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Investing

Comerica Plans to Raise Dividend, Initiates Buyback (CMA)

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By Paul Ausick Published
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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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About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

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