Morgan Keegan Maintains Outperform on Commerce Bancshares

Morgan Keegan is out with its report today on Commerce Bancshares CBSH, maintaining Outperform. In its report, Morgan Keegan writes, "Led by a top quality management team that has led the bank through many economic cycles, earnings growth at CBSH should benefit from its revenue diversification (~40% of revenues derived from fee businesses) and ongoing capital deployment via share buybacks (increased its SBB authorization to 3 million shares or ~3.5% of o/s shares and has bought back 1.8 million shares since 4Q10) which should help offset the pressure on net interest revenues due to net interest margin compression over the coming quarters." Morgan Keegan maintains a $46 PT on CBSH. At the time of posting, shares of CBSH were trading at $35.96, up 1.93% from Friday's close.