Comerica Inc. (NYSE: CMA) has announced that it will consider a proposal to increase its dividend by 50% to $0.15/quarter and commence a $375 million share buyback plan. The dividend increase and buyback plan were included in the financial services company’s capital plan approved by the US Federal Reserve Bank.
The share repurchase plan would go into effect this quarter and extend to the first quarter of 2013. The bank’s board will consider the dividend increase at is meeting on April 24th.
Comerica also noted that its capital plan included “the authority to redeem its remaining $25 million of trust preferred securities when callable.”
Shares of Comerica closed at $31.76 yesterday in a 52-week range of $21.48-$39.00.
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