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

Commerce Bancshares, Inc. (NASDAQ:CBSH - Get Free Report) announced a quarterly dividend on Friday, October 25th, RTT News reports. Investors of record on Tuesday, December 3rd will be paid a dividend of 0.27 per share by the financial services provider on Tuesday, December 17th. This represents a $1.08 dividend on an annualized basis and a yield of 1.76%.

Commerce Bancshares has raised its dividend payment by an average of 16.1% annually over the last three years and has raised its dividend every year for the last 56 years. Commerce Bancshares has a dividend payout ratio of 28.4% meaning its dividend is sufficiently covered by earnings. Analysts expect Commerce Bancshares to earn $3.86 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 28.0%.

Commerce Bancshares Price Performance

NASDAQ:CBSH traded down $0.33 during trading hours on Friday, reaching $61.20. The company's stock had a trading volume of 539,677 shares, compared to its average volume of 529,754. The company has a market cap of $7.89 billion, a price-to-earnings ratio of 16.02, a price-to-earnings-growth ratio of 3.05 and a beta of 0.74. Commerce Bancshares has a one year low of $40.91 and a one year high of $65.86. The business's 50-day moving average is $61.19 and its 200-day moving average is $58.28.

Insider Buying and Selling

In related news, Chairman David W. Kemper sold 30,000 shares of the stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $61.78, for a total value of $1,853,400.00. Following the completion of the transaction, the chairman now owns 1,151,994 shares of the company's stock, valued at $71,170,189.32. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Commerce Bancshares news, Chairman David W. Kemper sold 30,000 shares of the company's stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $61.78, for a total transaction of $1,853,400.00. Following the sale, the chairman now directly owns 1,151,994 shares of the company's stock, valued at approximately $71,170,189.32. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP John K. Handy sold 6,424 shares of the company's stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $65.01, for a total transaction of $417,624.24. Following the sale, the executive vice president now directly owns 42,728 shares in the company, valued at $2,777,747.28. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 50,174 shares of company stock valued at $3,151,255 over the last quarter. Corporate insiders own 3.20% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CBSH. Piper Sandler set a $68.50 target price on shares of Commerce Bancshares and gave the stock a "neutral" rating in a research report on Friday, October 18th. Morgan Stanley lowered shares of Commerce Bancshares from an "overweight" rating to an "equal weight" rating and cut their price objective for the company from $66.00 to $64.00 in a research report on Monday, September 30th. Wells Fargo & Company upped their price objective on shares of Commerce Bancshares from $52.00 to $62.00 and gave the company an "equal weight" rating in a research report on Monday, July 22nd. StockNews.com raised shares of Commerce Bancshares from a "sell" rating to a "hold" rating in a research report on Friday, October 18th. Finally, Jefferies Financial Group upped their price objective on shares of Commerce Bancshares from $60.00 to $62.00 and gave the company a "hold" rating in a research report on Wednesday, July 3rd. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, Commerce Bancshares currently has a consensus rating of "Hold" and an average price target of $61.79.

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.