Stephen Rosenman
Long/short equity, deep value, special situations

Commerce Bancshares: Is The M&A Titan Awakening?

It would be hard to find a more shareholder friendly bank than Commerce Bancshares (NASDAQ:CBSH). The Missouri-based regional is a dividend champion, having raised its quarterly dividend for over 25 years. The bank issued a $1.50 special dividend in 2012. And - if that were not enough - the financial also delivers a 5% stock dividend each year. Even more impressive, the stock dividends have not been dilutive. Commerce has been aggressively repurchasing shares for 15 years. In fact, despite a decade of 21:20 splits, Commerce's share count is actually down 28%. In other words, the bank has been aggressively shrinking its share count through share repurchases and transferring some of these shares to its investors - a...

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