Commerce Bancshares (CBSH)
Market Price (12/28/2025): $52.96 | Market Cap: $7.4 BilSector: Financials | Industry: Regional Banks
Commerce Bancshares (CBSH)
Market Price (12/28/2025): $52.96Market Cap: $7.4 BilSector: FinancialsIndustry: Regional Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.7%, Dividend Yield is 2.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.5% | Weak multi-year price returns2Y Excs Rtn is -39%, 3Y Excs Rtn is -86% | Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 30x |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -71% | Moderate capital ratioTier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 10% | Key risksCBSH key risks include [1] significant unrealized losses on its substantial fixed-rate securities portfolio from rising interest rates and [2] increased loan losses during an economic downturn due to its large consumer and credit card lending business. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11% | ||
| Low stock price volatilityVol 12M is 26% | ||
| Uninsured deposits are lowUninsured Deposits Ratio %Fraction of deposits that exceed the insurance deposit thresholds. For example, the FDIC protects deposits up to $250K. A high uninsured deposits ratio indicates large accounts and greater potential exposure to bank run risk. is 18% | ||
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Digital Payments, Online Banking & Lending, and Wealth Management Technology. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.7%, Dividend Yield is 2.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.5% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -71% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Low stock price volatilityVol 12M is 26% |
| Uninsured deposits are lowUninsured Deposits Ratio %Fraction of deposits that exceed the insurance deposit thresholds. For example, the FDIC protects deposits up to $250K. A high uninsured deposits ratio indicates large accounts and greater potential exposure to bank run risk. is 18% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Digital Payments, Online Banking & Lending, and Wealth Management Technology. |
| Weak multi-year price returns2Y Excs Rtn is -39%, 3Y Excs Rtn is -86% |
| Moderate capital ratioTier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 10% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 30x |
| Key risksCBSH key risks include [1] significant unrealized losses on its substantial fixed-rate securities portfolio from rising interest rates and [2] increased loan losses during an economic downturn due to its large consumer and credit card lending business. |
Why The Stock Moved
Qualitative Assessment
AI Analysis | Feedback
The stock of Commerce Bancshares (CBSH) experienced a decline of 9.4% in the approximate period from August 31, 2025, to December 28, 2025. This underperformance largely followed the bank's third-quarter 2025 results.
Here are the key points for why the stock moved by -9.4%:
<b>1. Missed Q3 2025 Earnings Estimates:</b> Commerce Bancshares reported Q3 2025 earnings per share (EPS) of $1.06, which missed the Zacks Consensus Estimate of $1.09 and analyst consensus estimates of $1.10. The reported EPS also declined from $1.14 in the second quarter of 2025. This miss on the bottom line contributed significantly to the negative market reaction.
<b>2. Net Interest Income (NII) and Net Interest Margin (NIM) Softness:</b> While net interest income rose year-over-year, it decreased by $690 thousand compared to the prior quarter, and the net yield on interest-earning assets decreased six basis points to 3.64%. Commerce Bancshares' net interest income of $279.5 million missed analyst estimates of $285.7 million, and the net interest margin of 3.6% was slightly below analyst estimates of 3.7%. Piper Sandler specifically cited the net interest income miss for revised EPS estimates for 2025 and 2026.
<b>3. Revenue Miss:</b> Commerce Bancshares' Q3 2025 revenue of $441 million missed Wall Street's revenue expectations of $446.4 million. Although revenue was up 4.7% year-over-year to $440.97 million, it still fell short of consensus estimates.
<b>4. Increased Provisions and Higher Expenses:</b> The company faced headwinds from increased provisions for credit losses, which were $20.1 million in the quarter, and higher non-interest expenses, which rose 2.7% year-over-year to $244 million.
<b>5. Analyst Downgrades and Price Target Reductions:</b> Following the Q3 results, several analysts adjusted their ratings and price targets for Commerce Bancshares. TD Cowen, Wells Fargo, and Piper Sandler all lowered their price targets due to missed earnings, revenue, and credit expectations. The average analyst rating for CBSH stock remained "Hold" by December 2025, indicating that analysts believed the stock would perform similarly to the overall market, and the average price target predicted a more modest increase. The stock hitting a 52-week low of $51.60 in November 2025 further reflected the negative sentiment.
