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

Commerce Bancshares, Inc. (NASDAQ:CBSH) announced a quarterly dividend on Friday, April 24th. Stockholders of record on Friday, June 5th will be paid a dividend of 0.275 per share by the financial services provider on Tuesday, June 23rd. This represents a c) dividend on an annualized basis 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 increased its dividend every year for the last 58 years. Commerce Bancshares has a payout ratio of 26.2% meaning its dividend is sufficiently covered by earnings. Equities 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 Up 1.1%

NASDAQ CBSH opened at $52.02 on Wednesday. The stock 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 52-week low of $46.99 and a 52-week high of $63.19. The firm has a 50-day moving average price of $50.80 and a 200 day moving average price of $51.78.

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

Insider Buying and Selling at Commerce Bancshares

In other Commerce Bancshares news, SVP Kim L. Jakovich sold 949 shares of the stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $51.45, for a total value of $48,826.05. Following the completion of the transaction, the senior vice president directly owned 12,741 shares of the company’s stock, valued at approximately $655,524.45. This trade represents a 6.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Timothy S. Dunn bought 2,500 shares of the company’s stock in a transaction on Friday, March 13th. The stock was bought at an average cost of $47.71 per share, with a total value of $119,275.00. Following the completion of the acquisition, the director owned 5,403 shares of the company’s stock, valued at $257,777.13. This represents a 86.12% increase in their position. The disclosure for this purchase is available in the SEC filing. 1.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Tudor Investment Corp ET AL increased its stake in shares of Commerce Bancshares by 5,922.5% during the 3rd quarter. Tudor Investment Corp ET AL now owns 501,859 shares of the financial services provider’s stock worth $29,991,000 after purchasing an additional 493,526 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Commerce Bancshares by 8.1% during the 4th quarter. Vanguard Group Inc. now owns 14,690,039 shares of the financial services provider’s stock worth $768,877,000 after purchasing an additional 1,098,142 shares in the last quarter. American Century Companies Inc. increased its stake in shares of Commerce Bancshares by 5.4% during the 3rd quarter. American Century Companies Inc. now owns 3,972,884 shares of the financial services provider’s stock worth $237,420,000 after purchasing an additional 202,758 shares in the last quarter. Mattern Capital Management LLC increased its stake in shares of Commerce Bancshares by 14.4% during the 4th quarter. Mattern Capital Management LLC now owns 161,306 shares of the financial services provider’s stock worth $8,443,000 after purchasing an additional 20,277 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of Commerce Bancshares by 4.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,611,608 shares of the financial services provider’s stock worth $96,310,000 after purchasing an additional 73,965 shares in the last quarter. 70.26% of the stock is owned by hedge funds and other institutional investors.

About Commerce Bancshares

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.