Commerce Bancshares rises after Q3 results beat estimates

Commerce Bancshares

17/10/2024 15:11

** Shares of regional lender Commerce Bancshares  CBSH.O 
rise 1.9% to $62.7, touching a one-month high
    ** Q3 adj. EPS at $1.07 is slightly above estimates compiled
by LSEG of $1
    ** Quarterly rev. of $421.38 mln beats estimates of $419.72
mln
    ** Co reported net income of $138 mln, higher than LSEG
estimates of $130 mln 
    ** Higher interest income on loans and deposits helped with
net interest income, co says
    ** NII marginally increased to $262.4 mln compared with
previous quarter
    ** Trust fees grew $5.5 mln, or 11.1%, compared to last
year, mostly due to higher private client fees
    ** Avg rating of analysts covering CBSH is "hold"; median PT
is $65 - LSEG
    ** Including session's gains, stock up about 18% YTD

 (Reporting by Sukriti Gupta in Bengaluru)
 ((Sukriti.Gupta@thomsonreuters.com;))