Patricia R. Kellerhals, Senior Vice President at Commerce Bancshares Inc. (NASDAQ:CBSH), has reported a sale of 700 shares of common stock. The shares were sold at an average price of $76.235 each, amounting to a total transaction value of $53,364. Following this transaction, Kellerhals holds 21,681 shares of the company. This activity was disclosed in a recent SEC filing.
In other recent news, Commerce Bancshares delivered a strong performance in the third quarter, 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. Furthermore, non-interest income saw a year-over-year growth of 11.2%, rising to $159.0 million.
In addition to financial performance, 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, reflecting an ongoing trend toward digital integration in corporate governance practices.
In terms of analyst perspectives, Piper Sandler maintained a neutral stance on Commerce Bancshares, expressing caution about the bank's potential for earnings per share growth in the coming year. Despite acknowledging the bank's strong profitability metrics and pristine credit profile, the firm anticipates challenges due to potential net interest margin compression. These recent developments highlight the company's robust profitability and revenue diversity, despite potential challenges in the current market conditions.
InvestingPro Insights
As Patricia R. Kellerhals reduces her stake in Commerce Bancshares Inc. (NASDAQ:CBSH), investors might be curious about the company's current financial standing and market performance. According to InvestingPro data, Commerce Bancshares boasts a market capitalization of $9.48 billion, reflecting its significant presence in the banking sector.
The company's stock has shown remarkable strength recently, with InvestingPro Tips highlighting a strong return over the last month and three months. In fact, CBSH is trading near its 52-week high, with the current price at 97.02% of its peak. This upward momentum is further evidenced by the impressive 57.83% total return over the past year.
Commerce Bancshares has demonstrated a commitment to shareholder value, maintaining dividend payments for 54 consecutive years. This consistency is complemented by a current dividend yield of 1.45%, which may appeal to income-focused investors. The company's P/E ratio stands at 19.29, suggesting that investors are willing to pay a premium for its earnings potential.
While these metrics paint a positive picture, it's worth noting that InvestingPro Tips also indicate that CBSH's RSI suggests the stock may be in overbought territory. Additionally, the company is trading at a high P/E ratio relative to its near-term earnings growth, which could be a point of consideration for value-oriented investors.
For those seeking a more comprehensive analysis, InvestingPro offers 13 additional tips for Commerce Bancshares, providing a deeper dive into the company's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.