Sterne Agee Comments on Commerce Bancshares After Stock Buyback

Sterne Agee has published a research report on Commerce Bancshares CBSH after a buyback of stock. In the report, Sterne Agee wrote, "Very few banks have been “allowed” or are capable of executing shares repurchases and dividend increases at their discretion, but CBSH is clearly at the top of the list, in our judgment. The drop in CBSH's valuation to ~11.5x our 2H11E-2012E EPS compares favorably to the 13.5x forward P/E that existed in 4Q10 when the buyback was most recently very active." Sterne Agee rated Commerce Bancshares a Neutral with no price target given. Commerce Bancshares closed Wednesday at $36.20.