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Commerce Bancshares

Nasdaq:CBSH
Snowflake Description

Flawless balance sheet established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CBSH
Nasdaq
$6B
Market Cap
  1. Home
  2. US
  3. Banks
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. The last earnings update was 4 days ago. More info.


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CBSH Share Price and Events
7 Day Returns
-1.6%
NasdaqGS:CBSH
-1.1%
US Banks
-1.2%
US Market
1 Year Returns
-10.5%
NasdaqGS:CBSH
-6.5%
US Banks
3.4%
US Market
CBSH Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Commerce Bancshares (CBSH) -1.6% 0.3% -1% -10.5% 40.7% 62.4%
US Banks -1.1% 2.8% -0.5% -6.5% 45.1% 45.5%
US Market -1.2% 1.2% 1.7% 3.4% 35.5% 41.6%
1 Year Return vs Industry and Market
  • CBSH underperformed the Banks industry which returned -6.5% over the past year.
  • CBSH underperformed the Market in United States of America which returned 3.4% over the past year.
Price Volatility
CBSH
Industry
5yr Volatility vs Market

Value

 Is Commerce Bancshares undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Commerce Bancshares to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Commerce Bancshares.

NasdaqGS:CBSH Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 8 analysts.
= Stable Book Value * Return on Equity
= $29.89 * 13%
$3.88
Book Value of Equity per Share Weighted future Book Value estimates from 8 analysts. $29.89
Discount Rate (Cost of Equity) See below 7.8%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqGS:CBSH
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.6
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.596 (1 + (1- 21%) (37.4%))
0.847
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.85
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.847 * 5.96%)
7.78%

Discounted Cash Flow Calculation for NasdaqGS:CBSH using Excess Returns Model Model

The calculations below outline how an intrinsic value for Commerce Bancshares is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

NasdaqGS:CBSH Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (13% – 7.78%) * $29.89)
$1.55
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $1.55 / (7.78% - 2.73%)
$30.68
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $29.89 + $30.68
$60.57
NasdaqGS:CBSH Discount to Share Price
Calculation Result
Value per share (USD) From above. $60.57
Current discount Discount to share price of $58.34
= -1 x ($58.34 - $60.57) / $60.57
3.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Commerce Bancshares is available for.
Intrinsic value
4%
Share price is $58.34 vs Future cash flow value of $60.57
Current Discount Checks
For Commerce Bancshares to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Commerce Bancshares's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Commerce Bancshares's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Commerce Bancshares's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Commerce Bancshares's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGS:CBSH PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in USD $3.76
NasdaqGS:CBSH Share Price ** NasdaqGS (2019-07-19) in USD $58.34
United States of America Banks Industry PE Ratio Median Figure of 594 Publicly-Listed Banks Companies 12.73x
United States of America Market PE Ratio Median Figure of 3,080 Publicly-Listed Companies 17.88x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Commerce Bancshares.

NasdaqGS:CBSH PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:CBSH Share Price ÷ EPS (both in USD)

= 58.34 ÷ 3.76

15.51x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Commerce Bancshares is overvalued based on earnings compared to the US Banks industry average.
  • Commerce Bancshares is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Commerce Bancshares's expected growth come at a high price?
Raw Data
NasdaqGS:CBSH PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 15.51x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts
-2.4%per year
United States of America Banks Industry PEG Ratio Median Figure of 270 Publicly-Listed Banks Companies 1.19x
United States of America Market PEG Ratio Median Figure of 2,119 Publicly-Listed Companies 1.57x

*Line of best fit is calculated by linear regression .

NasdaqGS:CBSH PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 15.51x ÷ -2.4%

-6.57x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Commerce Bancshares earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Commerce Bancshares's assets?
Raw Data
NasdaqGS:CBSH PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in USD $27.51
NasdaqGS:CBSH Share Price * NasdaqGS (2019-07-19) in USD $58.34
United States of America Banks Industry PB Ratio Median Figure of 594 Publicly-Listed Banks Companies 1.2x
United States of America Market PB Ratio Median Figure of 5,245 Publicly-Listed Companies 1.79x
NasdaqGS:CBSH PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:CBSH Share Price ÷ Book Value per Share (both in USD)

