Comerica Incorporated - CMA STOCK NEWS

Comerica Bank's Texas Economic Activity Index fell to 114.1 in February, down from 114.6 in January, marking the end of a seven-month upward trend. The decline was attributed to a severe winter freeze impacting the state's economy, causing damage estimates exceeding $200 billion. Despite this setback, six components of the index, including nonfarm employment and house prices, remained positive. The bank anticipates robust economic growth in Texas for the remainder of the year, backed by adjustments to its economic activity methodology.

Comerica Bank's Michigan Economic Activity Index rose to 104.0 in February 2021, marking a 21% increase from the historical low of June 2020. The index averaged 99.9 in 2020, significantly lower than 2019's average. Six of the nine components contributing to the index were positive, including nonfarm payrolls and sales tax revenue. However, the auto industry faces challenges due to supply chain constraints, particularly a global computer chip shortage. With total assets of $86.3 billion as of March 31, 2021, Comerica continues to focus on fostering relationships to support economic growth.

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.

Comerica Bank is reinforcing its commitment to sustainability with over $1.2 billion allocated to environmentally beneficial projects as of March 31, 2021. The bank's rigorous classification process ensures that loans are directed towards genuinely green initiatives, including renewable energy and recycling. Recognition includes being listed in the Global 100 for sustainable companies and receiving an A- rating from CDP for climate response. Moreover, Comerica's Environmental Services Division and ESG Council drive initiatives that support a cleaner planet.

Comerica Incorporated (NYSE: CMA) announced its first quarter 2021 financial results on April 20, 2021. These results are accessible via the Investor Relations section of Comerica's website. The company will host a conference call on the same date at 7 a.m. CT to discuss the earnings details. Comerica operates primarily in Texas and has a presence in several other states and in Canada and Mexico, segmented into Commercial Banking, Retail Banking, and Wealth Management.

Comerica Bank has appointed Lisa Featherngill as Senior Vice President, National Director of Wealth Planning, effective April 19, 2021. Featherngill brings over 35 years of experience in wealth management, most recently at Abbot Downing, a Wells Fargo business. She will lead the bank's wealth planning business, enhancing client services across all segments. Executive Vice President Greg Carr highlighted her expertise in catering to high-net-worth clients as pivotal for Comerica's growth. As of Dec. 31, 2020, Comerica reported total assets of $88 billion.

The California Economic Activity Index from Comerica Bank rose to 108.9 in January, marking a 21% increase from the historical low of 90.2 recorded in June 2020. This increase represents the seventh consecutive monthly gain; however, underlying data showed mixed results, with five out of eight components, including nonfarm employment and industrial electricity demand, declining. The index was positively influenced by declines in unemployment claims and rising house prices. Despite challenges, the economic outlook for California remains optimistic due to recovering labor markets and stimulus support.

Comerica Bank's Texas Economic Activity Index rose to 128.0 in January, marking a 20% increase from the June 2020 low of 106.7. The index showed consistent improvement for the seventh consecutive month and was supported by a $900 billion fiscal package. Eight out of nine components contributed positively, with housing starts being the only negative. The Texas economy is poised for further growth due to federal stimulus support and easing of coronavirus restrictions. The Texas rig count doubled from 100 to 200 since August 2020.

Comerica Bank's Michigan Economic Activity Index rose to 109.7 in January 2021, marking a 26% increase from its low in June 2020. This index reflects ongoing economic recovery despite challenges from COVID-19. Four of the nine components, including housing starts and light vehicle production, were positive, while payroll employment and state sales tax revenue were among the negatives. The report anticipates mixed results for February and March due to potential declines in consumer spending and supply chain issues. However, a new $1.9 trillion fiscal stimulus may boost consumer confidence.