David W. Kemper (NYSE:KMPR), the Executive Chairman of Commerce Bancshares Inc. (NASDAQ:CBSH), recently sold a total of 4,500 shares of the company's common stock. The transactions took place on December 5, 2024, with the shares sold at prices ranging from $69.2017 to $69.2516. The total value of the shares sold amounted to approximately $311,483. The $9.2 billion market cap company has shown strong momentum, with shares up 34% over the past six months. According to InvestingPro analysis, the stock appears slightly undervalued at current levels. Following these transactions, Kemper holds various indirect ownership interests, including stakes in several trusts. The company maintains a solid track record of shareholder returns, having maintained dividend payments for 54 consecutive years. InvestingPro subscribers can access additional insights, including 8 more key tips about Commerce Bancshares' financial health and growth prospects.
In other recent news, Commerce Bancshares has announced significant changes to its bylaws, including the adoption of virtual or hybrid annual and special meetings, providing flexibility in meeting formats. Additionally, the company has updated its shareholder proposal and nomination procedures, ensuring transparency and accessibility.
In financial developments, Commerce Bancshares reported robust third-quarter performance, with earnings of $1.07 per share and revenue of $421.4 million, surpassing both earnings and revenue estimates. Non-interest income also saw a year-over-year growth of 11.2%, contributing to the company's strong profitability.
Piper Sandler, in its recent analysis, maintained a neutral stance on Commerce Bancshares. The firm acknowledged the bank's robust profitability and pristine credit profile, but expressed skepticism regarding potential earnings per share growth in the coming year. Piper Sandler also updated its fourth-quarter 2024 earnings per share estimate for the bank to $1.03.
These are the recent developments concerning Commerce Bancshares, highlighting the company's strong profitability and revenue diversity, despite potential challenges in the current market conditions.
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