Why is Commerce Bancshares, Inc. (CBSH) Stock down?

19 Oct, 2023:

Commerce Bancshares Stock (CBSH) dropped by 5.07% from $48.91 to $46.43 in the trading on Thursday October 19, 2023. The reason why CBSH stock down today is due to the Q3 Earnings Report. Commerce Bancshares delivered Q3 earnings per share beating the estimate, but the bottom line decreased 1% from the prior-year quarter. It seemed to weigh on the stock as did the broader market sell-off, causing CBSH stock down today.

  • Non-interest expenses increased 7.1% to $228 million. The rise was mainly due to an increase in all cost components except marketing and equipment.
  • Asset Quality Weakening: Provision for credit losses was $11.6 million, which decreased 23.8% from the prior-year quarter. Non-accrual loans to total loans were 0.05%, on par with the prior-year quarter. The ratio of annualized net loan charge-offs to total average loans was 0.23%, up from 0.12% in the year-earlier quarter.
price down icon 0.30%
banks_regional LYG
price up icon 0.18%
banks_regional TFC
price down icon 2.12%
banks_regional MFG
price down icon 0.66%
banks_regional NU
price up icon 0.77%
price down icon 0.34%
Cap:     |  Volume (24h):