Show moreStock Movement Drivers
Fundamental Drivers
The -6.6% change in CBSH stock from 9/27/2025 to 12/27/2025 was primarily driven by a -7.3% change in the company's P/E Multiple.| 9272025 | 12272025 | Change | |
|---|---|---|---|
| Stock Price ($) | 56.71 | 52.96 | -6.62% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 1714.96 | 1738.57 | 1.38% |
| Net Income Margin (%) | 32.55% | 32.31% | -0.74% |
| P/E Multiple | 14.13 | 13.10 | -7.28% |
| Shares Outstanding (Mil) | 139.08 | 138.95 | 0.09% |
| Cumulative Contribution | -6.62% |
Market Drivers
9/27/2025 to 12/27/2025| Return | Correlation | |
|---|---|---|
| CBSH | -6.6% | |
| Market (SPY) | 4.3% | 25.9% |
| Sector (XLF) | 3.3% | 64.1% |
Fundamental Drivers
The -9.6% change in CBSH stock from 6/28/2025 to 12/27/2025 was primarily driven by a -12.6% change in the company's P/E Multiple.| 6282025 | 12272025 | Change | |
|---|---|---|---|
| Stock Price ($) | 58.56 | 52.96 | -9.57% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 1686.49 | 1738.57 | 3.09% |
| Net Income Margin (%) | 32.33% | 32.31% | -0.07% |
| P/E Multiple | 14.99 | 13.10 | -12.60% |
| Shares Outstanding (Mil) | 139.56 | 138.95 | 0.44% |
| Cumulative Contribution | -9.57% |
Market Drivers
6/28/2025 to 12/27/2025| Return | Correlation | |
|---|---|---|
| CBSH | -9.6% | |
| Market (SPY) | 12.6% | 27.6% |
| Sector (XLF) | 7.4% | 60.7% |
Fundamental Drivers
The -9.8% change in CBSH stock from 12/27/2024 to 12/27/2025 was primarily driven by a -21.0% change in the company's P/E Multiple.| 12272024 | 12272025 | Change | |
|---|---|---|---|
| Stock Price ($) | 58.74 | 52.96 | -9.84% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 1641.46 | 1738.57 | 5.92% |
| Net Income Margin (%) | 30.43% | 32.31% | 6.18% |
| P/E Multiple | 16.57 | 13.10 | -20.95% |
| Shares Outstanding (Mil) | 140.93 | 138.95 | 1.40% |
| Cumulative Contribution | -9.86% |
Market Drivers
12/27/2024 to 12/27/2025| Return | Correlation | |
|---|---|---|
| CBSH | -9.8% | |
| Market (SPY) | 17.0% | 57.1% |
| Sector (XLF) | 15.3% | 71.4% |
Fundamental Drivers
The -8.0% change in CBSH stock from 12/28/2022 to 12/27/2025 was primarily driven by a -25.7% change in the company's P/E Multiple.| 12282022 | 12272025 | Change | |
|---|---|---|---|
| Stock Price ($) | 57.55 | 52.96 | -7.97% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 1454.51 | 1738.57 | 19.53% |
| Net Income Margin (%) | 32.43% | 32.31% | -0.37% |
| P/E Multiple | 17.63 | 13.10 | -25.69% |
| Shares Outstanding (Mil) | 144.52 | 138.95 | 3.85% |
| Cumulative Contribution | -8.11% |
Market Drivers
12/28/2023 to 12/27/2025| Return | Correlation | |
|---|---|---|
| CBSH | 6.5% | |
| Market (SPY) | 48.0% | 51.1% |
| Sector (XLF) | 51.3% | 70.9% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CBSH Return | -2% | 11% | 6% | -16% | 19% | -9% | 5% |
| Peers Return | 16% | 38% | -12% | 21% | 26% | 16% | 150% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 18% | 114% |
Monthly Win Rates [3] | |||||||
| CBSH Win Rate | 50% | 58% | 58% | 33% | 58% | 33% | |
| Peers Win Rate | 52% | 65% | 42% | 68% | 57% | 52% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| CBSH Max Drawdown | -32% | 0% | -7% | -35% | -6% | -17% | |
| Peers Max Drawdown | -34% | -5% | -26% | -7% | -9% | -23% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL. See CBSH Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/26/2025 (YTD)
How Low Can It Go
| Event | CBSH | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -46.2% | -25.4% |
| % Gain to Breakeven | 86.0% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -35.1% | -33.9% |
| % Gain to Breakeven | 54.2% | 51.3% |
| Time to Breakeven | 294 days | 148 days |
| 2018 Correction | ||
| % Loss | -25.8% | -19.8% |
| % Gain to Breakeven | 34.8% | 24.7% |
| Time to Breakeven | 750 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -48.0% | -56.8% |
| % Gain to Breakeven | 92.5% | 131.3% |
| Time to Breakeven | 2,803 days | 1,480 days |
Compare to HPQ, HPE, IBM, CSCO, AAPL
In The Past
Commerce Bancshares's stock fell -46.2% during the 2022 Inflation Shock from a high on 5/6/2021. A -46.2% loss requires a 86.0% gain to breakeven.
