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CBSH - Valuation Still The Biggest Issue With Commerce Bancshares
Commerce Bancshares Inc.
Commerce Bancshares posted an in-line core result for the fourth quarter, with ongoing weakness in spread margin partly offset by discipline on costs and signs of improvement in lending.
Commercial loan demand is picking up, but Commerce lacks the specialty lending operations of faster-growing rivals and is average to slightly below average where leverage to higher rates is concerned.
Commerce deserves a quality premium, but paying over 18x FY'23 EPS seems like too much of a premium to me.