Comerica Stock Price, News & Analysis

Comerica Bank's Michigan Economic Activity Index rose to 106.2 in October, marking a 22% increase from its historical low. This is the fourth consecutive month of growth, although the rate of improvement has slowed recently. Key positive indicators include nonfarm employment and housing starts, while negative factors such as industrial electricity demand and light vehicle production present challenges. The auto industry is expected to face weaker sales amid rising COVID-19 cases and decreasing consumer confidence. Comerica reports total assets of $83.6 billion as of September 30, 2020.

Comerica Bank is investing $250,000 in Community Development Financial Institution (CDFI) DreamSpring to support small businesses in Dallas and Phoenix amid the ongoing pandemic. This investment is part of Comerica's broader commitment, exceeding $9 million in COVID-19 relief efforts for small businesses and community programs. DreamSpring, a non-profit founded in 1994, aims to provide flexible financial support to underserved communities, helping entrepreneurs achieve their dreams and contributing to economic recovery.

Comerica Bank announced a contribution of over $1 million to six California nonprofits supporting minority-owned small businesses and low- to moderate-income communities affected by COVID-19. This brings its total contributions in California to more than $4.4 million. The funding is part of Comerica's Capital Grant investments aimed at combating economic disruption. The bank has also provided over $2.5 million in funding to Community Development Financial Institutions in California. Comerica focuses on community stability and recovery efforts during the pandemic.

Comerica Bank's California Economic Activity Index rose to 97.7 in September, an 8% increase from its cyclical low. This marks the index's third consecutive gain, influenced by positive trends in nonfarm employment, housing starts, and hotel occupancy. However, concerns arise as California faces a surge in COVID-19 cases, potentially leading to stricter restrictions that could affect economic recovery. The index averaged 124.4 points in 2019, indicating a broader economic impact. As of September 30, 2020, Comerica reported total assets of $83.6 billion.

Comerica Bank's Texas Economic Activity Index rose to 119.0 in September, marking a 25% increase over its cyclical low. The index has shown improvement for three consecutive months, with eight of its nine components positive, including nonfarm payrolls and housing starts. However, the Texas rig count declined for the 22nd month, losing nearly 80% since November 2018. The resurgence of COVID-19 poses risks to the economy, but vaccine developments support expectations for normalization in 2021. Comerica's assets totaled $83.6 billion as of September 30, 2020.

Comerica Bank's Michigan Economic Activity Index rose to 105.6 in September, reflecting a 22% increase from the cyclical low of 86.9. This marks the third consecutive monthly increase, although the 2.5% growth rate suggests smaller future gains. Eight of nine components showed positive signs, with only housing starts declining. However, rising COVID-19 cases have led to tighter state restrictions, potentially impacting economic performance in Q4. Governor Whitmer proposed a $100 million relief plan to support businesses and households, amidst concerns about auto demand.

Comerica Bank has made a $250,000 investment in Ascendus' small business lending program to assist Collier County businesses impacted by the COVID-19 pandemic. This funding aims to provide access to capital for small and micro businesses that are under-resourced. With over $9 million invested in community support since the pandemic began, Comerica emphasizes its commitment to economic recovery in the region. Ascendus, a nonprofit lender, focuses on empowering low- to moderate-income business owners through financial assistance and education.

Comerica Bank announced a $100,000 donation to the Capuchin Soup Kitchen to support its food security mission in Detroit. The donation will aid food drives on Thanksgiving and Christmas, operational costs, and financial education initiatives. Comerica has committed over $4 million in community support during the COVID-19 pandemic, emphasizing its role in improving community wellness. Capuchin Soup Kitchen, operational for over 90 years, assists local families facing poverty and homelessness.