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AI Analysis | Feedback
1. A regional bank similar to U.S. Bank (USB), but primarily focused on the Midwest.
2. Think of it as a Midwest equivalent to PNC Financial (PNC), offering a full range of banking and wealth management services.
AI Analysis | Feedback
- Deposit Accounts: Offering various checking, savings, money market, and certificate of deposit accounts for individuals and businesses.
- Lending Services: Providing a range of loans including residential mortgages, auto loans, personal loans, commercial real estate loans, and business lines of credit.
- Wealth Management & Trust Services: Delivering financial planning, investment management, private banking, and fiduciary services for individuals, families, and institutions.
- Treasury & Payment Solutions: Offering cash management, merchant services, payment processing, and fraud prevention tools for businesses and corporations.
AI Analysis | Feedback
Commerce Bancshares (symbol: CBSH) is a regional bank holding company. Due to the nature of the banking industry, it does not typically have "major customers" in the traditional sense of a few large entities comprising a significant portion of its revenue. Instead, its customer base is highly diversified across various segments.
Commerce Bancshares primarily serves a broad range of **individuals and businesses**. Its customer base can be categorized as follows:
- Consumer Clients (Individuals): This segment includes a wide array of individuals who utilize personal banking services such as checking accounts, savings accounts, credit cards, mortgages, home equity loans, auto loans, and other personal lending products.
- Business and Commercial Clients: This category encompasses small to medium-sized businesses, as well as larger corporate clients. Commerce Bancshares provides them with commercial loans, lines of credit, treasury management services (e.g., payment processing, cash management), business checking and savings accounts, and other specialized business banking solutions.
- Wealth Management and Trust Clients: This segment serves high-net-worth individuals, families, and institutional clients requiring investment management, private banking, trust services, and financial planning expertise.
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```htmlJohn W. Kemper, President and Chief Executive Officer
John W. Kemper is President and Chief Executive Officer of Commerce Bancshares, Inc., and Chairman and Chief Executive Officer of Commerce Bank. He joined Commerce in 2007 and, prior to his current role, served as the organization's President and Chief Operating Officer. Before joining Commerce, he worked as an Engagement Manager in the New York and Chicago offices of McKinsey & Company, a management consulting firm. Kemper holds a Bachelor of Arts in history and political science from Stanford University, a Master of Science in economic history from the London School of Economics, and an MBA from Northwestern University's Kellogg School of Management.
Charles G. Kim, Executive Vice President and Chief Financial Officer
Charles G. Kim serves as Executive Vice President and Chief Financial Officer of Commerce Bancshares, Inc. He has held the CFO position since at least 2010. In 2019, he was quoted regarding a promotion within Commerce Bank, indicating his continued leadership in the finance team.
