Comerica Stock Price, News & Analysis

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.

Comerica Bank's California Economic Activity Index dropped to 109.1 in April, reflecting a 10.7% decline due to the COVID-19 pandemic. This index is 12 points above its cyclical low of 97.8, and was significantly above the 124.4 average for 2019. Key economic components such as nonfarm payrolls and housing starts fell, despite a rise in the house price index in some regions. The state has begun reopening, showing signs of recovery with positive job growth in May. However, new COVID-19 cases threaten further economic stability and recovery.

Comerica Bank's Michigan Economic Activity Index fell to 103.0 in April, a 5% decline from the previous month. The index remains above its cyclical low of 97.9 but shows significant economic downturn due to the coronavirus pandemic, particularly affecting auto production. Eight out of nine sub-indexes declined, including nonfarm employment and hotel occupancy, while the only increase was in the house price index. Unemployment claims surged from 80,000 to 1,000,000, illustrating the economic distress faced by Michigan.

Comerica Bank has announced a $1 million commitment to the National Business League to launch the Black Capital Access Program (BCAP), aimed at supporting Black-owned businesses. The initiative will provide access to a capital toolkit, technical services, and financial planning resources. Initially piloted in five states—Arizona, California, Florida, Michigan, and Texas—BCAP is set for a nationwide rollout in 2021. The investment includes a $150,000 financial contribution and $100,000 in technical support over four years, addressing capital access challenges exacerbated by COVID-19.

Comerica Bank will close its offices, call center, and banking centers at 2 p.m. local time on June 19, 2020, in observance of Juneteenth. This day marks the 155th anniversary of the announcement of freedom to enslaved Black Americans in Texas. CEO Curt Farmer emphasizes the importance of recognizing this historical moment to foster dialogue and promote racial equality. Customers are encouraged to complete transactions earlier in the day while still having access to online banking services and ATMs.