= 58.34 ÷ 27.51

2.12x

* Primary Listing of Commerce Bancshares.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Commerce Bancshares is overvalued based on assets compared to the US Banks industry average.
X
Value checks
We assess Commerce Bancshares's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check)
  5. Commerce Bancshares has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Commerce Bancshares expected to perform in the next 1 to 3 years based on estimates from 8 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-2.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Commerce Bancshares expected to grow at an attractive rate?
  • Commerce Bancshares's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Commerce Bancshares's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • Commerce Bancshares's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NasdaqGS:CBSH Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGS:CBSH Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts -2.4%
NasdaqGS:CBSH Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts 2.7%
United States of America Banks Industry Earnings Growth Rate Market Cap Weighted Average 1.9%
United States of America Banks Industry Revenue Growth Rate Market Cap Weighted Average 3.4%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqGS:CBSH Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 weeks ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGS:CBSH Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 1,418 1
2020-12-31 1,370 394 5
2019-12-31 1,348 401 5
NasdaqGS:CBSH Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-06-30 1,290 414
2019-03-31 1,286 551 416
2018-12-31 1,282 553 420
2018-09-30 1,305 546 405
2018-06-30 1,265 514 367
2018-03-31 1,206 432 336
2017-12-31 1,175 427 307
2017-09-30 1,137 421 284
2017-06-30 1,132 378 278
2017-03-31 1,122 377 269
2016-12-31 1,090 455 263
2016-09-30 1,100 359 255

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Commerce Bancshares's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Commerce Bancshares's revenue is expected to grow by 2.7% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqGS:CBSH Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 weeks ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below

All data from Commerce Bancshares Company Filings, last reported 2 weeks ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:CBSH Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31
2020-12-31 3.66 3.83 3.55 9.00
2019-12-31 3.67 3.71 3.60 9.00
NasdaqGS:CBSH Past Financials Data
Date (Data in USD Millions) EPS *
2019-06-30 3.76
2019-03-31 3.76
2018-12-31 3.79
2018-09-30 3.65
2018-06-30 3.31
2018-03-31 3.03
2017-12-31 2.77
2017-09-30 2.56
2017-06-30 2.51
2017-03-31 2.43
2016-12-31 2.38
2016-09-30 2.30

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Commerce Bancshares is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Commerce Bancshares's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Commerce Bancshares has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Commerce Bancshares performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Commerce Bancshares's growth in the last year to its industry (Banks).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Commerce Bancshares's year on year earnings growth rate has been positive over the past 5 years.
  • Commerce Bancshares's 1-year earnings growth exceeds its 5-year average (12.7% vs 11.8%)
  • Commerce Bancshares's earnings growth has not exceeded the US Banks industry average in the past year (12.7% vs 38.2%).
Earnings and Revenue History
Commerce Bancshares's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Commerce Bancshares Company Filings, last reported 2 weeks ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:CBSH Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 1,290.01 413.78 650.47
2019-03-31 1,285.73 416.32 642.52
2018-12-31 1,281.98 419.98 633.81
2018-09-30 1,305.35 404.73 639.58
2018-06-30 1,265.31 367.01 632.50
2018-03-31 1,206.36 335.84 613.67
2017-12-31 1,174.75 306.54 608.21
2017-09-30 1,136.74 283.91 604.06
2017-06-30 1,132.33 277.84 604.81
2017-03-31 1,121.69 268.77 603.34
2016-12-31 1,090.23 262.69 589.29
2016-09-30 1,100.00 254.90 596.24
2016-06-30 1,083.25 251.00 585.98
2016-03-31 1,078.09 255.40 578.36
2015-12-31 1,060.05 251.18 565.36
2015-09-30 1,057.11 250.27 561.83
2015-06-30 1,053.98 254.30 554.84
2015-03-31 1,037.46 248.87 548.46
2014-12-31 1,040.42 254.37 543.97
2014-09-30 1,032.48 259.82 538.02
2014-06-30 1,028.54 261.73 533.52
2014-03-31 1,025.78 261.11 528.90
2013-12-31 1,012.98 258.02 524.75
2013-09-30 1,007.99 258.98 523.09
2013-06-30 1,002.80 256.94 521.24
2013-03-31 1,010.84 261.95 518.36
2012-12-31 1,020.08 266.77 517.18
2012-09-30 1,014.46 261.73 511.02

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Commerce Bancshares has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Commerce Bancshares used its assets more efficiently than the US Banks industry average last year based on Return on Assets.
  • Unable to establish if Commerce Bancshares improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Commerce Bancshares's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Commerce Bancshares has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Commerce Bancshares's financial position? (This company is analysed differently as a bank or financial institution)

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of Commerce Bancshares's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Commerce Bancshares Company Filings, last reported 2 weeks ago.

