Comerica - CMA STOCK NEWS

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.

Comerica Bank has been awarded 17 2022 Greenwich Excellence and Greenwich Best Brand Awards for its performance in Middle Market and Small Business Banking. This recognition is based on interviews with over 10,000 executives from U.S. companies. Comerica ranked highly among more than 500 banks, earning titles such as Best Brand for Trust and Values Long-Term Relationships. Notable awards include top scores in Cash Management for Customer Service and Overall Satisfaction. Additionally, Comerica's Basic Business Checking was recognized as one of the best small business accounts for 2023, reflecting the bank's commitment to supporting business growth.

Comerica Bank announced the appointment of Fredy Salguero as Vice President and Southern California External Affairs Market Manager on February 6, 2023. Salguero will enhance Comerica's engagement with local communities, focusing on community and economic development services across several counties, including Los Angeles, Orange, and San Diego. Previously, he was the Community Affairs Coordinator, where he managed diversity initiatives and financial education programs. Salguero holds a Bachelor's degree in Business Administration and Marketing and is actively involved in various community organizations.

Comerica Bank has appointed Kevin Watkins as the new Vice President and Southeast Michigan External Affairs Market Manager. His role involves managing community reinvestment and outreach across southeast Michigan, focusing on fostering relationships with philanthropic organizations and local leaders. Watkins will also guide the bank's initiatives like Comerica Money $ense, aimed at enhancing financial education. With nearly 20 years of experience in the region and a strong background in community involvement, Watkins is expected to strengthen Comerica's commitment to local communities and nonprofit partnerships.

Comerica Securities has launched a new Investment Banking Group to enhance capital market solutions for its commercial and wealth management clients. This group will offer services in mergers and acquisitions and private placement advisory, expanding Comerica's service offerings nationally. Headed by Jack Maier, the team includes experienced professionals like Nicholas Amos, Jeff Wilson, and Brian Miller. Comerica reported total assets of $85.4 billion as of December 31, 2022, reflecting a strong operational base to support this new initiative.

The Comerica California Economic Activity Index fell by 4.9% annualized for the three months ending in October, following strong growth earlier in the year. Despite the decline, the Index remains up 5.7% from the previous year. Key components include a 59,800 increase in employment, although unemployment insurance claims also rose. October saw a 13.0% drop in housing starts and a 7.2% decrease in house prices over the last five months. The economic outlook for California indicates potential further softening due to rising unemployment, high interest rates, and sluggish consumer spending, particularly affecting the tech sector.