Paula S. Petersen, Senior Vice President at Commerce Bancshares Inc. (NASDAQ:CBSH), recently sold 1,462 shares of the company's common stock. The transaction, which took place on November 13, was executed at an average price of $72.995 per share, amounting to a total value of $106,718. Following this sale, Petersen holds 34,190 shares directly. The sale was disclosed in a filing with the Securities and Exchange Commission.
In other recent news, Commerce Bancshares has outperformed third quarter 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 stood at $421.4 million, marking an increase from the $391.5 million reported in the corresponding quarter of the previous year.
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 and set the default date for future annual meetings.
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 earnings per share growth in the coming year. The firm 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 for Commerce Bancshares, indicating a strong financial performance and strategic changes in corporate governance practices.
InvestingPro Insights
Commerce Bancshares Inc. (NASDAQ:CBSH) has been showing strong market performance, with the stock trading near its 52-week high and demonstrating robust returns. According to InvestingPro data, CBSH has seen a remarkable 54.72% price total return over the past year, with a 27.24% increase in the last six months alone. This upward trajectory aligns with the recent insider sale by Senior Vice President Paula S. Petersen.
The company's financial health appears solid, with a market capitalization of $9.13 billion and a P/E ratio of 18.55, suggesting investors are willing to pay a premium for CBSH's earnings. This valuation is supported by the company's consistent dividend performance. InvestingPro Tips highlight that Commerce Bancshares has maintained dividend payments for an impressive 54 consecutive years and has raised its dividend for 11 straight years, indicating a strong commitment to shareholder returns.
However, investors should note that the stock's RSI suggests it may be in overbought territory, which could signal a potential for price consolidation in the near term. Additionally, CBSH is trading at a high P/E ratio relative to its near-term earnings growth, which may warrant careful consideration for value-focused investors.
For those interested in a deeper analysis, InvestingPro offers 13 additional tips on Commerce Bancshares, providing a more comprehensive view of the company's financial position and market outlook.
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