KANSAS CITY, Mo.—Brooks Derrick, Senior Vice President at Commerce Bancshares Inc. (NASDAQ:CBSH), recently executed several stock transactions involving the company's common stock. According to a filing with the Securities and Exchange Commission, Derrick sold 38 shares on December 3, 2024, at an average price of $68.85 per share, generating a total of $2,616. The transaction occurred as Commerce Bancshares, a $9.27 billion market cap company, trades near its 52-week high of $72.75, having delivered an impressive 34.88% return over the past six months. InvestingPro analysis suggests the stock is currently fairly valued.
In addition to the sale, Derrick also acquired 298 shares through a stock appreciation rights exercise, with a transaction value of $16,722 at a price of $56.12 per share. The transactions reflect Derrick's ongoing management of his holdings in the company. Following these activities, Derrick's total shareholding in Commerce Bancshares stands at 10,775 shares, adjusted for a 5% stock dividend. The company maintains a strong financial profile with a GOOD health score according to InvestingPro, which highlights its 54-year track record of consecutive dividend payments. Subscribers can access 10+ additional exclusive insights about CBSH's financial health and growth prospects.
In other recent news, Commerce Bancshares has reported robust third-quarter performance, exceeding both earnings and revenue estimates. The company announced earnings of $1.07 per share, a significant increase from the $0.92 per share reported in the same quarter last year. The quarter's revenue reached $421.4 million, up from the $391.5 million reported in the same period of the previous year.
In addition, Commerce Bancshares has amended its bylaws, updating provisions related to stockholder meetings, offering the flexibility of virtual or hybrid annual and special meetings. These changes reflect a trend toward digital integration in corporate governance practices.
Piper Sandler has maintained a neutral stance on Commerce Bancshares, despite acknowledging the bank's strong profitability metrics and pristine credit profile. The firm anticipates challenges due to potential net interest margin compression. Piper Sandler has also updated its fourth-quarter 2024 earnings per share estimate for the bank to $1.03, reflecting higher core fee income expectations.
These are among the recent developments at Commerce Bancshares, highlighting the company's strong profitability and revenue diversity, despite potential market challenges.
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