Comerica Declares Dividends and Announces Increase in Share Repurchase Authorization

Rhea-AI Summary

Comerica (NYSE: CMA) announced key financial decisions: a quarterly cash dividend of $0.71 per common share and a dividend of $1,406.25 per share on Series A Preferred Stock, both payable January 1, 2025. The Board approved an additional 10 million shares buyback authorization, supplementing the existing 5 million shares remaining from previous authorizations. The company, with $79.7 billion in total assets, operates through three segments: Commercial Bank, Retail Bank, and Wealth Management, serving 14 of the 15 largest U.S. metropolitan areas with nearly 380 banking centers across the country.

Positive

• Board approved additional 10 million shares buyback authorization
• Maintains quarterly dividend of $0.71 per common share
• Strong asset base of $79.7 billion
• Extensive nationwide presence with 380 banking centers

Negative

• None.

DALLAS, Nov. 5, 2024 /PRNewswire/ -- The Board of Directors of Comerica Incorporated (NYSE: CMA) declared a quarterly cash dividend for common stock of 71 cents ($0.71) per share. The dividend is payable Jan. 1, 2025, to shareholders of record at the close of business on Dec. 13, 2024.

The Board also declared a dividend of $1,406.25 per share (equivalent to $14.0625 per depositary share) on the Series A Non-Cumulative Perpetual Preferred Stock of Comerica Incorporated, payable Jan. 1, 2025, to preferred stock shareholders of record at the close of business on Dec. 13, 2024.

In addition, the Board approved the authorization to purchase up to an additional 10 million shares of Comerica Incorporated outstanding common stock. This authorization is in addition to the 5 million shares remaining at Sept. 30, 2024, under the Board's prior authorizations for the share repurchase program. There is no expiration date for the share repurchase program. The timing and actual amount of share repurchases are subject to various factors, including the Corporation's earnings generation, capital needs to fund future loan growth and market conditions. Shares may be repurchased through open market repurchases, privately negotiated transactions, structured repurchase agreements with third parties and/or otherwise, including utilizing Rule10b5-1 plans. The repurchased shares may be held as treasury stock or retired.

This year, Comerica Bank celebrates its 175^th anniversary. A subsidiary of Comerica Incorporated (NYSE: CMA), Comerica Bank is a financial services company headquartered in Dallas, Texas, and is strategically aligned by three business segments: The Commercial Bank, The Retail Bank and Wealth Management. Comerica, one of the 25 largest commercial U.S. financial holding companies, focuses on building relationships and helping people and businesses be successful, providing nearly 380 banking centers across the country with locations in Arizona, California, Florida, Michigan and Texas. Founded on Aug. 17, 1849, in Detroit, Michigan, Comerica continues to expand into new regions, most recently in the Southeast, including North Carolina and Mountain West Market in Colorado. Comerica has offices in 17 states and services 14 of the 15 largest U.S. metropolitan areas, as well as Canada and Mexico. Comerica reported total assets of $79.7 billion at Sept. 30, 2024. Learn more about how Comerica is raising expectations of what a bank can be by visiting www.comerica.com, and follow us on Facebook, X, Instagram and LinkedIn.   

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SOURCE Comerica Incorporated

FAQ

What is Comerica's (CMA) new share buyback authorization amount?

Comerica's Board approved an additional 10 million shares buyback authorization, adding to the 5 million shares remaining from previous authorizations as of September 30, 2024.

When will Comerica (CMA) pay its next quarterly dividend?

Comerica will pay its quarterly dividend of $0.71 per common share on January 1, 2025, to shareholders of record as of December 13, 2024.

What is Comerica's (CMA) preferred stock dividend amount?

Comerica declared a dividend of $1,406.25 per share ($14.0625 per depositary share) on Series A Non-Cumulative Perpetual Preferred Stock, payable January 1, 2025.

What are Comerica's (CMA) total assets as of September 2024?

Comerica reported total assets of $79.7 billion as of September 30, 2024.