Commerce announces dividend, stock buyback

The dividend, up from the previous dividend of 24.5 cents, is payable March 28 to stockholders of record March 9. It is the company’s 38th consecutive year with increased total dividends.

Also Friday, Commerce’s Board of Directors approved a company stock purchase of up to 2.84 million shares.

Combined with shares left to be purchased under the company’s prior authorization, Commerce has the authority to repurchase 4 million shares.

Commerce operates more than 350 locations in Missouri, Kansas and Illinois. Shares (Nasdaq: CBSH) closed Friday at $49.66, compared to a 52-week range of $43.43 to $50.60.