David W. Kemper, Executive Chairman
David W. Kemper is the Executive Chairman of Commerce Bancshares, Inc. He joined Commerce Bank in 1978 as Vice President in charge of Commercial Lending. He served as Chairman and Chief Executive Officer of the company from 1991 to 2018 and was President from 1982 until February 2013, before becoming Executive Chairman in August 2018. He graduated from Harvard University, received a Master of Arts in English literature from Worcester College at Oxford University, and an MBA from the Stanford Graduate School of Business. Kemper is a director of Post Holdings, Inc., Tower Properties Company, and Enterprise Holdings. He is also the Past President of the Federal Advisory Council to the Federal Reserve Board.
Kevin G. Barth, Executive Vice President and Chairman and Chief Executive Officer for Commerce Bank – Kansas City
Kevin G. Barth is Executive Vice President of Commerce Bancshares, Inc. and Chairman and Chief Executive Officer for Commerce Bank – Kansas City. He joined Commerce in 1984. In addition to his responsibilities for the Kansas City region, Barth oversees Commerce's operations in Kansas, Colorado, Oklahoma, and Texas. He is also responsible for the strategy, product development, and policy for the company's commercial banking segment. Barth received his Bachelor of Arts degree in business administration from Graceland University and earned his MBA from Rockhurst University.
Richard (Rick) Heise, Senior Vice President and Executive Director of Commercial Payments
Richard (Rick) Heise is Senior Vice President of Commerce Bancshares, Inc. and Executive Director of Commercial Payments. He joined Commerce in 2017. Heise is responsible for expanding the bank's commercial payments solutions and services portfolio, overseeing commercial card, merchant, treasury, and various specialty solutions and teams. He holds a Bachelor of Arts in accounting from the University of Northern Iowa and is a certified public accountant (CPA).
AI Analysis | Feedback
The key risks to Commerce Bancshares (CBSH) include:
- Interest Rate Fluctuations and Related Securities Portfolio Losses: As a financial institution, Commerce Bancshares is highly susceptible to interest rate fluctuations. Rising interest rates can negatively affect loan demand and increase the cost of borrowing, potentially leading to a decrease in net interest margins. Furthermore, the company holds a substantial available-for-sale (AFS) securities portfolio, largely composed of fixed-rate instruments like mortgage-backed and asset-backed securities and state and municipal obligations. When interest rates rise, the market value of these securities falls, resulting in significant unrealized losses that can impact the company's equity and near-term outlook.
- Economic Downturns and Credit Quality: Commerce Bancshares is exposed to the risks associated with adverse economic conditions, including high unemployment levels and weak economic activity. Such conditions can lead to decreased consumer confidence, reduced consumer credit usage, unfavorable changes in payment patterns, and an increase in loan delinquencies and default rates. These factors could significantly impact the company's future loan losses and the provision for loan losses, particularly given its substantial consumer and credit card lending business.
- Regulatory Changes: The banking industry is subject to extensive regulation, and any changes in governmental legislation or regulatory policies can have a material impact on Commerce Bancshares' operations, compliance costs, and business strategies. The company must continuously adapt to evolving regulatory requirements, which can affect its ability to compete and operate profitably.
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One clear emerging threat for Commerce Bancshares (CBSH) stems from the rise of digital-first banks (neobanks), online-only banks, and a wide array of fintech companies. These competitors often offer more convenient digital user experiences, lower fees, and streamlined services, directly challenging traditional regional banks like CBSH for deposits and consumer lending. Their branchless models allow for lower operational costs, which can translate into more attractive rates or terms for customers, particularly for younger, tech-savvy demographics who increasingly prefer digital interactions over physical branches.
Another significant emerging threat is the increasing encroachment of non-bank financial service providers and the broader trend of embedded finance. This includes the rapid growth of "Buy Now Pay Later" (BNPL) platforms (e.g., Affirm, Klarna) which disintermediate traditional banks from point-of-sale consumer credit. Furthermore, large technology companies (Big Tech) are increasingly embedding various financial services (payments, digital wallets, and even lending in some cases) directly into their ecosystems. This trend potentially captures customer relationships and data that traditional banks historically owned, thereby bypassing the traditional banking system for specific financial needs.
AI Analysis | Feedback
Commerce Bancshares (symbol: CBSH) operates primarily in the Midwest U.S., with a diversified line of financial services including business and personal banking, wealth management and investments, and payment solutions.
