Commerce Bancshares, Inc. Declares Quarterly Dividend of $0.23 (CBSH)
Commerce Bancshares, Inc. (NASDAQ:CBSH) announced a quarterly dividend on Friday, July 28th, RTT News reports. Shareholders of record on Friday, September 8th will be given a dividend of 0.225 per share by the financial services provider on Monday, September 25th. This represents a $0.90 dividend on an annualized basis and a yield of 1.56%.
Commerce Bancshares has a payout ratio of 30.6% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Commerce Bancshares to earn $3.10 per share next year, which means the company should continue to be able to cover its $0.90 annual dividend with an expected future payout ratio of 29.0%.
Commerce Bancshares (NASDAQ:CBSH) traded down 0.95% during midday trading on Friday, reaching $57.28. 89,926 shares of the company’s stock were exchanged. The firm’s 50 day moving average is $57.14 and its 200 day moving average is $56.41. The firm has a market capitalization of $5.82 billion, a price-to-earnings ratio of 20.76 and a beta of 0.81. Commerce Bancshares has a 52 week low of $44.27 and a 52 week high of $60.61.
Commerce Bancshares (NASDAQ:CBSH) last announced its quarterly earnings results on Thursday, July 13th. The financial services provider reported $0.75 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.05. The company had revenue of $305.89 million during the quarter, compared to the consensus estimate of $309.44 million. Commerce Bancshares had a return on equity of 12.01% and a net margin of 23.79%. Commerce Bancshares’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.70 earnings per share. On average, equities analysts anticipate that Commerce Bancshares will post $2.94 earnings per share for the current year.
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Several research analysts have recently weighed in on CBSH shares. Barclays PLC upped their target price on Commerce Bancshares from $54.00 to $55.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 19th. Zacks Investment Research upgraded Commerce Bancshares from a “sell” rating to a “hold” rating in a research report on Monday, July 10th. Piper Jaffray Companies reiterated a “hold” rating and set a $52.00 price target on shares of Commerce Bancshares in a research report on Friday, July 14th. Stephens reiterated an “equal weight” rating and set a $56.00 price target (up from $52.00) on shares of Commerce Bancshares in a research report on Monday, July 17th. Finally, BidaskClub cut Commerce Bancshares from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $55.00.
In other news, Chairman David W. Kemper sold 10,132 shares of the stock in a transaction on Friday, July 21st. The stock was sold at an average price of $57.83, for a total transaction of $585,933.56. Following the completion of the transaction, the chairman now directly owns 1,270,757 shares in the company, valued at approximately $73,487,877.31. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Vice Chairman Jonathan M. Kemper sold 36,979 shares of the stock in a transaction on Wednesday, June 7th. The stock was sold at an average price of $54.10, for a total value of $2,000,563.90. Following the transaction, the insider now owns 1,045,605 shares of the company’s stock, valued at $56,567,230.50. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 48,099 shares of company stock valued at $2,643,431. 4.30% of the stock is owned by company insiders.
Commerce Bancshares Company Profile
Commerce Bancshares, Inc is a bank holding company of Commerce Bank (the Bank). The Bank is engaged in general banking business, providing a range of retail, mortgage banking, corporate, investment, trust and asset management products and services to individuals and businesses. The Company operates through three segments: Consumer, Commercial and Wealth.
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