Comerica - CMA STOCK NEWS

On Nov. 10, 2022, Comerica Bank appointed Andrew Raines as Senior Vice President, Retail Regional Director for the North Texas, Arizona, and Florida regions. Raines will lead nearly 80 banking centers managing over $3.6 billion in deposits and will supervise around 330 bankers. With a focus on customer experience and business growth, Raines brings 24 years of banking expertise, including prior roles at Comerica since 2007. The bank reported total assets of $84.1 billion as of Sept. 30, 2022.

The Comerica California Economic Activity Index decreased at a 2.8% annualized rate in the three months ending August, despite being up 6.2% year-over-year. This decline marks a slowdown from prior robust growth. Although employment and industrial activity showed improvement, house prices fell for the third consecutive month amid rising interest rates and inflation. The report highlights challenges ahead, including a weakening housing sector and slowing consumer spending, particularly affecting California's tech sector, a key industry for the state's economy.

The Comerica Texas Economic Activity Index increased at an annualized rate of 1.5% for the three months ending in August, showing a significant slowdown from earlier in the year. The index was up 7.6% year-over-year in August. Four of the nine components improved, with rising employment and active oil-drilling rigs benefiting the economy. However, housing starts fell 9%, and high mortgage rates are expected to hinder housing activity. Texas GDP growth was 1.8% in Q2 2022, suggesting ongoing headwinds from inflation and interest rates, likely impacting growth into 2023.

The Comerica Michigan Economic Activity Index rose by 2.2% annualized in the three months ending August, reflecting a 4.0% increase year-over-year. Although the Index has slowed recently, five of its nine components improved, including rising employment and decreasing unemployment claims. Auto production reached an annualized pace of 10.33 million units, the highest since November 2020. However, house prices fell for the third month, with expectations for a slowing economy as rising interest rates impact sectors like housing and commercial real estate.

The Board of Directors of Comerica declared a quarterly cash dividend of $0.68 per share for common stock, payable on January 1, 2023, to shareholders of record by the close of business on December 15, 2022. Additionally, a dividend of $1,406.25 per share on the Series A Non-Cumulative Perpetual Preferred Stock is also declared, with the same payment date and record date. Comerica, a financial services company based in Dallas, reported total assets of $84.1 billion as of September 30, 2022.

Comerica Incorporated (NYSE: CMA) announced its third quarter 2022 financial results, which are available on its Investor Relations website. The company is set to host a conference call on October 19, 2022, at 7 a.m. CT to discuss these results. Comerica operates through three main segments: Commercial Bank, Retail Bank, and Wealth Management, primarily in Texas, Arizona, California, Florida, and Michigan. The firm emphasizes building relationships to support businesses and individuals. For more details, visit their Investor Relations page.

On October 29, 2022, Comerica Bank and Iron Mountain will host Shred Day Phoenix, offering free secure document shredding from 8 a.m. to 2 p.m. at Capitol Mall. The event aims to raise awareness about identity theft and hunger, with St. Mary's Food Bank collecting donations on-site. Since its inception in 2014, Shred Day has recycled over 715,000 pounds of paper and provided nearly 465,000 meals. Comerica emphasizes community investment and sustainable practices, being recognized as one of the World's Most Socially Responsible Banks by Newsweek in 2022.

The Comerica Bank Women's Business Symposium will return in-person on October 27, 2022, at the Irving Convention Center, Dallas/Fort Worth. This event aims to empower women in business to Learn, Connect, Grow & Celebrate their potential, featuring inspiring speakers including Aimée Mullins and Laura Harris as moderator. With its fourth year, the symposium has engaged thousands of attendees, enhancing networking and learning opportunities. Proceeds will support the Texas Women's Foundation. Comerica reported total assets of $86.9 billion as of June 30, 2022.

Comerica Bank is collaborating with the National College Resources Foundation (NCRF) to host the Detroit Black College Expo™ on September 24, 2022. This event is designed to connect high school students and families with college opportunities, providing waived application fees and on-the-spot scholarship offers from participating colleges. Attendees can also engage in informative seminars on various topics related to college financing and career paths. This initiative supports NCRF's mission to enhance college accessibility for underrepresented students.