Form 4: Commerce Bancshares Exec Orf Sells Shares
Insider Transaction Report
Commerce Bancshares Inc. Executive Vice President David L. Orf reported the disposition of 964 common shares, adjusted for a 5% stock dividend.
Summary
- David L. Orf, Executive Vice President & Chief Credit Officer (CCO) of Commerce Bancshares Inc. (CBSH), reported a disposition of common stock.
- On February 2, 2026, 964 shares of Common Stock were disposed of at a price of $53.23 per share.
- Following the transaction, Mr. Orf directly beneficially owns 22,319 shares and indirectly owns 24,001 shares through a 401(K) plan.
- All stock holding balances were adjusted to include a 5% stock dividend, with a record date of December 2, 2025, and payable date of December 16, 2025.
Sentiment
Score: 5
Explanation: StockSavvy.ai views this as a neutral event, typical for executive compensation and personal financial management, with no significant positive or negative implications for the company's operational or strategic outlook.
Positives
- A 5% stock dividend was announced with a record date of December 2, 2025, and payable date of December 16, 2025, benefiting shareholders.
Negatives
- Executive David L. Orf disposed of 964 shares of common stock, which, while often routine for tax purposes, represents a reduction in insider holdings.
Future Outlook
No specific forward-looking statements or guidance were provided.
Industry Context
StockSavvy.ai notes that insider transactions, particularly dispositions, are common occurrences in the financial sector, often related to executive compensation plans or personal financial planning. A disposition of this size by an executive is generally not indicative of broader industry trends but rather individual activity, though the 5% stock dividend reflects a common method of returning value to shareholders.
Comparison to Industry Standards
- This filing reports a routine insider transaction and a previously announced stock dividend. There are no specific operational or financial results to compare against industry benchmarks or specific comparable companies or projects.
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Delegation of Authority for SEC Filings | David L. Orf granted Power of Attorney to Margaret M. Rowe and Paul A. Steiner to prepare, execute, and file SEC forms (including Forms 3, 4, 5, Schedules 13D/G, and Forms 144) on his behalf, streamlining compliance with reporting requirements. | 2025-09-03 | Enhances administrative efficiency for the executive's SEC reporting obligations. |
Stakeholder Impact
- Shareholders: Benefit from the 5% stock dividend.
- Executive Management: David L. Orf's beneficial ownership adjusted following the disposition and stock dividend.
Next Steps
- The 5% stock dividend is scheduled to be paid on December 16, 2025.
Key Dates
| Date | Description |
|---|---|
| 2025-09-03 | David L. Orf executed a Power of Attorney for SEC filings. |
| 2025-12-02 | Record date for the 5% stock dividend. |
| 2025-12-16 | Payable date for the 5% stock dividend. |
| 2026-02-02 | Date of common stock disposition by David L. Orf. |
| 2026-02-04 | Date the Form 4 was signed. |
Recommendation
holdThe filing details a routine insider stock disposition and a previously announced stock dividend. These events do not provide new fundamental information that would warrant a change in investment thesis, thus a 'hold' recommendation is appropriate.
Keywords
Commerce Bancshares, CBSH, David L. Orf, insider transaction, stock disposition, executive compensation, stock dividend, Form 4, financial services
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