Addressable Market Sizes for Commerce Bancshares' Main Products and Services in the U.S.
Commercial Banking
The addressable market size for Commercial Banking in the U.S. shows varying estimates across different sources:
- In 2024, the U.S. Commercial Banking market size was estimated at between USD 226.44 billion and USD 231.9 billion.
- For 2025, estimates range from USD 732.5 billion to USD 1.6 trillion.
- Looking further ahead, the U.S. Commercial Banking market is projected to reach approximately USD 269.28 billion by 2029, USD 915.45 billion by 2030, and up to USD 351.8 billion by 2033.
- The market size was valued at USD 222.5 billion in 2023 and is expected to reach USD 320.5 billion by 2033.
Retail/Consumer Banking
For Retail Banking in the U.S.:
- The United States retail banking market stands at approximately USD 0.87 trillion (or USD 870 billion) in 2025.
- This market is projected to reach USD 1.08 trillion by 2030.
- Another estimate indicates the U.S. Retail Banking market size is expected to reach USD 125.1 billion by 2033.
Wealth Management and Investments
The addressable market size for Wealth Management in the U.S. is primarily measured by Assets Under Management (AUM):
- In 2024, the U.S. wealth management market had approximately USD 64.4 trillion in AUM.
- By 2025, the U.S. is expected to hold about 54.2% of the global AUM, with global AUM reaching USD 162 trillion, implying a U.S. AUM of approximately USD 87.88 trillion.
- The U.S. wealth management market's AUM is projected to reach USD 87.35 trillion by 2028.
- Separately, the global wealth management market size, based on revenue, was USD 703.38 billion in 2021 and is forecasted to reach USD 1062.75 billion by 2029.
Payment Solutions
For Payment Processing Solutions in the U.S.:
- The U.S. payment processing solutions market generated revenue of USD 16.00 billion in 2023.
- This market is expected to grow, with estimates ranging from USD 13.24 billion to USD 47.42 billion in 2025.
- Projections suggest the market could reach between USD 28.69 billion and USD 36.75 billion by 2030, and up to USD 306.38 billion by 2034.
- In terms of transaction volume, the U.S. market's total transaction volume in 2023 was over USD 10 trillion.
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Commerce Bancshares (CBSH) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and underlying business strengths:
- Strategic Acquisition and Expansion: The acquisition of FineMark Holdings, Inc., anticipated to close on January 1, 2026, is a significant driver. FineMark operates through 13 banking offices in Florida, Arizona, and South Carolina, representing an expansion into new, attractive markets for Commerce Bancshares. This merger is expected to contribute to overall revenue growth by integrating FineMark's client base and services.
- Growth in Fee Income, particularly Trust and National Payments Businesses: Commerce Bancshares has a diversified operating model with a notable portion of its total revenue coming from non-interest income, which stood at 36.6% in Q3 2025. Specifically, trust fees grew by $3.7 million (6.8%) compared to the same period last year, primarily due to higher private client fees. The company's "Revenue Diversification" strategy highlights "fee revenue at 37% of total revenue, bolstered by growing wealth and national payments businesses." This indicates a continued focus on expanding these higher-margin services.
- Steady Loan and Deposit Growth: The company's Q3 2025 results reflected "steady loan balances" and average loans increased 3% compared to the prior year as of Q2 2025. Similarly, average deposit balances were up 2% compared to the prior year as of Q2 2025, with increases in interest checking and money market deposits in Q4 2024. Consistent growth in both loans and deposits is fundamental to a bank's net interest income, which remains the largest source of revenue for Commerce Bancshares, comprising 61.7% of total revenue over the last five years.
- Continued Long-Term Investments in Technology and Market Expansion: Commerce Bancshares is committed to "Continued Long-Term Investments" in areas such as core banking system implementation and enterprise digital initiatives. These investments are aimed at enhancing operational efficiency, improving customer experience, and supporting further market expansion beyond its traditional Midwest footprint, as evidenced by its offerings in 48 states across the U.S. and the strategic acquisition of FineMark.
