Commerce Bancshares Inc (CBSH)
NASDAQ:CBSH
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Commerce Bancshares
(NASDAQ:CBSH)
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Rating:70Outperform
Price Target:
$56.00
â–²(9.52% Upside)
Action:ReiteratedDate:04/28/26
Driven primarily by solid financial performance (growth, profitability, improving leverage, and cash flow backing earnings). Valuation is supportive with a moderate P/E and a reasonable dividend yield, while technical indicators are mostly neutral and corporate events add some upside potential but with offsetting risk from possible AFS portfolio losses.
Positive Factors
Sustained revenue growth and solid profitability
Multi-year revenue expansion and a healthy net margin indicate durable demand across lending and fee businesses. Consistent top-line growth supports scalable operating leverage and underpins long-term earnings resilience even if cyclical headwinds moderate peak margins.
Negative Factors
Risk from AFS securities reposition tied to Visa gain
Recognition of a Visa-related gain and a possible subsequent repositioning of the AFS portfolio creates structural earnings and capital volatility risk. Realizing losses in AFS holdings could offset gains and weaken capital metrics or constrain capital deployment over the coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained revenue growth and solid profitability
Multi-year revenue expansion and a healthy net margin indicate durable demand across lending and fee businesses. Consistent top-line growth supports scalable operating leverage and underpins long-term earnings resilience even if cyclical headwinds moderate peak margins.
Read all positive factors
Commerce Bancshares (CBSH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.43B
Dividend Yield1.97%
Average Volume (3M)1.22M
Price to Earnings (P/E)12.7
Beta (1Y)0.69
Revenue Growth14.27%
EPS Growth5.84%
CountryUS
Employees4,662
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)0.96
Shares Outstanding146,879,270
10 Day Avg. Volume1,189,583
30 Day Avg. Volume1,216,648
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 Cap1.28
Enterprise Value/Revenue4.44
Enterprise Value/Gross Profit5.56
Enterprise Value/Ebitda11.94
Forecast
1Y Price Target
$58.58Price Target Upside14.58% Upside
Rating ConsensusHold
Number of Analyst Covering6
EPS Forecast (FY)4.01
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
82
Very Positive
Balance Sheet
74
Positive
Cash Flow
80
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.14B | 2.09B | 1.97B | 1.57B | 1.44B |
| Gross Profit | 1.71B | 1.63B | 1.55B | 1.48B | 1.49B |
| EBITDA | 770.03M | 733.57M | 669.24M | 679.23M | 731.17M |
| Net Income | 566.25M | 526.33M | 477.06M | 488.40M | 530.76M |
Balance Sheet | |||||
| Total Assets | 32.92B | 32.00B | 31.70B | 31.88B | 36.69B |
| Cash, Cash Equivalents and Short-Term Investments | 9.90B | 12.51B | 12.37B | 13.08B | 18.73B |
| Total Debt | 3.00B | 2.93B | 2.91B | 2.85B | 3.04B |
| Total Liabilities | 29.10B | 28.66B | 28.74B | 29.39B | 33.24B |
| Stockholders Equity | 3.79B | 3.31B | 2.94B | 2.47B | 3.44B |
Cash Flow | |||||
| Free Cash Flow | 592.39M | 531.73M | 400.69M | 494.19M | 541.01M |
| Operating Cash Flow | 645.14M | 577.86M | 488.77M | 559.38M | 597.72M |
| Investing Cash Flow | -462.37M | 483.79M | 2.18B | 242.27M | -2.08B |
| Financing Cash Flow | -11.04M | -372.94M | -883.12M | -4.20B | 3.57B |
Commerce Bancshares Technical Analysis
Positive
51.13
Price Trends
50.69
Positive
51.67
Negative
53.64
Negative
Market Momentum
0.27
Negative
59.43
Neutral
63.40
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 above the 20-day moving average (MA) of 49.63, above the 50-day MA of 50.69, and below the 200-day MA of 53.64, indicating a neutral trend. The MACD of 0.27 indicates Negative momentum. The RSI at 59.43 is Neutral, neither overbought nor oversold. The STOCH value of 63.40 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 |
|---|---|---|---|---|---|---|---|
80 Outperform | $9.56B | 8.86 | 13.82% | 2.31% | 3.21% | 39.91% | |
73 Outperform | $14.48B | 11.43 | 9.48% | 0.95% | 39.90% | 16.82% | |
70 Outperform | $7.43B | 12.67 | 14.87% | 1.97% | 14.27% | 5.84% | |
69 Neutral | $8.05B | 12.34 | 10.32% | 1.93% | -2.53% | 13.80% | |
69 Neutral | $8.90B | 12.51 | 14.95% | 3.05% | 2.42% | 11.70% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
CBSH
Commerce Bancshares
51.02
-5.99
-10.51%
BOKF
Bok Financial
133.06
41.65
45.57%
CFR
Cullen/Frost Bankers
143.56
30.29
26.75%
PNFP
Pinnacle Financial Partners
98.20
-0.74
-0.75%
BPOP
Popular
150.62
56.89
60.70%
Commerce Bancshares Corporate Events
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...
Business Operations and StrategyExecutive/Board Changes
Commerce Bancshares Updates Executive Pay and Incentive Structure
Positive
Feb 9, 2026
On February 3, 2026, Commerce Bancshares’ Compensation and Human Resources Committee approved 2026 base salaries, effective March 28, 2026, and 2025 performance-based cash bonuses for CEO John W. Kemper and other named executive officers, re...
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.