Commerce Bancshares' 58-Year Dividend Growth Streak and Latest Hike: A Steady, Moderately Growing Regional Bank with a Shareholder-Friendly Capital Return Program

Commerce Bancshares recently announced a 5% dividend increase, marking its 58th consecutive year of rising regular cash dividends. The company's investment narrative is centered around steady, moderately growing profitability, disciplined credit costs, and a shareholder-friendly capital return program. The key risk is slower revenue and earnings growth persisting while the bank continues returning capital at this pace. Despite this, Commerce Bancshares' shares are still potentially undervalued by 43%.