Commerce Bancshares Inc. (NASDAQ:CBSH) recently disclosed that Patricia R. Kellerhals, the company's Senior Vice President, sold 500 shares of common stock. The transaction, which took place on December 9, involved shares sold at a price of $68.55 each, amounting to a total value of $34,275. The sale comes as the stock shows strong momentum, with a 35% gain over the past six months. According to InvestingPro analysis, the company maintains a "GOOD" financial health score and trades slightly below its Fair Value.
Following the sale, Kellerhals retains 22,265 shares of Commerce Bancshares. The stock holding balances have been adjusted to include a 5% stock dividend, with a record date of December 3, 2024, and payable on December 18, 2024. Notably, Commerce Bancshares has maintained dividend payments for 54 consecutive years, demonstrating strong commitment to shareholder returns. Want deeper insights into insider trading patterns and dividend sustainability? InvestingPro offers 8 additional key insights about CBSH's financial outlook.
In other recent news, Commerce Bancshares has reported a strong performance in the third quarter, surpassing both earnings and revenue estimates. The company reported earnings of $1.07 per share, a notable increase from the $0.92 per share reported in the same quarter last year. Revenue for the quarter was $421.4 million, marking an increase from the $391.5 million reported in the third quarter of the previous year.
Furthermore, Commerce Bancshares announced amendments to its bylaws, updating provisions related to the scheduling and format of stockholder meetings. The changes include the option for virtual or hybrid annual and special meetings and set the default date for future annual meetings. Additionally, the company updated its shareholder proposal and nomination procedures in line with the new meeting arrangements.
In a recent analysis, Piper Sandler maintained a neutral stance on Commerce Bancshares, expressing skepticism regarding the bank's potential for earnings per share growth in the coming year. The firm updated its fourth-quarter 2024 earnings per share estimate for the bank to $1.03, reflecting higher core fee income expectations. These recent developments highlight the company's robust profitability and revenue diversity, despite the challenges it may face in the current market conditions.
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