Regional banking company Commerce Bancshares (NASDAQ: CBSH) will be announcing earnings results this Thursday before market hours. Here’s what you need to know.
Commerce Bancshares met analysts’ revenue expectations last quarter, reporting revenues of $478.1 million, up 11.1% year on year. It was a mixed quarter for the company, with a beat of analysts’ EPS estimates but a slight miss of analysts’ net interest income estimates.
Is Commerce Bancshares a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Commerce Bancshares’s revenue to grow 9.9% year on year, improving from the 7.5% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Commerce Bancshares rarely misses Wall Street’s revenue estimates.
Looking at Commerce Bancshares’s peers in the banks segment, some have already reported their Q2 results, giving us a hint as to what we can expect. FB Financial delivered year-on-year revenue growth of 27.5%, missing analysts’ expectations by 0.7%, and Citigroup reported revenues up 14.3%, topping estimates by 4.5%. FB Financial traded up 2.7% following the results.
Read our full analysis of FB Financial’s results here and Citigroup’s results here.
There has been positive sentiment among investors in the banks segment, with share prices up 4.2% on average over the last month. Commerce Bancshares is up 5.8% during the same time and is heading into earnings with an average analyst price target of $61.33 (compared to the current share price of $57.91).
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