KANSAS CITY, Mo.—Kim L. Jakovich, Senior Vice President at Commerce Bancshares Inc. (NASDAQ:CBSH), recently sold shares in the company, according to a recent SEC filing. On November 13, Jakovich sold 193 shares of common stock at a price of $72.615 each, totaling $14,014.
In addition to the sale, Jakovich executed multiple stock appreciation rights, acquiring a total of 578 shares at prices ranging from $29.72 to $49.7951, amounting to $25,288. Furthermore, Jakovich disposed of shares through various transactions, including a $5,814 transaction at prices between $72.675 and $72.69.
Following these transactions, Jakovich now holds 8,578 shares of Commerce Bancshares common stock. The activity reflects ongoing adjustments in Jakovich's holdings as part of routine financial management.
In other recent news, Commerce Bancshares reported surpassing both earnings and revenue estimates for the third quarter. The company posted earnings of $1.07 per share, a significant increase from the $0.92 per share reported in the same quarter last year. The 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.
In addition, the company announced amendments to its bylaws, providing flexibility for the scheduling and format of stockholder meetings. These changes reflect a trend toward digital integration in corporate governance practices.
Piper Sandler, in its recent analysis, maintained a neutral stance on Commerce Bancshares. The firm acknowledged the bank's strong profitability metrics and pristine credit profile but expressed skepticism regarding potential for earnings per share growth in the coming year. Nevertheless, Piper Sandler has 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 potential market challenges.
InvestingPro Insights
Commerce Bancshares Inc. (NASDAQ:CBSH) has been showing strong performance recently, which adds context to the insider transactions reported. According to InvestingPro data, the company's stock has seen a significant 54.72% price total return over the past year, with a 27.24% return in just the last six months. This upward trend is further evidenced by the stock trading at 97.27% of its 52-week high, indicating robust investor confidence.
The company's financial health appears solid, with a market capitalization of $9.13 billion and a P/E ratio of 18.55, suggesting a reasonable valuation relative to earnings. Commerce Bancshares has also demonstrated its commitment to shareholder value, as highlighted by an InvestingPro Tip noting that the company has maintained dividend payments for 54 consecutive years. This long-standing dividend history, coupled with a current dividend yield of 1.51%, may be attractive to income-focused investors.
Another InvestingPro Tip points out that three analysts have revised their earnings upwards for the upcoming period, which could signal positive expectations for the company's near-term financial performance. This optimism aligns with the company's recent revenue growth of 4.99% over the last twelve months.
For investors seeking a more comprehensive analysis, InvestingPro offers 13 additional tips for Commerce Bancshares, providing a deeper dive into the company's financial outlook and market position.
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