NET INTEREST INCOME - Higher net interest income driven by expanding net interest margin and loan growth, per management discussion
NON-INTEREST INCOME - Growth in trust and bank card fees contributed to higher non-interest income
LOWER FUNDING COSTS - Decrease in interest expense on deposits and borrowings supported results
Outlook and balance sheet
Company expects maturities and pay downs of about $1.1 bln in available for sale debt securities over next 12 months
Commerce says portfolio repositioning supports more consistent future net interest income and durable net interest margin
Company says balanced revenue mix supports performance across economic cycles
Analyst coverage and valuation
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 8 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy."
Wall Street's median 12-month price target for Commerce Bancshares Inc is $60.00, about 3.2% above its July 15 closing price of $58.16
The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 12 three months ago
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