Form 4: Commerce Bancshares Controller Paul A. Steiner Reports Transactions

Paul A. Steiner, Controller of Commerce Bancshares, reports acquisition and disposal of common stock and stock appreciation rights.

Summary

• On March 1, 2024, Paul A. Steiner, Controller of Commerce Bancshares, acquired 433 shares of common stock at $0 and 1,503 stock appreciation rights (SARs) at a price of $51.92.
• The SARs vest in four equal annual installments beginning March 1, 2025.
• On March 4, 2024, Steiner disposed of 140 shares of common stock at $52.2.
• Following these transactions, Steiner directly owns 3,628 shares of common stock and indirectly owns 7,054 shares through a 401(k).
• Steiner also directly owns 1,503 stock appreciation rights.

Sentiment

Score: 5

Explanation: The sentiment is neutral. There are both acquisitions and disposals of shares, and the overall impact appears minimal. The acquisition of stock appreciation rights is a slightly positive signal.

Positives

• The acquisition of stock appreciation rights could be seen as a positive sign, indicating management's belief in the company's future performance.

Negatives

• The disposal of 140 shares could be interpreted negatively, although the amount is relatively small.

Risks

• The value of the stock appreciation rights is dependent on the future performance of Commerce Bancshares' common stock, which is subject to market risks.

Industry Context

Form 4 filings are a routine part of insider trading regulations, providing transparency into the transactions of company insiders. These filings are closely watched by investors for signals about management's confidence in the company's prospects.

Comparison to Industry Standards

• Insider transactions are common across publicly traded companies, and the specifics of these transactions (size, frequency, and type) are often compared to industry peers to gauge sentiment.
• For example, large-scale acquisitions of company stock by executives are generally viewed more favorably than frequent small disposals.
• Comparing Steiner's transactions to those of other controllers or executives at similar regional banks (e.g., KeyCorp, Regions Financial) could provide additional context.

Stakeholder Impact

• The reported transactions may have a minor impact on shareholder sentiment, but are unlikely to significantly affect other stakeholders.

Key Dates