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Share Repurchases
- Commerce Bancshares' Board of Directors approved a share repurchase program on November 3, 2025, authorizing the repurchase of up to 5 million shares of the company's common stock. This includes any remaining amounts from a prior authorization in April 2024.
- The timing and volume of these repurchases are at the discretion of management, dependent on market conditions and other considerations.
Share Issuance
- In connection with its acquisition of FineMark Holdings, Inc., Commerce Bancshares issued common stock in a 100% stock transaction.
- The fixed exchange ratio for the FineMark acquisition was 0.690x shares of CBSH common stock for each share of FNBT.
- The aggregate transaction value for the FineMark Holdings, Inc. acquisition was approximately $585.4 million, based on Commerce's closing stock price on June 13, 2025.
Outbound Investments
- Commerce Bancshares entered into a definitive merger agreement to acquire FineMark Holdings, Inc. on June 16, 2025.
- This strategic acquisition was valued at approximately $585.4 million as of June 13, 2025, and was intended to strengthen Commerce Bancshares' wealth management platform.
- Regulatory approval for the FineMark acquisition was received on August 21, 2025, and FineMark shareholders approved the merger on October 15, 2025.
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Peer Comparisons for Commerce Bancshares
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 65.56 |
| Mkt Cap | 158.8 |
| Rev LTM | 56,496 |
| Op Inc LTM | 11,544 |
| FCF LTM | 7,327 |
| FCF 3Y Avg | 7,366 |
| CFO LTM | 8,590 |
| CFO 3Y Avg | 8,697 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.9% |
| Rev Chg 3Y Avg | 3.2% |
| Rev Chg Q | 8.3% |
| QoQ Delta Rev Chg LTM | 2.0% |
| Op Mgn LTM | 17.7% |
| Op Mgn 3Y Avg | 16.4% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 17.3% |
| CFO/Rev 3Y Avg | 23.8% |
| FCF/Rev LTM | 14.5% |
| FCF/Rev 3Y Avg | 21.6% |
Price Behavior
| Market Price | $52.96 | |
| Market Cap ($ Bil) | 7.0 | |
| First Trading Date | 09/07/1984 | |
| Distance from 52W High | -17.4% | |
| 50 Days | 200 Days | |
| DMA Price | $51.59 | $56.33 |
| DMA Trend | down | down |
| Distance from DMA | 2.7% | -6.0% |
| 3M | 1YR | |
| Volatility | 32.6% | 25.9% |
| Downside Capture | 74.37 | 88.87 |
| Upside Capture | 26.28 | 64.68 |
| Correlation (SPY) | 25.9% | 57.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.17 | 0.62 | 0.54 | 0.73 | 0.77 | 0.87 |
| Up Beta | -0.35 | 0.58 | 0.73 | 0.92 | 0.69 | 0.87 |
| Down Beta | -0.08 | 0.72 | 0.75 | 0.90 | 0.85 | 0.82 |
| Up Capture | 58% | 11% | -6% | 22% | 44% | 48% |
| Bmk +ve Days | 12 | 25 | 38 | 73 | 141 | 426 |
| Stock +ve Days | 10 | 19 | 29 | 62 | 125 | 371 |
| Down Capture | 22% | 95% | 80% | 98% | 99% | 101% |
| Bmk -ve Days | 7 | 16 | 24 | 52 | 107 | 323 |
| Stock -ve Days | 9 | 22 | 33 | 62 | 119 | 374 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Comparison of CBSH With Other Asset Classes (Last 1Y) | |||||||
|---|---|---|---|---|---|---|---|
| CBSH | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | -10.1% | 16.3% | 17.8% | 72.1% | 8.6% | 4.4% | -8.2% |
| Annualized Volatility | 25.8% | 19.0% | 19.4% | 19.3% | 15.2% | 17.0% | 35.0% |