NasdaqGS:CBSH Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 3,171.36 2,398.80 1,685.02
2019-03-31 3,043.21 1,735.07 1,210.39
2018-12-31 2,937.15 1,978.51 1,051.18
2018-09-30 2,807.81 1,886.66 1,525.01
2018-06-30 2,771.38 1,195.90 1,270.18
2018-03-31 2,705.73 1,157.92 1,177.17
2017-12-31 2,718.18 1,516.97 1,238.46
2017-09-30 2,704.48 1,517.52 1,336.03
2017-06-30 2,628.21 1,364.59 1,190.45
2017-03-31 2,563.57 1,430.52 1,293.69
2016-12-31 2,501.13 1,839.29 1,543.23
2016-09-30 2,560.81 1,623.08 1,252.76
2016-06-30 2,526.82 1,771.16 1,516.02
2016-03-31 2,447.28 1,088.39 1,431.91
2015-12-31 2,367.42 2,080.10 1,402.38
2015-09-30 2,371.04 2,313.28 1,464.58
2015-06-30 2,315.36 1,780.23 1,780.94
2015-03-31 2,405.41 1,728.10 1,631.00
2014-12-31 2,334.25 1,977.52 2,176.53
2014-09-30 2,288.87 1,511.36 1,649.98
2014-06-30 2,262.15 1,272.06 1,542.83
2014-03-31 2,273.51 1,044.68 1,725.89
2013-12-31 2,214.40 1,467.20 2,452.49
2013-09-30 2,181.49 1,880.63 2,131.03
2013-06-30 2,106.79 1,736.71 1,656.85
2013-03-31 2,179.19 1,246.44 1,860.34
2012-12-31 2,171.57 1,204.98 2,025.40
2012-09-30 2,307.07 1,381.56 1,451.82
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • Commerce Bancshares has an acceptable proportion of non-loan assets held.
  • Commerce Bancshares's liabilities are made up of primarily low risk sources of funding.
  • Loans at Commerce Bancshares are broadly funded by customer deposits.
  • Commerce Bancshares's level of assets compared to its equity is low (i.e. an appropriate level of borrowing to fund lending).
  • Commerce Bancshares has a sufficient allowance for bad loans.
  • Commerce Bancshares has an acceptable level of bad loans (less than 2%).
X
Financial health checks
We assess Commerce Bancshares's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Commerce Bancshares has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Commerce Bancshares's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.78%
Current annual income from Commerce Bancshares dividends. Estimated to be 1.87% next year.
If you bought $2,000 of Commerce Bancshares shares you are expected to receive $36 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Commerce Bancshares's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.44%).
  • Commerce Bancshares's dividend is below the markets top 25% of dividend payers in United States of America (3.76%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqGS:CBSH Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
United States of America Banks Industry Average Dividend Yield Market Cap Weighted Average of 479 Stocks 3.1%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2016 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqGS:CBSH Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 1.16 1.00
2020-12-31 1.14 9.00
2019-12-31 1.04 9.00
NasdaqGS:CBSH Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-04-17 1.040 1.756
2019-01-25 1.040 1.721
2019-01-17 0.896 1.478
2018-10-26 0.895 1.502
2018-07-27 0.895 1.392
2018-04-18 0.895 1.432
2018-01-26 0.895 1.581
2018-01-18 0.815 1.450
2017-10-27 0.816 1.546
2017-07-28 0.816 1.597
2017-04-19 0.816 1.606
2017-02-03 0.816 1.585
2017-01-18 0.776 1.531
2016-10-28 0.778 1.562
2016-07-29 0.778 1.831
2016-04-20 0.778 1.894
2016-02-05 0.778 2.051
2016-01-20 0.739 2.150
2015-07-24 0.740 1.982
2015-04-15 0.740 1.990
2015-01-30 0.740 2.136
2015-01-27 0.704 2.124
2014-10-31 0.705 2.012
2014-07-25 0.705 2.003
2014-04-16 0.705 2.013
2014-01-31 0.705 2.021
2014-01-14 0.671 1.903
2013-11-01 0.672 1.923
2013-07-26 0.672 2.015
2013-04-17 0.672 2.094
2013-02-08 0.672 2.302
2013-01-15 0.654 2.342
2012-11-02 0.654 2.432
2012-10-16 0.654 2.424
2012-07-20 0.654 2.299
2012-07-12 0.654 2.301
2012-04-18 0.654 2.386
2012-04-12 0.654 2.299
2012-02-10 0.654 2.328
2012-01-24 0.623 2.229
2011-11-04 0.623 2.331
2011-07-22 0.623 2.451
2011-07-14 0.623 2.145
2011-04-20 0.623 2.182
2011-04-14 0.623 2.243
2011-01-28 0.623 2.275
2011-01-13 0.606 2.151
2010-10-29 0.606 2.363
2010-10-14 0.606 2.566
2010-07-23 0.606 2.487
2010-07-15 0.606 2.493
2010-04-21 0.606 2.469
2010-04-15 0.606 2.269
2010-02-05 0.606 2.321
2010-01-14 0.589 2.283
2009-10-30 0.589 2.353
2009-10-14 0.589 2.446
2009-07-24 0.589 2.572
2009-07-16 0.589 2.757
2009-04-15 0.589 2.976
2009-04-14 0.589 2.869
2009-02-06 0.589 2.779
2009-01-20 0.584 2.702
2008-10-31 0.585 2.304
2008-10-15 0.585 2.297
2008-07-25 0.585 2.216

