58.32 and its two-hundred day simple moving average is $60.41. Commerce Bancshares has a twelve month low of $45.51 and a twelve month high of $71.92. The company has a market capitalization of $6.39 billion, a price-to-earnings ratio of 21.66 and a beta of 1.03.
Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.34 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.54 by ($0.20). Commerce Bancshares had a net margin of 21.82% and a return on equity of 10.03%. The firm had revenue of $320.57 million for the quarter, compared to analysts’ expectations of $322.49 million. During the same quarter in the previous year, the business earned $0.96 EPS. The company’s revenue for the quarter was down 5.4% on a year-over-year basis. Analysts expect that Commerce Bancshares will post 2.3 earnings per share for the current year.
In related news, CEO John W. Kemper sold 12,079 shares of the firm’s stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $63.85, for a total value of $771,244.15. Following the sale, the chief executive officer now directly owns 143,541 shares of the company’s stock, valued at $9,165,092.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.40% of the stock is owned by company insiders.
Several research analysts have recently commented on CBSH shares. Piper Sandler lifted their price objective on Commerce Bancshares from $56.00 to $60.00 and gave the stock a “neutral” rating in a report on Wednesday, April 29th. Morgan Stanley lifted their price objective on Commerce Bancshares from $50.00 to $53.00 and gave the stock an “underweight” rating in a report on Monday, June 8th. BidaskClub downgraded Commerce Bancshares from a “sell” rating to a “strong sell” rating in a report on Friday, July 10th. Finally, Raymond James downgraded Commerce Bancshares from a “market perform” rating to an “underperform” rating in a report on Wednesday, June 17th. Four analysts have rated the stock with a sell rating and three have issued a hold rating to the company’s stock. Commerce Bancshares presently has an average rating of “Sell” and an average price target of $55.20.
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. It operates through three segments: Consumer, Commercial, and Wealth. The Consumer segment offers various banking products and services, including consumer deposits; consumer loans, such as automobile, motorcycle, marine, tractor/trailer, recreational vehicle, fixed rate and revolving home equity, and other consumer loans; patient health care financing; real estate loans; indirect and other consumer financing; personal mortgage banking; consumer installment lending; and consumer debit and credit bank cards, as well as provides online banking services.
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