Comerica Stock Price, News & Analysis

Comerica Bank's Texas Economic Activity Index rose to 123.8 in November, representing a 30% increase from its historical low of 95.5. This marks the fifth consecutive month of improvement, driven by rising oil prices. Eight out of nine sub-indexes showed growth, with notable gains in nonfarm employment and state trade. However, hotel occupancy declined, impacted by the pandemic. By December, Texas experienced a net gain of 64,200 payroll jobs compared to a net loss of 140,000 for the entire U.S., although Texas recorded a 7.2% unemployment rate, slightly higher than the national average.

The Michigan Economic Activity Index from Comerica Bank rose to 106.3 in November, marking a 22% increase from its historical low. This is the fifth consecutive month of growth, although the increase was marginal at 0.1%. Only three of nine sub-indexes, including nonfarm payrolls and house prices, saw improvement. Michigan's unemployment rate improved to 7.5% in December, but it remains higher than the national rate of 6.7%. Concerns persist as strains in the economy and social policies may impact the index in the upcoming months.

Comerica Incorporated (NYSE: CMA) announced that David Kunik has been appointed as the Florida Market President, succeeding Patty Nobles who will retire after 33 years at the company. Kunik, who joined Comerica in 2013, will oversee Florida retail banking and enhance business development across the region. He has a diverse background in the financial sector, including roles in wealth management and commercial banking. Comerica reported total assets of $88 billion as of December 31, 2020.

Comerica Incorporated (NYSE: CMA) has announced its fourth quarter 2020 financial results on January 19, 2021. The company focuses on financial services across Commercial Bank, Retail Bank, and Wealth Management segments. Results and earnings presentation are accessible on their Investor Relations page. A conference call to discuss these results is scheduled for January 19, 2021, at 7 a.m. CT. Comerica operates in multiple states including Texas, Arizona, California, Florida, and Michigan, along with activities in Canada and Mexico.

Comerica Bank's California Economic Activity Index rose to 101.0 in October, marking a 12% increase from its historical low of 90.3. This index has now improved for four consecutive months. Major contributors included nonfarm employment, housing starts, and the Dow Jones Technology Index. However, industrial electricity demand and total state trade faced declines. California's job recovery rate reached 46% by November, but progress varies across sectors with healthcare leading, while manufacturing lags. The resurgence of COVID-19 might impact economic activities into January.

Comerica Bank's Texas Economic Activity Index rose to 121.1 in October, marking a 27% increase from its historical low. The index has averaged 139.7 in 2019, with only one of the nine components turning negative in October. Key contributors included nonfarm payrolls, housing starts, and oil rig counts, which ended a 16-month decline. However, some caution is warranted as the index may cool due to rising COVID-19 cases and related restrictions. Comerica reported total assets of $83.6 billion as of September 30, 2020.

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.