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Commerce Bancshares's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.9x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3.3x coverage).
X
Income/ dividend checks
We assess Commerce Bancshares's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Commerce Bancshares afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Commerce Bancshares has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Commerce Bancshares's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
John Kemper
COMPENSATION $2,723,441
AGE 41
TENURE AS CEO 0.9 years
CEO Bio

Mr. John W. Kemper has been the President and Chief Operating Officer at Commerce Bancshares, Inc. since February 8, 2013. He serves as CEO of Commerce Bancshares, Inc. since August 01, 2018 and Vice President at CBI-Kansas, Inc. Mr. Kemper was President of Commerce Bank from January 2013 until August 01, 2018. He served as the Chief Administrative Officer of Commerce Bancshares, Inc. Mr. Kemper is responsible for directing the Commerce Bancshares' strategy and line operations, working with market and business line leadership. As Commerce Bancshares' Chief Administrative Officer, he assumed overall responsibility for bank credit and non-credit risk, legal, compliance and human resources. Mr. Kemper served as Senior Vice President of Commerce Bancshares Inc. and Commerce Bank, N.A. since December 2010 and January 2009 respectively. He served as Director of Strategic Planning and Bank Acquisitions at Commerce Bancshares Inc. and was responsible for the Commerce bank's consumer and commercial credit card businesses. He joined Commerce Bancshares in 2007 and has served in a number of roles, leading bank strategy and M&A; overseeing the bank's credit card businesses. Mr. Kemper served as an Engagement Manager of McKinsey & Company from 2005 to August 2007, where he served blue chip clients and managed strategy and operations projects primarily focused in the financial service industry. He serves as the Chairman of Capital For Business, Inc. He has been a Director of Commerce Bancshares, Inc. since September 2015. He serves as a Director of Tower Properties Company since March 2008. He is a Member of the Leadership Council of the Donald Danforth Plant Science Center and Board Member of the St. Louis Regional Chamber & Growth Association and KIPP St. Louis. He is a member of the Visa Senior Client Counsel and Financial Services Roundtable, and serves on several civic boards. Mr. 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.

