Commerce Bancshares, Inc. Announces Visa Inc.’s Acceptance of Class B-1 Common Stock and Investment Securities Repositioning
Commerce Bancshares, Inc. (CBSH)
Last commerce bancshares, inc. earnings: 4/28 06:00 am
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US:NASDAQ Investor Relations:
investor.commercebank.com/presentations
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Source: Business Wire
KANSAS CITY, Mo.--(BUSINESS WIRE)--Commerce Bancshares, Inc. (NASDAQ: CBSH) announced today that Visa Inc. has accepted the company’s tender of its 823,447 shares of Visa Class B-1 common stock in exchange for a combination of Visa Class B-2 common stock and Visa Class C common stock.As a result of the exchange, Commerce marked its Visa Class C common stock to fair value and recorded a gain of $175.5 million based on the conversion privilege of the Visa Class C common stock and the closing price of Visa Class A common stock on May 3, 2024 of $268.49 per share. The company’s Visa Class C shares are expected to continue to be marked to fair value on a recurring basis using the Visa Class A shares as evidence of orderly transactions between market participants for similar securities issued by Visa.Subsequent to the successful close of the Exchange Offer, the company approved a plan to reposition a portion of its available for sale debt securities portfolio through the sale of securit
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CBSH
News
- Commerce Bancshares, Inc. (NASDAQ: CBSH) had its price target raised by analysts at Keefe, Bruyette & Woods from $58.00 to $60.00. They now have a "market perform" rating on the stock.MarketBeat
- Commerce Bancshares' (CBSH) Balance Sheet Revamp to Aid NII [Yahoo! Finance]Yahoo! Finance
- Commerce Bancshares, Inc. Announces Visa Inc.'s Acceptance of Class B-1 Common Stock and Investment Securities Repositioning [Yahoo! Finance]Yahoo! Finance
- Can Commerce (CBSH) Run Higher on Rising Earnings Estimates? [Yahoo! Finance]Yahoo! Finance
- Commerce Bancshares, Inc. Stock Repurchase Program [Yahoo! Finance]Yahoo! Finance
CBSH
Earnings
- 4/16/24 - Beat
CBSH
Sec Filings
- 5/14/24 - Form 4
- 5/10/24 - Form 144
- 5/8/24 - Form 10-Q
- CBSH's page on the SEC website