KANSAS CITY, Mo. - Commerce Bancshares, Inc. (NASDAQ: NASDAQ:CBSH), a regional bank holding company, has announced a new share repurchase program. The company's Board of Directors has authorized the repurchase of up to 5 million shares of its common stock. This buyback program includes the remaining shares from the previous authorization dated April 20, 2022.
The repurchases will be conducted through various methods, such as open market purchases and privately negotiated transactions, in compliance with applicable laws and regulations. The management of Commerce Bancshares retains full discretion over the timing and volume of shares to be repurchased, which will be influenced by market conditions and other relevant factors.
Commerce Bancshares has made it clear that the repurchase program does not obligate the company to acquire a specific number of shares. Moreover, there is no assurance as to the precise number of shares that will be bought back. The program is subject to change and can be suspended, modified, or terminated at any time by the company without prior notice.
With assets totaling $30.4 billion as of March 31, 2024, Commerce Bancshares provides a wide range of banking services through its subsidiaries. These services include payment solutions, investment management, and securities brokerage. Commerce Bank, one of its subsidiaries, has a history spanning nearly 160 years and operates full-service banking facilities across the Midwest and beyond.
This announcement contains forward-looking statements, which are based on the current expectations of the company's management and are subject to significant risks and uncertainties. The actual outcomes could differ materially from those anticipated in these statements. This news article is based on a press release statement from Commerce Bancshares, Inc.
InvestingPro Insights
Commerce Bancshares, Inc. (NASDAQ: CBSH), in line with its recent announcement of a new share repurchase program, continues to demonstrate its commitment to shareholder value. Reflecting on the company's financial health, the InvestingPro data indicates a solid market capitalization of $6.81 billion, with a price-to-earnings (P/E) ratio of 14.61, aligning with the industry average.
The company’s revenue growth over the last twelve months as of Q1 2024 has been steady at 4.51%, showcasing a consistent upward trajectory in its earnings potential.
On the dividends front, an InvestingPro Tip highlights Commerce Bancshares' impressive history of dividend payments, having maintained them for 54 consecutive years, which is a testament to its financial stability and reliability as an income-generating investment.
Moreover, over the past year, the company's dividend growth was recorded at 5.0%, which is a positive sign for investors looking for steady income streams.
Another InvestingPro Tip points out that analysts are optimistic about the company's future earnings, with 4 analysts having revised their earnings projections upwards for the upcoming period. This could indicate potential for the stock's performance, as upward revisions typically signal analysts' increased confidence in the company's growth prospects.
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