CBSH: Takeaways from Mgmt Meetings at Our Chicago Conference

研报英文原文证据摘录

CBSH: Takeaways from Mgmt Meetings at Our Chicago Conference

Equity Research

Flash Comment — May 14, 2026

Mid-Cap Banks

Commerce Bancshares, Inc.

Takeaways from Mgmt Meetings at Our Chicago Conference Equal Weight

Price Target: $53.00

Ticker CBSH

Our Call Upside/(Downside) to Target 3.8%

Our mtg w/ CBSH's Chief Credit Officer David Orf and head of Corp Development Price (05/14/2026) $51.04

Matthew Burkemper highlighted the benefits of the Finemark deal (Jan 1 close), esp 52 Week Range $46.99 - 63.19

talent & culture w/ savings and rev synergies coming in '27 (post 4Q systems conversion). Market Cap (MM) $7,445

Source: Company Data, Wells Fargo Securities estimates, and Factset.

Initial Thoughts NA = Not Available, NC = No Change, NE = No Estimate

Deals. We think it would be unlikely for Commerce to enter into an agreement to buy Christopher Spahr, CFA

another bank over the next year simply because the teams responsible for vetting the Equity Analyst | Wells Fargo Securities, LLC

Christopher.Spahr@wellsfargo.com | 212-214-5301

next deal are currently occupied with the Finemark integration (4Q26 target). Regardless,

smaller bolt-ons seem more likely in footprint or growth markets. Juan Recalde, CFA

Associate Equity Analyst | Wells Fargo Securities, LLC

Join our Bank Takeovers and Regulation w/ Lawyer Luminary Rodgin Cohen on May 26 at Juan.Recalde@wellsfargo.com | 212-214-5287

2pm ET - ask your sales representative. Mike Mayo, CFA

Equity Analyst | Wells Fargo Securities, LLC

Mike.Mayo@wellsfargo.com | 212-214-5300

Capital priorities. Buybacks likely remain elevated given muted loan growth, high capital

levels (CET1 17.3%), and valuation. Mgmt considers the stock to be inexpensive. B3 can

add almost 100bps to CET1. We think buybacks can be closer to the 1Q-level ($84M)