CEO Compensation
  • John's compensation has been consistent with company performance over the past year, both up more than 20%.
  • John's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Commerce Bancshares management team in years:

2.8
Average Tenure
56.5
Average Age
  • The tenure for the Commerce Bancshares management team is about average.
Management Team

David Kemper

TITLE
Executive Chairman
COMPENSATION
$5M
AGE
68
TENURE
0.9 yrs

John Kemper

TITLE
President
COMPENSATION
$3M
AGE
41
TENURE
0.9 yrs

Chuck Kim

TITLE
Executive VP & CFO
COMPENSATION
$1M
AGE
58
TENURE
10 yrs

Kevin Barth

TITLE
Executive Vice President of Commercial Line of Business
COMPENSATION
$1M
AGE
58
TENURE
14.3 yrs

Robert Holmes

TITLE
Executive Vice President
COMPENSATION
$1M
AGE
55
TENURE
4.3 yrs

John Handy

TITLE
Executive VP & Chairman of Commerce Trust Company
COMPENSATION
$2M
AGE
55
TENURE
1.5 yrs

Paul Steiner

TITLE
Controller & Chief Accounting Officer
AGE
47
TENURE
0.3 yrs

David Roller

TITLE
Senior VP & Chief Information Officer
AGE
48
TENURE
2.8 yrs

Sara Foster

TITLE
Executive Vice President of Talent & Corporate Administration
AGE
58
TENURE
7.4 yrs

Jeff Aberdeen

TITLE
Executive Officer
AGE
65
Board of Directors Tenure

Average tenure and age of the Commerce Bancshares board of directors in years:

14.4
Average Tenure
66
Average Age
  • The average tenure for the Commerce Bancshares board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

John Kemper

TITLE
President
COMPENSATION
$3M
AGE
41
TENURE
3.8 yrs

John Handy

TITLE
Executive VP & Chairman of Commerce Trust Company
COMPENSATION
$2M
AGE
55
TENURE
1.3 yrs

Doug Neff

TITLE
Senior VP and Chairman & CEO of Commerce Bank - Springfield Region
AGE
50
TENURE
6.3 yrs

