Stephens Keeps a Hold Rating on Commerce Bancshares Inc (CBSH)

By Jason Carr

In a report released today, Matt Olney from Stephens reiterated a Hold rating on Commerce Bancshares Inc (CBSHResearch Report), with a price target of $57. The company’s shares closed last Monday at $57.37.

Olney observed:

“We reiterate our Equal-Weight rating given the valuation of 2.2x tbv and 15.5x 2020 consensus EPS forecast. KEY POINTS: CPI Add NIM Pressure in 3Q19. Our updated forecast assumes a 3Q19 NIM of 3.43%, which implies a 17 bps LQ decrease. July CPI index reading, we believe it will represent an ~9 bps headwind to 3Q19 NIM. Excluding the impact of TIPS, our “Core” NIM forecast assumes an 8 bps LQ decrease in 3Q19 driven by the recent Fed IR cut and challenging YC shape. Capital Return Via ASR Plan. Last week, CBSH announced it entered into an accelerated share repurchase (ASR) agreement of $150 million, in which ~75% of shares to be repurchased will be delivered to CBSH at inception and the remaining shares received (pending adjustments) at the end of the program in December 2019.”

According to, Olney is a 1-star analyst with an average return of -1.0% and a 39.9% success rate. Olney covers the Financial sector, focusing on stocks such as Spirit Of Texas Bancshares Inc, Business First Bancshares Inc, and Hancock Whitney Corporation.

Commerce Bancshares Inc has an analyst consensus of Moderate Sell, with a price target consensus of $57.33.

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The company has a one-year high of $69.10 and a one-year low of $53.40. Currently, Commerce Bancshares Inc has an average volume of 428.4K.

Based on the recent corporate insider activity of 121 insiders, corporate insider sentiment is negative on the stock.

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Commerce Bancshares, Inc. operates as a bank holding company for Commerce Bank. It provides general banking services, such as retail, corporate, investment, trust, and asset management products and services to individuals and businesses. The company operates through the following business segments: Consumer, Commercial and Wealth.