Commerce Bancshares, Inc. (NASDAQ:CBSH) Plans $0.28 Quarterly Dividend

Commerce Bancshares, Inc. (NASDAQ:CBSH) declared a quarterly dividend on Friday, April 24th. Stockholders of record on Friday, June 5th will be given a dividend of 0.275 per share by the financial services provider on Tuesday, June 23rd. This represents a c) annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Friday, June 5th.

Commerce Bancshares has increased its dividend payment by an average of 0.0%per year over the last three years and has raised its dividend every year for the last 58 years. Commerce Bancshares has a dividend payout ratio of 26.2% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Commerce Bancshares to earn $4.43 per share next year, which means the company should continue to be able to cover its $1.10 annual dividend with an expected future payout ratio of 24.8%.

Commerce Bancshares Stock Performance

Commerce Bancshares stock opened at $52.02 on Wednesday. The company has a 50-day simple moving average of $50.80 and a 200-day simple moving average of $51.78. The firm has a market capitalization of $7.58 billion, a P/E ratio of 12.47, a P/E/G ratio of 3.50 and a beta of 0.60. Commerce Bancshares has a one year low of $46.99 and a one year high of $63.19.

Commerce Bancshares (NASDAQ:CBSH) last released its quarterly earnings results on Tuesday, April 21st. The financial services provider reported $0.96 EPS for the quarter, topping the consensus estimate of $0.94 by $0.02. The business had revenue of $475.69 million during the quarter, compared to analyst estimates of $481.94 million. Commerce Bancshares had a net margin of 26.37% and a return on equity of 14.78%. The company’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.98 earnings per share. As a group, sell-side analysts forecast that Commerce Bancshares will post 4.12 earnings per share for the current year.

Analyst Upgrades and Downgrades

CBSH has been the subject of a number of recent analyst reports. Wall Street Zen raised Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. TD Cowen reissued a “hold” rating and issued a $54.00 price objective (up from $53.00) on shares of Commerce Bancshares in a report on Thursday, April 23rd. Weiss Ratings reissued a “hold (c)” rating on shares of Commerce Bancshares in a report on Friday, March 27th. Hovde Group decreased their target price on shares of Commerce Bancshares from $63.00 to $60.00 and set an “outperform” rating for the company in a research report on Wednesday, April 22nd. Finally, Wells Fargo & Company decreased their target price on shares of Commerce Bancshares from $60.00 to $53.00 and set an “equal weight” rating for the company in a research report on Monday, March 30th. One investment analyst has rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $59.30.

Commerce Bancshares Company Profile

Commerce Bancshares, Inc is a bank holding company primarily engaged in providing a broad range of banking and financial services across the Midwest. Through its principal subsidiary, Commerce Bank, the company offers commercial and consumer banking, treasury management, trust and wealth advisory, and mortgage lending. Its diversified product suite includes deposit and loan products, cash management solutions, capital markets services, and private banking designed to meet the needs of individuals, small businesses, and large corporations.

The company’s commercial banking group delivers tailored credit facilities, equipment and inventory financing, asset-based lending, and merchant services.