Comerica Stock Price, News & Analysis

Comerica Bank announced a $10 million deposit initiative aimed at supporting Minority Depository Institutions (MDIs) within its five-state footprint. The bank allocated $7.5 million to First Independence Bank, Broadway Federal Bank, and Unity National Bank, emphasizing mentorship and collaboration. Chief Community Officer Irvin Ashford Jr. highlighted MDIs' crucial role in assisting communities impacted by COVID-19. Comerica's broader efforts included $8 million in investments for community programming affected by the pandemic, enhancing its commitment to economic viability in underserved areas.

Comerica Incorporated announced the appointment of Amanda G. Mahaney as the Dallas Market President. Mahaney, who joined Comerica in July 2000, will manage the Dallas Middle Market and Business Banking loan groups. She will report to Texas Market President Brian Foley and oversee business development across multiple banking segments. With a strong track record, Mahaney aims to enhance operations in Dallas and further women's development in the workforce. Comerica reported total assets of $84 billion as of June 30, 2020.

On August 5, 2020, Comerica Bank and Hatch Detroit announced the launch of the Hatch Detroit Small Business Alumni Relief Fund, with an initial funding of $100,000 aimed at supporting over 40 alumni businesses affected by COVID-19. This unique relief fund will assist with utility costs and replaces the annual Comerica Hatch Detroit Contest for 2020. Since their partnership began in 2012, Comerica has contributed over $650,000 to support local businesses, which have collectively invested more than $7 million in their operations.

Comerica Bank's California Economic Activity Index fell to 96.8 in May 2020, hitting a historical low. The index declined 11.1% from April, reflecting significant economic disruptions due to the coronavirus pandemic. Seven of the eight components, including nonfarm payrolls and industrial electricity demand, declined. The index is now 23% below its February peak. Despite a boost in housing sales in June, concerns linger due to rising COVID-19 cases, which may jeopardize the anticipated economic recovery for the second half of 2020.

The Texas Economic Activity Index reported by Comerica Bank fell to 114.2 in May, 18.7 points above its cyclical low. This decline reflects the economic impact of the coronavirus pandemic and collapsing crude oil prices, leading to decreased activities across multiple sectors. Eight of nine index components, including nonfarm employment and hotel occupancy, saw declines. However, stability in oil prices and plans for a $1 billion Tesla facility in Austin, expected to create 5,000 jobs, provide a glimpse of potential recovery.

The Comerica Bank's Michigan Economic Activity Index dropped to a historical low of 90.3 in May 2020, down from a revised 102.4 in April. This decline reflects severe economic impacts from the coronavirus pandemic, particularly in the auto industry. Eight out of nine sub-indexes fell, with only the house price index showing an increase. Vehicle production resumed but remains below 2019 levels, with auto sales recovering slightly. The index is expected to improve in the coming months, but pre-crisis levels may not be reached this year.

The Board of Directors of Comerica Incorporated (NYSE: CMA) declared a quarterly cash dividend of 68 cents per share for common stock, payable on Oct. 1, 2020, to shareholders of record by Sept. 15, 2020. Additionally, an initial dividend of $1,953.125 per share on the Series A Non-Cumulative Perpetual Preferred Stock was announced, also payable on Oct. 1, 2020. Comerica reported total assets of $84 billion as of June 30, 2020, highlighting its strong financial position.

Comerica Bank has announced a $2 million investment to aid small businesses affected by COVID-19 through Community Development Financial Institutions (CDFIs). This includes $1.5 million to Lendistry and $500,000 to California FarmLink, aligning with its broader $8 million commitment to support community initiatives across its five-state presence. The funds aim to provide essential resources to underserved businesses, particularly benefiting minorities, women, and veterans as they recover from the pandemic's economic impact.

On July 21, 2020, Comerica Incorporated (NYSE: CMA) announced its second quarter 2020 financial results. The results are available on the company's Investor Relations website. Comerica operates through three segments: The Commercial Bank, The Retail Bank, and Wealth Management, serving customers across Texas, Arizona, California, Florida, Michigan, Canada, and Mexico. A conference call is scheduled for the same day to discuss these results, accessible via a participant dial-in and a live audio webcast.