Comerica Incorporated - CMA STOCK NEWS

Comerica Incorporated (NYSE: CMA) announced on March 6, 2023, the appointment of Jeff Banks as Senior Vice President and Chief Data and Analytics Officer. Reporting to Megan Crespi, Banks will shape the enterprise data vision and establish a comprehensive data analytics program across Comerica’s operations. He will be based in Dallas and will transition to the new Business & Innovation Hub in Frisco upon its completion. Banks has extensive experience from his tenure at Meta and General Motors, focusing on data governance and management. Comerica reported total assets of $85.4 billion as of December 31, 2022.

Ameriprise Financial (NYSE: AMP) and Comerica Bank (NYSE: CMA) have formed a strategic partnership where Ameriprise will become Comerica's new investment program provider. This agreement includes transitioning specific insurance, brokerage, and investment advisory services to Ameriprise’s Financial Institutions Group. The transaction is set to close by year-end. Comerica’s wealth management division oversees approximately $195 billion in assets, with $18 billion managed by securities. This collaboration aims to enhance services for Comerica's financial advisors and boost client satisfaction through Ameriprise's technology and support.

Comerica Bank Women's Business Symposium will return to Greater Detroit on April 5, 2023, from 10 a.m.-3 p.m. ET at Ford Field, marking its first in-person event since 2019. The symposium aims to empower women in business through networking opportunities and keynote speakers, focusing on the theme 'Power Up Your Potential'. Notable speakers include Erica Dhawan and Cassandra Worthy, alongside a moderated panel discussion featuring prominent women leaders. Sponsorship funds will benefit Alternative for Girls, a nonprofit supporting homeless and high-risk young women. Comerica aims to foster economic growth and community support through this initiative.

Comerica Incorporated (NYSE: CMA) announced its participation in the 2023 RBC Capital Markets Global Financial Institutions Conference on March 7, 2023 at 9:40 a.m. CT. The company's Chief Financial Officer, James Herzog, and Director of Investor Relations, Kelly Gage, will represent Comerica. Additionally, Comerica updated its earnings call schedule for the first quarter of 2023, set for April 20, 2023 at 7 a.m. CT. Replay information for the call will be accessible for six months. The conference details, alongside financial results, will be filed on Form 8-K with the Securities and Exchange Commission.

On February 28, 2023, Comerica Incorporated announced the appointments of Derek Kerr and Jennifer Sampson to its Board of Directors. Kerr is the Vice Chair and Strategic Advisor at American Airlines Group and will join the Audit Committee, while Sampson is the President and CEO of United Way of Metropolitan Dallas, serving on the Enterprise Risk Committee. Both appointees bring extensive experience in their respective fields, with Kerr’s background in corporate finance and operational leadership and Sampson’s focus on community impact and resource development. This strategic move is aimed at enhancing the board's capabilities as Comerica continues to strengthen its operations.

Comerica Incorporated (NYSE: CMA) announced a 4% increase in its quarterly cash dividend, raising it to $0.71 per share, effective April 1, 2023. This dividend, reflecting the company’s strong earnings and capital position, is payable to shareholders of record as of March 15, 2023. In addition, a dividend of $1,406.25 per share on the Series A Non-Cumulative Perpetual Preferred Stock will also be paid on the same date. Comerica operates with total assets of $85.4 billion as of December 31, 2022, and emphasizes its competitive dividend yield as a key element of shareholder value.

The Comerica California Economic Activity Index dropped by 3.7% annualized for the three months ending in November, despite being 5.0% higher year-over-year. Only 3 of 9 index components increased, while 5 declined. Employment rose by 19,900, but California's unemployment rate increased to 4.1%, posing challenges to key sectors, notably tech. Housing starts rebounded, yet house prices fell by 7.6% from May's peak, exacerbating affordability issues. Overall, California's economy faces headwinds including slowing consumer spending and high mortgage rates, indicating a likely economic softening ahead.

The Comerica Texas Economic Activity Index rose at a 3.0% annualized rate in the three months to November 2022, marking a 5.9% increase year-over-year. Notably, employment increased by 36,700, although continuing claims for unemployment insurance also rose, exceeding 100,000 for the third month consecutively, indicating a mixed labor market. Texas housing starts fell 17% from January, while house prices declined for the fifth month but at a moderating pace. Overall, Texas GDP grew by 8.2% annualized in Q3 2022, yet factors like high inflation and rising interest rates may hinder growth in 2023.

The Comerica Michigan Economic Activity Index fell by 4.3% annualized for the three months ending in November, yet remains 2.9% higher year-over-year. In November, only three out of nine components of the index increased. Employment saw a rise, but continuing unemployment claims also increased for the third month, indicating a mixed job market. Notably, auto and light truck assemblies dropped to 9.9 million units from 10.7 million in October, while electricity consumption modestly improved. Housing starts fell by nearly 35% from October, marking the lowest since May 2020, pointing to potential housing sector weakness due to high prices and mortgage rates.