Bankrate starts stock repurchase program for up to $50M
Ahead of today’s opening, Bankrate Inc. (Nasdaq:RATE) began its previously announced stock repurchase program of up to $50 million. The company said the share repurchases are being done through Credit Suisse under Securities and Exchange Commission guidelines.
“We have over $75 million in cash and our business is growing and generating excellent cash flow which allows for investing in Bankrate stock as well as continuing to seek accretive strategic acquisitions to assist in executing on our plan,” said Thomas Evans, president and CEO, in a statement.
In pre-market trading, shares of Bankrate, an Internet-based banking and finance network, are mostly flat, at $25.54, up $0.01 from Friday’s close. During the past 52 weeks, shares of Bankrate have ranged from $25.05 to $57.32.
“We have over $75 million in cash and our business is growing and generating excellent cash flow which allows for investing in Bankrate stock as well as continuing to seek accretive strategic acquisitions to assist in executing on our plan,” said Thomas Evans, president and CEO, in a statement.
In pre-market trading, shares of Bankrate, an Internet-based banking and finance network, are mostly flat, at $25.54, up $0.01 from Friday’s close. During the past 52 weeks, shares of Bankrate have ranged from $25.05 to $57.32.
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