Commerce Bancshares, Inc.
) dipped 0.3% despite the announcement of a 5% stock dividend on
Nov 1. The stock dividend will be paid on Dec 16 to shareholders
of record as of Nov 29.
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Further, shareholders will be receiving cash for fractional
shares. The cash amount will be determined on the basis of
Commerce Bancshares' share price on Nov 29.
Moreover, Commerce Bancshares announced a regular cash dividend
of 22.5 cents per share. The dividend will be paid on Dec 16 to
shareholders of record as of Nov 29. Notably, this dividend will
not be paid on any share issued in connection with the 5% stock
Commerce Bancshares continues to meaningfully enhance
shareholders' value. Even during the financial crisis, the
company consistently hiked its quarterly dividend and paid yearly
5% stock dividend as well. The last rise in quarterly dividend
occurred in Feb 2012 when the company increased the payout by
nearly 5% to the present 22.5 cents per share.
Further, Commerce Bancshares has a share repurchase program in
place. In July, the company announced the buyback of additional
shares, thereby bringing the total authorization to 4 million
shares. In the third quarter, the company repurchased 547,000
shares for $23.9 million.
Additionally, in Sep 2013, Commerce Bancshares completed the
acquisition of Summit Bancshares, Inc. of Tulsa and Oklahoma City
for $44 million. This was the first major acquisition by the
company since the financial crisis. Earlier in 2007, the company
had acquired Commerce Bank, while in 2006 it acquired South Tulsa
Financial Corporation and West Pointe Bancorp, Inc.
Other banks that are continuing to reward shareholders include
International Bancshares Corp.
). These banks recently announced a hike in their cash dividends.
International Bancshares raised its semi-annual cash dividend by
15% to 23 cents per share, Westamerica announced a 2.7% increase
in its quarterly cash dividend to 38 cents and Associated
Banc-Corp raised its quarterly cash dividend by 12.5% to 9 cents.
Commerce Bancshares currently carries a Zacks Rank #3 (Hold).