Benjamin Rassieur

TITLE
Director
COMPENSATION
$158K
AGE
64
TENURE
21.9 yrs

David Kemper

TITLE
Executive Chairman
COMPENSATION
$5M
AGE
68
TENURE
27.7 yrs

Andy Taylor

TITLE
Lead Director
COMPENSATION
$160K
AGE
71
TENURE
1.5 yrs

Trace Devanny

TITLE
Director
COMPENSATION
$163K
AGE
67
TENURE
9.3 yrs

Jonathan Kemper

TITLE
Director
COMPENSATION
$2M
AGE
65
TENURE
22.4 yrs

John Capps

TITLE
Independent Director
COMPENSATION
$154K
AGE
68
TENURE
19.5 yrs

W. Grant

TITLE
Director
COMPENSATION
$146K
AGE
68
TENURE
36.1 yrs
Who owns this company?
Recent Insider Trading
  • Commerce Bancshares individual insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
19. Jun 19 Sell Patricia Kellerhals Individual 18. Jun 19 18. Jun 19 -218 $58.58 $-12,769
08. May 19 Sell John Handy Individual 06. May 19 06. May 19 -3,541 $61.79 $-218,801
19. Mar 19 Sell Patricia Kellerhals Individual 15. Mar 19 15. Mar 19 -851 $61.17 $-52,056
12. Mar 19 Sell Douglas Neff Individual 11. Mar 19 11. Mar 19 -807 $60.66 $-48,955
28. Feb 19 Sell Kevin Barth Individual 27. Feb 19 27. Feb 19 -10,000 $62.58 $-625,780
27. Feb 19 Sell John Handy Individual 25. Feb 19 25. Feb 19 -1,634 $63.70 $-104,080
25. Feb 19 Sell John Kemper Individual 22. Feb 19 22. Feb 19 -7,075 $63.41 $-448,593
19. Feb 19 Sell David Kemper Individual 15. Feb 19 15. Feb 19 -7,681 $61.62 $-473,321
14. Feb 19 Buy Sara Foster Individual 26. Jun 17 24. Sep 18 381 $66.09 $22,011
14. Feb 19 Buy Daniel Callahan Individual 26. Jun 17 24. Sep 18 170 $66.09 $9,675
13. Feb 19 Sell Daniel Callahan Individual 12. Feb 19 12. Feb 19 -1,156 $61.03 $-70,545
13. Feb 19 Sell Kevin Barth Individual 12. Feb 19 12. Feb 19 -6,001 $61.05 $-366,353
06. Feb 19 Sell David Kemper Individual 04. Feb 19 04. Feb 19 -27,728 $60.12 $-1,666,896
05. Feb 19 Sell David Kemper Individual 01. Feb 19 01. Feb 19 -20,000 $59.81 $-1,196,258
30. Jan 19 Sell Daniel Callahan Individual 28. Jan 19 29. Jan 19 -4,018 $61.52 $-246,575
30. Jan 19 Sell Kevin Barth Individual 29. Jan 19 29. Jan 19 -6,976 $61.26 $-427,376
24. Jan 19 Sell Daniel Callahan Individual 22. Jan 19 22. Jan 19 -3,300 $61.11 $-201,670
26. Nov 18 Sell Daniel Callahan Individual 21. Nov 18 21. Nov 18 -1,575 $62.77 $-98,869
06. Nov 18 Sell Jeffery Burik Individual 02. Nov 18 02. Nov 18 -2,418 $61.93 $-149,745
02. Nov 18 Sell Jeffery Burik Individual 31. Oct 18 31. Oct 18 -8,124 $61.17 $-496,954
12. Sep 18 Sell Jonathan Kemper Individual 11. Sep 18 11. Sep 18 -47,250 $67.95 $-3,210,705
11. Sep 18 Sell Paula Petersen Individual 10. Sep 18 10. Sep 18 -880 $68.30 $-60,101
09. Aug 18 Sell Sara Foster Individual 08. Aug 18 08. Aug 18 -2,490 $66.30 $-165,045
X
Management checks
We assess Commerce Bancshares's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Commerce Bancshares has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Could The Commerce Bancshares, Inc. (NASDAQ:CBSH) Ownership Structure Tell Us Something Useful?

Check out our latest analysis for Commerce Bancshares NasdaqGS:CBSH Ownership Summary, July 8th 2019 What Does The Institutional Ownership Tell Us About Commerce Bancshares? … We can see that Commerce Bancshares does have institutional investors; and they hold 67% of the stock. … Insider Ownership Of Commerce Bancshares The definition of company insiders can be subjective, and does vary between jurisdictions.

Simply Wall St -

Commerce Bancshares, Inc. (NASDAQ:CBSH) Looks Like A Good Stock, And It's Going Ex-Dividend Soon

Check out our latest analysis for Commerce Bancshares Dividends are usually paid out of company profits, so if a company pays out more than it earned then its dividend is usually at greater risk of being cut. … Companies with consistently growing earnings per share generally make the best dividend stocks, as they usually find it easier to grow dividends per share. … Earnings per share have been growing much quicker than dividends, potentially because Commerce Bancshares is keeping back more of its profits to grow the business.

Simply Wall St -

Should You Be Adding Commerce Bancshares (NASDAQ:CBSH) To Your Watchlist Today?

I discovered that the median total compensation for the CEOs of companies like Commerce Bancshares with market caps between US$4.0b and US$12b is about US$6.9m. … Although Commerce Bancshares certainly looks good to me, I would like it more if insiders were buying up shares. … If you like to see insider buying, too, then this free list of growing companies that insiders are buying, could be exactly what you're looking for.

Simply Wall St -

Why Commerce Bancshares, Inc. (NASDAQ:CBSH) Is A Dividend Rockstar

A dividend paying company with growing earnings can be rewarding in the long term. … Unfortunately, one common occurrence with dividend companies is for investors to be enticed in by the seemingly attractive yield, and lose money when the company has to cut its dividend payments. … While Commerce Bancshares's 1.7% dividend yield is not the highest, we think its lengthy payment history is quite interesting.

Simply Wall St -

Commerce Bancshares (NASDAQ:CBSH) Shareholders Booked A 65% Gain In The Last Five Years

(NASDAQ:CBSH) share price is up 65% in the last 5 years, clearly besting than the market return of around 46% (ignoring dividends). … In his essay The Superinvestors of Graham-and-Doddsville Warren Buffett described how share prices do not always rationally reflect the value of a business. … Over half a decade, Commerce Bancshares managed to grow its earnings per share at 12% a year.

Simply Wall St -

Could The Commerce Bancshares, Inc. (NASDAQ:CBSH) Ownership Structure Tell Us Something Useful?

