KANSAS CITY, MO—Paul A. Steiner, Controller at Commerce Bancshares Inc. (NASDAQ:CBSH), recently sold shares of the company's common stock. According to a filing with the Securities and Exchange Commission, Steiner sold 803 shares on November 12 at a price of $72.43 per share, totaling approximately $58,161.
In addition to the sale, the filing also noted a transaction involving the disposition of 2,055 shares at $72.26 per share, valued at $148,494. Following these transactions, Steiner holds 3,086 shares directly.
Commerce Bancshares Inc. is a state commercial bank headquartered in Kansas City, Missouri.
In other recent news, Commerce Bancshares has announced amendments to its bylaws, introducing the option for virtual or hybrid annual and special meetings. The bank also reported a strong performance in the third quarter, exceeding both earnings and revenue estimates. The company reported earnings of $1.07 per share and revenue of $421.4 million, marking an increase from the previous year. Furthermore, the bank experienced a year-over-year growth in non-interest income, which rose 11.2% to $159.0 million.
In a recent analysis, Piper Sandler maintained a neutral stance on Commerce Bancshares, anticipating challenges due to potential net interest margin compression. 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 reflect the company's robust profitability and revenue diversity, despite potential challenges in the current market conditions. It should be noted that these are recent developments and as such, they may have an impact on the company's future performance.
InvestingPro Insights
Recent transactions by Commerce Bancshares Inc.'s (NASDAQ:CBSH) Controller Paul A. Steiner have drawn attention to the company's stock performance. According to InvestingPro data, CBSH has shown a strong return over the past year, with a 57.89% price total return. This impressive performance is further underscored by the stock trading near its 52-week high, currently at 97.91% of that peak.
The company's financial health appears robust, with a market capitalization of $9.2 billion and a P/E ratio of 18.66. This valuation comes alongside a revenue of $1.62 billion for the last twelve months as of Q3 2023, representing a 4.99% growth.
InvestingPro Tips highlight that Commerce Bancshares has maintained dividend payments for 54 consecutive years, demonstrating a commitment to shareholder returns. This is particularly noteworthy given the current dividend yield of 1.5%. Additionally, the company has raised its dividend for 11 consecutive years, a factor that may attract income-focused investors.
It's worth noting that while the stock has shown strong performance, the RSI suggests it may be in overbought territory. Investors considering CBSH might want to weigh this alongside the company's consistent dividend history and recent price momentum.
For those seeking a deeper analysis, InvestingPro offers 13 additional tips for Commerce Bancshares, providing a more comprehensive view of the company's financial position and market outlook.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.