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Kevin G. Barth, Executive Vice President at Commerce Bancshares Inc. (NASDAQ:CBSH), a $8.94 billion market cap bank with a GOOD financial health rating according to InvestingPro, recently sold shares valued at approximately $1.72 million. The transactions took place on January 24 and January 27, with sale prices ranging from $66.00 to $67.20 per share, near the stock’s 52-week high of $72.75.
In addition to the stock sales, Barth exercised stock appreciation rights on January 24, acquiring 18,538 shares of common stock at prices between $38.2618 and $41.8947, totaling approximately $743,214. Following these transactions, Barth’s direct ownership stands at 44,289 shares. Notably, Commerce Bancshares has maintained dividend payments for 54 consecutive years, demonstrating strong financial stability. InvestingPro subscribers have access to 8 additional key insights about CBSH’s financial performance and outlook.
The filings also reveal that Barth disposed of shares to cover tax obligations, with transactions totaling $150,386 in value. These sales were executed at prices ranging from $65.8542 to $65.895 per share.
In other recent news, Commerce Bancshares has showcased strong financial performance, surpassing analyst expectations with its fourth quarter earnings. The bank reported earnings of $1.01 per share, exceeding the consensus estimate of $0.92, and revenue of $422.08 million, topping expectations of $416.66 million. Furthermore, the bank’s net interest income rose to $266.6 million, up from $262.4 million in the previous quarter.
Additionally, Piper Sandler has adjusted its outlook on Commerce Bancshares, raising the price target to $72 from the previous $69, while keeping a neutral rating. The updated target reflects Piper Sandler’s expectations of the bank’s continued profitability, particularly due to anticipated benefits from fewer Federal Reserve rate cuts this year on the bank’s net interest income. Piper Sandler also increased its earnings per share estimates for the bank for 2025 and 2026 by 5% and 4%, respectively.
In terms of financial health, Commerce Bancshares’ 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 of 2024, the bank reported net income of $526.3 million, a significant increase from $477.1 million in 2023. These are the recent developments concerning Commerce Bancshares.
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