Comerica Stock Price, News & Analysis

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.

Comerica Incorporated (NYSE: CMA) announced its schedule for upcoming quarterly earnings releases, with the fourth quarter set for January 19, 2021. The company will also participate in the Goldman Sachs US 2020 Financial Services Conference on December 8, 2020, led by key executives including Chairman Curt Farmer and CFO James Herzog. The earnings release and conference materials will be available on Comerica's Investor Relations page, and a replay of the conference call will be accessible for a limited time.

The Board of Directors of Comerica declared a quarterly cash dividend of $0.68 per share for common stock, payable on Jan. 1, 2021, to shareholders of record by Dec. 15, 2020. Additionally, a dividend of $1,406.25 per share on Series A Non-Cumulative Perpetual Preferred Stock will also be paid on the same date. As of Sept. 30, 2020, Comerica reported total assets of $83.6 billion.

The Comerica Bank's California Economic Activity Index rose to 95.4 in August, marking a 6% increase from the previous cyclical low and a rise from July's 92.8. Six out of eight components improved, including nonfarm employment, housing starts, and house prices. California has recovered 38% of jobs lost during spring, still trailing the U.S. recovery rate of 52%. The state is witnessing a resurgence in single-family home sales, up 21.2% year-over-year. However, challenges remain with high unemployment and the lingering effects of COVID-19.