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Comerica Declares Dividends; Announces Increase in Share Repurchase Authorization and Results from Annual Shareholders' Meeting

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Comerica Incorporated (NYSE: CMA) declared a quarterly cash dividend of $0.68 per share for common stock, payable on July 1, 2021. A dividend of $1,406.25 per share for Series A Non-Cumulative Perpetual Preferred Stock was also announced. Moreover, the Board authorized up to 10 million shares for repurchase, supplementing the 4.9 million shares left from prior authorizations. These repurchases depend on various factors, including market conditions. Additionally, shareholders elected directors and ratified accounting firm Ernst & Young LLP during the annual meeting.

Positive
  • Increase in share repurchase authorization by up to 10 million shares, enhancing shareholder value.
  • Quarterly cash dividend of $0.68 indicates financial stability and commitment to returning value to shareholders.
  • Total assets reported at $86.3 billion as of March 31, 2021, demonstrating significant institutional strength.
Negative
  • None.

DALLAS, April 27, 2021 /PRNewswire/ -- Comerica Incorporated (NYSE: CMA) announced its Board of Directors declared a quarterly cash dividend for common stock of 68 cents ($0.68) per share. The dividend is payable July 1, 2021, to shareholders of record at the close of business on June 15, 2021.

The Board also declared a dividend of $1,406.25 per share (equivalent to $14.0625 per depositary share) on the Series A Non-Cumulative Perpetual Preferred Stock of Comerica Incorporated, payable July 1, 2021, to preferred stock shareholders of record at the close of business on June 15, 2021.

In addition, the Board approved the authorization to repurchase up to an additional 10 million shares of Comerica Incorporated outstanding common stock. This authorization is in addition to the 4.9 million shares remaining at March 31, 2021 under the Board's prior authorizations for the share repurchase program. There is no expiration date for the share repurchase program. The timing and actual amount of share repurchases are subject to various factors, including the Corporation's earnings generation, capital needs to fund future loan growth and market conditions. Shares will be purchased occasionally in the open market, through privately negotiated transactions, utilizing Rule 10b5-1 plans or otherwise. The repurchased shares may be held as treasury stock or retired.

Earlier in the day, Comerica held its annual meeting of shareholders. Comerica shareholders elected the following directors to its Board of Directors for one-year terms:

Michael E. Collins            

Barbara R. Smith

Roger A. Cregg                

Robert S. Taubman   

T. Kevin DeNicola             

Reginald M. Turner, Jr.

Curtis C. Farmer                

Nina G. Vaca

Jacqueline P. Kane            

Michael G. Van de Ven

Richard G. Lindner            


Full biographies and company affiliations for all directors can be found in the Proxy Statement.

Shareholders also ratified the appointment of Ernst & Young LLP as independent registered public accounting firm; approved a non-binding, advisory proposal approving executive compensation; approved the Comerica Incorporated Amended and Restated 2018 Long-Term Incentive Plan and approved the Comerica Incorporated 2021 Employee Stock Purchase Plan.  

Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Commercial Bank, The Retail Bank, and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico. Comerica reported total assets of $86.3 billion at March 31, 2021.

 

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SOURCE Comerica Incorporated

FAQ

What is the amount of the quarterly cash dividend declared by Comerica on April 27, 2021?

Comerica declared a quarterly cash dividend of $0.68 per share.

When will the dividend be paid to shareholders?

The dividend will be payable on July 1, 2021, to shareholders of record as of June 15, 2021.

What is the purpose of the 10 million share repurchase authorization by Comerica?

The repurchase authorization aims to enhance shareholder value and can be influenced by earnings generation and market conditions.

How many shares were left under the previous repurchase authorization as of March 31, 2021?

There were 4.9 million shares remaining under the previous share repurchase authorization.

Who were elected to the Board of Directors during Comerica's annual meeting on April 27, 2021?

Shareholders elected directors including Michael E. Collins and Barbara R. Smith for one-year terms.

Comerica Incorporated

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