Commerce Bancshares (CBSH)
NASDAQ:CBSH
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Commerce Bancshares
(NASDAQ:CBSH)
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Rating:73Outperform
Price Target:
$58.00
â–²(13.44% Upside)
Action:Reiterated
Date:05/10/26
The score is driven primarily by solid financial performance (strong profitability and ROE, improving leverage) and reasonable valuation (moderate P/E with a supportive dividend). Technicals are constructive but not strongly bullish versus the 200-day trend, and corporate events are net positive with some uncertainty tied to potential securities-portfolio impacts.
Positive Factors
Strong profitability and ROE
Robust TTM net margins near 26% and a ~15% ROE indicate durable underwriting and fee economics. This profitability supports internal capital generation, funds dividends and buybacks, and provides a buffer to absorb credit losses, underpinning multi-quarter earnings stability.
Negative Factors
Modest revenue growth and margin normalization
Top-line growth has slowed to low single digits and margins have normalized from earlier peaks, which constrains long-term earnings leverage. Without stronger revenue expansion, sustainable EPS growth depends heavily on margin or capital-return levers rather than organic volume expansion.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong profitability and ROE
Robust TTM net margins near 26% and a ~15% ROE indicate durable underwriting and fee economics. This profitability supports internal capital generation, funds dividends and buybacks, and provides a buffer to absorb credit losses, underpinning multi-quarter earnings stability.
Read all positive factors
Commerce Bancshares (CBSH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.57B
Dividend Yield1.97%
Average Volume (3M)1.23M
Price to Earnings (P/E)12.7
Beta (1Y)0.68
Revenue Growth13.70%
EPS Growth5.91%
CountryUS
Employees4,662
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)4.20
Shares Outstanding145,777,160
10 Day Avg. Volume1,153,825
30 Day Avg. Volume1,225,521
Financial Highlights & Ratios
PEG Ratio2.49
Price to Book (P/B)1.92
Price to Sales (P/S)3.40
P/FCF Ratio12.27
Enterprise Value/Market Cap1.26
Enterprise Value/Revenue4.33
Enterprise Value/Gross Profit5.37
Enterprise Value/Ebitda11.95
Forecast
1Y Price Target
$58.75Price Target Upside14.90% Upside
Rating ConsensusHold
Number of Analyst Covering6
EPS Forecast (FY)4.09
Revenue Forecast (FY)$1.96B
Commerce Bancshares Business Overview & Revenue Model
Company Description
Commerce Bancshares, Inc. operates as the bank holding company for Commerce Bank that provides retail, mortgage banking, corporate, investment, trust, and asset management products and services to individuals and businesses in the United States. I...
How the Company Makes Money
Commerce Bancshares primarily earns revenue through a combination of net interest income and noninterest income. Net interest income is generated by collecting interest and fees on loans and other interest-earning assets (such as commercial loans,...
Commerce Bancshares Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.21B | 2.14B | 2.09B | 1.97B | 1.57B | 1.44B |
| Gross Profit | 1.78B | 1.71B | 1.63B | 1.55B | 1.48B | 1.49B |
| EBITDA | 800.19M | 770.03M | 733.57M | 669.24M | 679.23M | 731.17M |
| Net Income | 576.28M | 566.25M | 526.33M | 477.06M | 488.40M | 530.76M |
Balance Sheet | ||||||
| Total Assets | 35.72B | 32.92B | 32.00B | 31.70B | 31.88B | 36.69B |
| Cash, Cash Equivalents and Short-Term Investments | 9.22B | 9.90B | 12.51B | 12.37B | 13.08B | 18.73B |
| Total Debt | 2.58B | 3.00B | 2.93B | 2.91B | 2.85B | 3.04B |
| Total Liabilities | 31.39B | 29.10B | 28.66B | 28.74B | 29.39B | 33.24B |
| Stockholders Equity | 4.30B | 3.79B | 3.31B | 2.94B | 2.47B | 3.44B |
Cash Flow | ||||||
| Free Cash Flow | 1.12B | 592.39M | 531.73M | 400.69M | 494.19M | 541.01M |
| Operating Cash Flow | 1.19B | 645.14M | 577.86M | 488.77M | 559.38M | 597.72M |
| Investing Cash Flow | 770.27M | -462.37M | 483.79M | 2.18B | 242.27M | -2.08B |
| Financing Cash Flow | -1.39B | -11.04M | -372.94M | -883.12M | -4.20B | 3.57B |
Commerce Bancshares Technical Analysis
Positive
51.13
Price Trends
50.15
Positive
51.54
Positive
52.74
Negative
Market Momentum
0.21
Positive
54.54
Neutral
49.81
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CBSH, the sentiment is Positive. The current price of 51.13 is below the 20-day moving average (MA) of 51.49, above the 50-day MA of 50.15, and below the 200-day MA of 52.74, indicating a neutral trend. The MACD of 0.21 indicates Positive momentum. The RSI at 54.54 is Neutral, neither overbought nor oversold. The STOCH value of 49.81 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CBSH.
Commerce Bancshares Risk Analysis
Commerce Bancshares disclosed 23 risk factors in its most recent earnings report. Commerce Bancshares reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Commerce Bancshares Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $9.45B | 8.86 | 14.64% | 2.31% | 3.21% | 39.91% | |
73 Outperform | $7.57B | 12.67 | 14.87% | 1.97% | 13.70% | 5.91% | |
73 Outperform | $8.65B | 12.74 | 15.05% | 3.05% | 2.22% | 12.61% | |
73 Outperform | $14.32B | 11.04 | 7.42% | 0.95% | 39.90% | 16.82% | |
68 Neutral | $7.77B | 12.34 | 10.32% | 1.93% | -2.17% | 13.60% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
CBSH
Commerce Bancshares
51.78
-8.93
-14.71%
BOKF
Bok Financial
126.98
32.10
33.83%
CFR
Cullen/Frost Bankers
138.23
10.68
8.37%
PNFP
Pinnacle Financial Partners
94.33
-13.82
-12.78%
BPOP
Popular
145.89
43.34
42.26%
Commerce Bancshares Corporate Events
Executive/Board ChangesStock BuybackShareholder Meetings
Commerce Bancshares Expands Share Repurchase Authorization Program
Positive
Apr 28, 2026
At its annual meeting held on April 24, 2026, Commerce Bancshares shareholders elected four directors—Blackford F. Brauer, W. Kyle Chapman, Karen L. Daniel and David W. Kemper—to the 2029 class, while the remaining board members contin...
Business Operations and StrategyFinancial Disclosures
Commerce Bancshares Expects Gain From Visa Share Exchange
Positive
Apr 27, 2026
On April 13, 2026, Visa Inc. launched a public exchange offer allowing holders of Class B-2 common stock to swap their shares for a mix of Visa Class B-3 and Class C common stock, prompting Commerce Bancshares to tender all 411,723 of its Visa Cla...
Executive/Board Changes
Commerce Bancshares announces chief accounting officer transition
Neutral
Mar 30, 2026
On March 24, 2026, Commerce Bancshares, Inc. announced that Corporate Controller and Chief Accounting Officer Paul A. Steiner had resigned to pursue other opportunities, with the company emphasizing that his departure did not stem from any disagre...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.