| Sharpe Ratio | -0.45 | 0.67 | 0.72 | 2.70 | 0.34 | 0.09 | -0.08 |
| Correlation With Other Assets | 71.4% | 57.2% | -5.5% | 18.6% | 53.3% | 14.1% | |
ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Comparison of CBSH With Other Asset Classes (Last 5Y) | |||||||
|---|---|---|---|---|---|---|---|
| CBSH | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 1.7% | 16.1% | 14.7% | 18.7% | 11.5% | 4.6% | 30.8% |
| Annualized Volatility | 25.3% | 18.9% | 17.1% | 15.5% | 18.7% | 18.9% | 48.6% |
| Sharpe Ratio | 0.06 | 0.71 | 0.70 | 0.97 | 0.50 | 0.16 | 0.57 |
| Correlation With Other Assets | 71.7% | 53.0% | -2.2% | 11.3% | 49.9% | 18.9% | |
ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Comparison of CBSH With Other Asset Classes (Last 10Y) | |||||||
|---|---|---|---|---|---|---|---|
| CBSH | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 5.9% | 13.2% | 14.8% | 15.3% | 7.0% | 5.3% | 69.2% |
| Annualized Volatility | 26.9% | 22.3% | 18.0% | 14.7% | 17.6% | 20.8% | 55.8% |
| Sharpe Ratio | 0.25 | 0.55 | 0.71 | 0.86 | 0.32 | 0.22 | 0.90 |
| Correlation With Other Assets | 76.7% | 61.0% | -11.0% | 19.0% | 51.9% | 11.5% | |
ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/16/2025 | -7.5% | -5.6% | -5.4% |
| 7/16/2025 | 0.0% | 1.5% | -2.0% |
| 4/16/2025 | 2.2% | 2.8% | 11.6% |
| 1/22/2025 | 0.2% | 1.7% | -0.9% |
| 10/17/2024 | -0.9% | 0.4% | 16.3% |
| 7/18/2024 | 3.0% | 3.2% | -1.0% |
| 4/16/2024 | 1.5% | 7.2% | 10.9% |
| 1/18/2024 | 2.1% | 4.4% | -0.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 16 | 13 |
| # Negative | 9 | 8 | 11 |
| Median Positive | 2.2% | 1.9% | 6.3% |
| Median Negative | -0.9% | -3.0% | -1.1% |
| Max Positive | 5.3% | 7.7% | 19.3% |
| Max Negative | -7.5% | -10.0% | -7.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 11102025 | 10-Q 9/30/2025 |
| 6302025 | 8062025 | 10-Q 6/30/2025 |
| 3312025 | 5062025 | 10-Q 3/31/2025 |
| 12312024 | 2252025 | 10-K 12/31/2024 |
| 9302024 | 11062024 | 10-Q 9/30/2024 |
| 6302024 | 8062024 | 10-Q 6/30/2024 |
| 3312024 | 5082024 | 10-Q 3/31/2024 |
| 12312023 | 2222024 | 10-K 12/31/2023 |
| 9302023 | 11062023 | 10-Q 9/30/2023 |
| 6302023 | 8042023 | 10-Q 6/30/2023 |
| 3312023 | 5042023 | 10-Q 3/31/2023 |
| 12312022 | 2222023 | 10-K 12/31/2022 |
| 9302022 | 11042022 | 10-Q 9/30/2022 |
| 6302022 | 8052022 | 10-Q 6/30/2022 |
| 3312022 | 5052022 | 10-Q 3/31/2022 |
| 12312021 | 2232022 | 10-K 12/31/2021 |
Insider Activity
Expand for More| Owner | Title | Filing Date | Action | Price | Shares | TransactedValue | Value ofHeld Shares | Form | |
|---|---|---|---|---|---|---|---|---|---|
| 0 | Kellerhals Patricia R | Senior Vice President | 5142025 | Sell | 65.62 | 1,000 | 65,620 | 1,160,687 | Form |
| 1 | FOWLER JUNE MCALLISTER | 5052025 | Sell | 60.72 | 1,618 | 98,250 | 192,796 | Form | |
| 2 | ROWE MARGARET M | Senior Vice President | 3072025 | Sell | 61.92 | 250 | 15,479 | 307,784 | Form |
| 3 | KIM CHARLES G | Exec. Vice President and CFO | 2102025 | Sell | 67.76 | 13,493 | 914,245 | 5,843,770 | Form |
| 4 | Roller David L. | Senior Vice President | 2062025 | Sell | 67.81 | 3,348 | 227,028 | 2,105,840 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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