Richard W. Heise, Senior Vice President at Commerce Bancshares Inc. (NASDAQ:CBSH), recently sold 1,640 shares of the company's common stock. The shares were sold at an average price of $73.35 each, amounting to a total transaction value of $120,293. Following this sale, Heise holds 13,972 shares of Commerce Bancshares. The transaction, dated November 22, 2024, was disclosed in a filing with the Securities and Exchange Commission.
In other recent news, Commerce Bancshares reported strong third-quarter performance, surpassing both earnings and revenue estimates. The company reported earnings of $1.07 per share, a significant 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.
Further, Commerce Bancshares announced amendments to its bylaws, updating provisions related to stockholder meetings, providing flexibility in meeting formats and accommodating remote communication. The company also updated its shareholder proposal and nomination procedures in line with the new meeting arrangements.
Piper Sandler maintained a neutral stance on Commerce Bancshares, acknowledging the bank's strong profitability metrics and pristine credit profile, but expressing skepticism regarding 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.
Commerce Bancshares also experienced a year-over-year growth in non-interest income, which rose 11.2% to $159.0 million. These recent developments highlight the company's robust profitability and revenue diversity, despite potential challenges in the current market conditions.
InvestingPro Insights
Commerce Bancshares Inc. (NASDAQ:CBSH) has been demonstrating strong financial performance, as reflected in recent InvestingPro data. The company's market capitalization stands at $9.51 billion, with a price-to-earnings ratio of 19.33, indicating investor confidence in the stock's value relative to its earnings.
Notably, Commerce Bancshares has shown impressive stock performance, with a one-year price total return of 57.83% as of the latest data. This aligns with an InvestingPro Tip highlighting the company's strong return over the last year. Additionally, the stock is trading near its 52-week high, with the current price at 97.13% of its peak, suggesting sustained investor interest.
The company's dividend policy is particularly noteworthy. An InvestingPro Tip reveals that Commerce Bancshares has raised its dividend for 11 consecutive years and has maintained dividend payments for an impressive 54 consecutive years. This consistency in dividend growth and maintenance underscores the company's financial stability and commitment to shareholder returns.
While the recent insider sale by Senior Vice President Richard W. Heise might raise questions, it's important to consider the broader context. The company's revenue growth of 4.99% over the last twelve months and a robust operating income margin of 42.83% indicate solid operational performance.
Investors considering Commerce Bancshares should note that InvestingPro offers 13 additional tips for a more comprehensive analysis of the stock. These insights can provide valuable context for understanding insider transactions and the company's overall financial health.
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