Welcome to our dedicated page for Comerica Incorporated news (Ticker: CMA), a resource for investors and traders seeking the latest updates and insights on Comerica Incorporated stock.
Comerica Incorporated (NYSE: CMA) is a prominent financial services company headquartered in Dallas, Texas. The company is strategically aligned by three main business segments: The Commercial Bank, The Retail Bank, and Wealth Management. Comerica is renowned for its emphasis on relationship-based banking, aimed at helping individuals and businesses achieve success.
The Commercial Bank provides companies of all sizes with an extensive range of credit and non-credit financial products and services. The Retail Bank offers personalized financial products and services to individual consumers, while Wealth Management caters to high net worth clients and institutions, ensuring their financial goals are met with precision.
Comerica operates across seven of the ten largest cities in the United States, with 480 banking centers situated in key markets including Texas, Arizona, California, Florida, and Michigan. The company also has a presence in Canada and Mexico, thereby broadening its geographical footprint and service reach.
Founded 175 years ago in Detroit, Michigan, Comerica has grown to become one of the 25 largest commercial U.S. financial holding companies. As of December 31, 2023, Comerica reported total assets worth $85.8 billion. The company continues to expand into new regions such as the Southeast Market based in North Carolina, and the Mountain West Market in Colorado, underscoring its commitment to growth and community service.
Comerica's recent achievements include the launch of its new Frisco Business & Innovation Hub in North Texas, which offers free coworking space for small business customers. Additionally, Comerica has invested $100,000 in the Network for Teaching Entrepreneurship to support entrepreneurship education for under-resourced communities.
The company's financial health is robust, with quarterly financial results showing consistent growth. Comerica is also active in community service, hosting events like Shred Day to promote sustainability and fight hunger through partnerships with organizations such as Gleaners Community Food Bank.
For more information, visit Comerica's official website or follow them on social media platforms like Facebook, X (formerly known as Twitter), Instagram, and LinkedIn.
Comerica Bank has achieved a prestigious five-star rating for governance in the 2021 HACR Corporate Inclusion Index, reflecting its strong commitment to Hispanic diversity and inclusion. The index, led by the Hispanic Association on Corporate Responsibility, benchmarks corporate practices in employment, procurement, philanthropy, and governance. This recognition underscores Comerica's dedication to fostering a diverse workforce, which aims to enhance customer service and community engagement. With total assets reported at $88.4 billion as of June 30, 2021, Comerica continues to prioritize Hispanic representation in its corporate culture.
On September 14, 2021, 313 Presents announced a partnership with Comerica Bank, designating it as the exclusive presenting partner of the renowned Fox Theatre in Detroit. This collaboration aims to enhance youth empowerment through community initiatives and will also offer exclusive benefits for Comerica cardholders starting in 2022. The partnership builds on Comerica's historical commitment to Detroit, which spans over 172 years. The Fox Theatre, a National Historic Landmark, hosts a variety of performances, emphasizing its cultural significance in the city.
Comerica Bank and the Detroit Lions are continuing their partnership with the fifth-year launch of the Lions First Down Program, which will convert each first down at home games into $100 for community partners. Starting with the Lions' season opener on September 12, funds will benefit organizations like the Detroit Police Athletic League. Over the past four years, this initiative has contributed $71,200 to local charities, aiming to enhance community development while fostering local pride during the football season.
Comerica Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) have awarded a total of $71,000 in Partnership Grant Program (PGP) funds to four Texas nonprofits aimed at enhancing community support. Each organization received specific amounts: Kym's Kids ($22,000), Made Media Group ($17,000), MEED Center ($17,000), and PowHer Play ($15,000). This funding initiative, celebrated on September 2, demonstrates the banks' commitment to impactful community development, with FHLB Dallas awarding a total of $400,000 in PGP grants for 2021.
Comerica (NYSE: CMA) will participate in the Barclays Global Financial Services Conference on September 13, 2021, at 8:45 a.m. CT. The conference aims to highlight its business segments: Commercial Bank, Retail Bank, and Wealth Management. Additionally, the company will hold its third quarter 2021 earnings call on October 20, 2021, at 7:00 a.m. CT, to review financial performance with key executives participating. The informative sessions, including a replay of the earnings call, will be accessible on its Investor Relations page.
The California Economic Activity Index from Comerica Bank rose to 116.5 in June, marking a 25.5% increase from the historical low of 92.8 in June 2020. This improvement of 2.3% in June represents a sustained upward trend over the past year. Notably, six sub-indexes, including nonfarm employment and housing starts, saw growth, while three sub-indexes experienced declines, including unemployment claims. Despite these gains, California's employment recovery remains incomplete, with only 58% of jobs lost during the pandemic restored by July.
Comerica Bank's Texas Economic Activity Index rose to 125.2 in June 2021, marking a 1.9% monthly increase and a 26.1% rise from June 2020's low of 99.3. This index reflects positive trends in nonfarm employment, house prices, and industrial demand, although housing starts saw a decline. The index has increased for four consecutive months and is nearing pre-pandemic levels. However, rising COVID cases and weaker oil demand, driven by declining WTI crude prices, pose potential risks to economic activity in Texas.
Comerica Bank's Michigan Economic Activity Index rose to 107.2 in June, reflecting a 24.9% increase from the historical low in June 2020. This marks the seventh consecutive monthly gain with a 0.4% increase from May. Four sub-indexes showed improvement: house prices, industrial electricity demand, hotel occupancy, and state sales tax revenues, while four sub-indexes declined. Auto assembly rates increased but remain below pre-pandemic levels due to semiconductor shortages. The current COVID surge may delay normalization of activity.
The Board of Directors of Comerica declared a quarterly cash dividend of $0.68 per share for common stock, payable on October 1, 2021, to shareholders on record as of September 15, 2021. Additionally, a dividend of $1,406.25 per share for Series A Preferred Stock was also declared, with the same payment schedule. Comerica, headquartered in Dallas, Texas, reported total assets of $88.4 billion as of June 30, 2021, and operates across multiple states and in Canada and Mexico.
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