Commerce Bancshares is a pretty big company. … Normally institutions would own a significant portion of a company this size. … View our latest analysis for Commerce Bancshares

Simply Wall St -

Financial Metrics For Commerce Bancshares, Inc. (NASDAQ:CBSH)

Commerce Bancshares, Inc.’s (NASDAQ:CBSH) profitability and risk are largely affected by the underlying economic growth for the region it operates in US given it is a small-cap stock with a market capitalisation of US$7.1b. … The Basel III reforms are aimed at banking regulations to improve financial institutions’ ability to absorb shocks caused by economic stress which could expose banks like Commerce Bancshares to vulnerabilities. … High liquidity and low leverage could position Commerce Bancshares favourably at the face of macro headwinds.

Simply Wall St -

Did Commerce Bancshares, Inc. (NASDAQ:CBSH) Insiders Sell Shares?

Commerce Bancshares Insider Transactions Over The Last Year. … Over the last year, we can see that the biggest insider sale was by Director Jonathan Kemper for US$3.2m worth of shares, at about US$67.95 per share … That means that an insider was selling shares at around the current price of US$59.80

Simply Wall St -

Why Commerce Bancshares, Inc. (NASDAQ:CBSH) May Not Be As Risky Than You Think

As a small-cap bank with a market capitalisation of US$6.5b, Commerce Bancshares, Inc.’s (NASDAQ:CBSH) profit and value are directly affected by economic growth. … Risk associated with repayment is measured by bad debt which is written off as an expense, impacting Commerce Bancshares’s bottom line. … Check out our latest analysis for Commerce Bancshares

Simply Wall St -

Can Commerce Bancshares Inc (NASDAQ:CBSH) Survive The Next Financial Crisis?

As a small-cap finance stock with a market capitalisation of US$6.9b, the risk and profitability of Commerce Bancshares Inc (NASDAQ:CBSH) are largely tied to the underlying economic growth of the region it operates in US. … Since its financial standing can unexpectedly decline in the case of an adverse macro event such as political instability, it is important to understand how prudent the bank is at managing its risk levels. … High liquidity and low leverage could position Commerce Bancshares favourably at the face of macro headwinds.

Simply Wall St -

Company Info

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. It operates through three segments: Consumer, Commercial, and Wealth. The Consumer segment offers various banking products and services, including consumer deposits; consumer loans, such as automobile, motorcycle, marine, tractor/trailer, recreational vehicle, fixed rate and revolving home equity, and other consumer loans; patient health care financing; real estate loans; indirect and other consumer financing; personal mortgage banking; consumer installment lending; and consumer debit and credit bank cards, as well as provides online banking services. The Commercial segment offers corporate lending, merchant and commercial bank card, leasing, international, and investment safekeeping and bond accounting services; and business products, government deposits, and related commercial cash management services, as well as sells fixed-income securities to individuals, corporations, correspondent banks, public institutions, and municipalities. The Wealth segment provides traditional trust and estate planning services, brokerage services, and advisory and discretionary investment management services. The company also offers private equity investment, securities brokerage, and insurance agency services. It operates through a network of 320 locations in Missouri, Kansas, Illinois, Oklahoma, and Colorado, as well as commercial offices. Commerce Bancshares, Inc. was founded in 1865 and is headquartered in Kansas City, Missouri.

Details
Name: Commerce Bancshares, Inc.
CBSH
Exchange: NasdaqGS
Founded: 1865
$6,413,178,809
109,927,645
Website: http://www.commercebank.com
Address: Commerce Bancshares, Inc.
1000 Walnut,
Kansas City,
Missouri, 64106,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS CBSH Common Stock Nasdaq Global Select US USD 02. Jan 1969
DB CB5 Common Stock Deutsche Boerse AG DE EUR 02. Jan 1969
NasdaqGS CBSH.P DEP SHS RP PFD B Nasdaq Global Select US USD 16. Jun 2014
Number of employees
Current staff
Staff numbers
4,857
Commerce Bancshares employees.
Industry
Regional Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/20 23:49
End of day share price update: 2019/07/19 00:00
Last estimates confirmation: 2019/07/18
Last earnings filing: 2019/07/16
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.