Is Commerce Bancshares, Inc. (Missouri) overvalued or undervalued?

As of 12 June 2025, the valuation grade for Commerce Bancshares, Inc. has moved from expensive to fair. The company is currently fairly valued based on its financial metrics. Key ratios include a P/E ratio of 16, a Price to Book Value of 2.46, and an EV to EBITDA of 10.56.
In comparison to its peers, East West Bancorp, Inc. has a P/E ratio of 12.82, indicating it is more attractively valued, while First Horizon Corp. has a P/E of 12.18, also suggesting a fair valuation. Notably, Commerce Bancshares has a strong ROCE of 27.81% and a ROE of 15.53%, which are competitive within the industry. Over the past year, the stock has outperformed the S&P 500, returning 19.11% compared to the index's 10.26%, reinforcing its current valuation stance.