Stock market today: S&P 500 drops for fifth day as focus shifts to Powell’s speech
John K. Handy, Executive Vice President of Commerce Bancshares Inc. (NASDAQ:CBSH), a $9 billion market cap regional bank with a ’GOOD’ InvestingPro Financial Health score, recently sold 2,722 shares of common stock at an average price of $66.68 per share, totaling $181,502. Following this transaction on January 27, Handy holds 39,638 shares directly. Additionally, Handy’s indirect holdings include 4,396 shares owned by his daughter and 9,671 shares owned by his spouse. The sales are part of routine transactions reported to the Securities and Exchange Commission. The company has maintained dividend payments for 54 consecutive years, with a current yield of 1.61%. InvestingPro subscribers can access detailed insider trading patterns and 6 additional key insights about CBSH’s valuation and growth prospects.
In other recent news, Commerce Bancshares has seen significant activity. The company reported strong fourth-quarter earnings that beat analyst estimates, with earnings at $1.01 per share, surpassing the consensus estimate of $0.92. Revenue stood at $422.08 million, exceeding expectations of $416.66 million. This was coupled with a rise in net interest income to $266.6 million, up from the previous quarter’s $262.4 million.
In addition, Piper Sandler recently adjusted its outlook on Commerce Bancshares, raising the price target to $72. This revision reflects the bank’s strong profitability, particularly due to anticipated benefits from fewer Federal Reserve rate cuts this year. Piper Sandler also increased its earnings per share estimates for Commerce Bancshares for the years 2025 and 2026 by 5% and 4%, respectively.
Furthermore, the bank’s book value per share rose 14.5% year-over-year to $24.84, and the company’s tangible common equity to tangible assets ratio grew 107 basis points to 9.92%. For the full year 2024, the bank reported net income of $526.3 million, a notable increase from $477.1 million in 2023. These are the recent developments concerning Commerce Bancshares.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.