Commerce Bancshares (NASDAQ:CBSH) Shares Set to Split on Tuesday, December 1st

Key Points

• Commerce Bancshares will implement a 1.05-for-1 stock split before markets open December 1; the additional shares are scheduled to be distributed after the market closes November 30.
• The company reported quarterly EPS of $1.08, slightly above the $1.07 analyst consensus, while revenue of $494.34 million came in below expectations of $496.75 million.
• Commerce Bancshares announced a quarterly dividend of $0.275 per share, equivalent to $1.10 annually and a 2.0% yield. Analysts’ consensus rating is “Hold,” with an average price target of $63.50.

Commerce Bancshares, Inc. (NASDAQ:CBSH - Free Report)'s stock is scheduled to split before the market opens on Tuesday, December 1st. The 1.05-1 split was recently announced. The newly minted shares will be issued to shareholders after the market closes on Monday, November 30th.

Commerce Bancshares Price Performance

Shares of NASDAQ:CBSH opened at $55.74 on Friday. The company's 50 day simple moving average is $55.92 and its 200 day simple moving average is $54.53. The stock has a market capitalization of $7.89 billion, a price-to-earnings ratio of 13.43, a price-to-earnings-growth ratio of 2.33 and a beta of 0.61. Commerce Bancshares has a 1 year low of $46.99 and a 1 year high of $60.92.

Commerce Bancshares (NASDAQ:CBSH - Get Free Report) last announced its quarterly earnings data on Tuesday, October 20th. The financial services provider reported $1.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.07 by $0.01. Commerce Bancshares had a net margin of 26.06% and a return on equity of 14.27%. The business had revenue of $494.34 million for the quarter, compared to analysts' expectations of $496.75 million. During the same period last year, the firm posted $1.06 earnings per share. As a group, analysts anticipate that Commerce Bancshares will post 4.26 EPS for the current fiscal year.

Commerce Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 21st. Shareholders of record on Tuesday, December 1st will be issued a $0.2750 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Tuesday, December 1st. Commerce Bancshares's dividend payout ratio (DPR) is currently 26.51%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CBSH. Piper Sandler set a $60.50 price objective on Commerce Bancshares and gave the stock a "neutral" rating in a research report on Wednesday, October 21st. Wells Fargo & Company decreased their target price on Commerce Bancshares from $61.00 to $60.00 and set an "equal weight" rating on the stock in a research report on Monday, November 9th. Raymond James Financial upgraded Commerce Bancshares to a "hold" rating in a research report on Thursday, August 27th. Morgan Stanley boosted their target price on Commerce Bancshares from $76.00 to $77.00 and gave the stock an "overweight" rating in a research note on Monday, September 28th. Finally, Stephens set a $62.00 target price on shares of Commerce Bancshares and gave the stock an "equal weight" rating in a report on Wednesday, October 21st. Three analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $63.50.

Insider Activity

In related news, SVP Douglas Neff sold 666 shares of the firm's stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $58.15, for a total value of $38,727.90. Following the completion of the transaction, the senior vice president owned 11,746 shares in the company, valued at $683,029.90. This trade represents a 5.37% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Commerce Bancshares

A number of institutional investors have recently added to or reduced their stakes in the business. Nicholson Wealth Management Group LLC increased its holdings in shares of Commerce Bancshares by 0.6% in the 3rd quarter. Nicholson Wealth Management Group LLC now owns 32,609 shares of the financial services provider's stock worth $1,785,000 after purchasing an additional 197 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Commerce Bancshares by 11.4% in the third quarter. GAMMA Investing LLC now owns 2,116 shares of the financial services provider's stock worth $116,000 after purchasing an additional 216 shares during the last quarter. Jackson Thornton Wealth Management LLC raised its stake in shares of Commerce Bancshares by 5.3% in the third quarter. Jackson Thornton Wealth Management LLC now owns 5,448 shares of the financial services provider's stock worth $298,000 after purchasing an additional 273 shares during the last quarter. MTM Investment Management LLC lifted its holdings in shares of Commerce Bancshares by 0.3% during the first quarter. MTM Investment Management LLC now owns 88,242 shares of the financial services provider's stock valued at $4,342,000 after purchasing an additional 281 shares in the last quarter. Finally, Versant Capital Management Inc lifted its holdings in shares of Commerce Bancshares by 146.6% during the third quarter. Versant Capital Management Inc now owns 508 shares of the financial services provider's stock valued at $28,000 after purchasing an additional 302 shares in the last quarter. 70.26% of the stock is owned by institutional investors.

About Commerce Bancshares

Commerce Bancshares, Inc. is a bank holding company headquartered in Kansas City, Missouri. Founded in 1865, it provides banking and financial services through its principal subsidiary, Commerce Bank. The company serves consumers, businesses, institutions and public-sector organizations. Its services include checking and savings accounts, lending, mortgage banking, treasury management, payment processing, and wealth management and trust services. Commerce Bank operates across several Midwestern and neighboring states, including Missouri, Kansas, Illinois, Oklahoma and Colorado.

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