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David W. Kemper (NYSE:KMPR), Executive Chairman of Commerce Bancshares Inc. (NASDAQ:CBSH), recently sold 30,000 shares of the company's common stock. The sale, which took place on October 22, 2024, was executed at prices ranging from $61.23 to $61.955 per share, totaling approximately $1.85 million.
Following this transaction, Kemper retains direct ownership of 1,151,994 shares. Additionally, he maintains indirect ownership of shares through various trusts and plans, including the CB Kemper Rev Trust and the Exec Comp Plan, among others. These holdings collectively reflect Kemper's continued significant investment in the company.
In other recent news, Commerce Bancshares has surpassed third-quarter earnings and revenue estimates. The company reported earnings of $1.07 per share, beating the consensus estimate of $1.01, and marking an increase from the previous year's $0.92 per share. Revenue for the quarter reached $421.4 million, exceeding the estimate of $419.72 million.
These recent developments also include a rise in non-interest income, which increased 11.2% year-over-year to $159.0 million, largely driven by higher trust fees, capital market fees, and deposit account fees. Credit quality remained robust, with non-accrual loans steady at 0.11% of total loans.
Meanwhile, Piper Sandler maintained a neutral stance on Commerce Bancshares, keeping a price target of $68.50. The firm anticipates strong profitability metrics from the bank, but foresees potential challenges in earnings per share growth due to possible net interest margin compression. Piper Sandler has also updated its fourth-quarter 2024 EPS estimate for Commerce Bancshares to $1.03, reflecting higher core fee income expectations. The 2025 and 2026 EPS estimates remain at $3.80 and $3.95 respectively.
InvestingPro Insights
David W. Kemper's recent sale of Commerce Bancshares Inc. (NASDAQ:CBSH) shares comes at a time when the company's stock is trading near its 52-week high, with the price at 93.99% of its peak. This timing aligns with an InvestingPro Tip indicating that CBSH is trading at a high P/E ratio relative to its near-term earnings growth, suggesting the stock may be fully valued in the current market.
Despite the executive chairman's sale, Commerce Bancshares maintains a strong dividend profile. An InvestingPro Tip highlights that the company has raised its dividend for 10 consecutive years, demonstrating a commitment to shareholder returns. This is further supported by the company's current dividend yield of 1.74% and a dividend growth rate of 5.0% over the last twelve months.
For investors seeking a more comprehensive analysis, InvestingPro offers 7 additional tips that could provide deeper insights into CBSH's financial health and market position. These additional tips could be particularly valuable in understanding the full context of insider transactions like Kemper's recent sale.
Real-time data from InvestingPro shows that Commerce Bancshares has a market capitalization of $7.95 billion and a P/E ratio of 16.08. The company's revenue for the last twelve months as of Q3 2024 stood at $1.62 billion, with a revenue growth of 4.99% over the same period. These figures provide a snapshot of the company's current financial standing and growth trajectory.
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