Comerica - CMA STOCK NEWS

Comerica Bank announced the appointment of Sonya Trac as National Asian American Business Development Manager, aiming to strengthen relationships with Asian American businesses across key states. In addition, the bank is depositing $2.5 million into Royal Business Bank to enhance access to capital for the Asian American community. This partnership builds on previous commitments, including $10 million deposited in other Minority Depository Institutions. Trac's leadership is expected to bolster community engagement, supporting local businesses through innovative solutions.

Comerica Bank, on May 3, 2021, announced a significant commitment of $5 billion to small business lending over the next three years. This initiative aims to support small businesses recovering from the COVID-19 pandemic and includes the expansion of the RISE! program, which provides resources and financial assistance. Comerica has previously facilitated $3.9 billion through the Paycheck Protection Program and plans to invest $16 million in local nonprofits. The bank emphasizes the critical role of small businesses in communities and their ongoing support efforts.

The California Economic Activity Index from Comerica Bank rose to 105.9 in February 2021, reflecting a 14% increase from the historical low of 92.7 in June 2020. The index outperformed January's revised reading of 105.3. Significant improvements were noted in six of the nine index components, including housing starts and state revenues. The index's methodology was updated to align better with state GDP, introducing new sub-indexes for enplanements and state revenues while removing the Dow Jones Technology Index. Rising consumer confidence and fiscal stimulus are expected to bolster the economy further.

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.