DALLAS, April 28, 2015 /PRNewswire/ -- The Board of
Directors of Comerica Incorporated today increased the quarterly
cash dividend for common stock 5 percent to 21 cents ($0.21)
per share. The dividend is payable July 1, 2015, to common stock shareholders of
record on June 15, 2015.
"The dividend increase reflects our company's strong capital
position and solid financial performance," said Ralph W. Babb Jr., chairman and chief executive
officer. "As we have done historically, we expect to continue to
actively manage capital in a way that maximizes returns to
shareholders while ensuring that we meet regulatory capital
requirements."
The board today also increased the number of shares of common
stock that Comerica is authorized to repurchase under its share
repurchase program by up to 10 million additional shares and
increased the number of warrants that Comerica is authorized to
repurchase by up to 2.6 million additional outstanding
warrants. These actions were taken in conjunction with
Comerica's announcement on March 11,
2015, that the Federal Reserve did not object to Comerica's
2015 capital plan and contemplated capital distributions. The
plan includes up to $393 million in
equity repurchases for the five-quarter period commencing in the
second quarter 2015 and ending in the second quarter 2016. Shares
and/or warrants will be purchased from time to time in the open
market or otherwise. The repurchased shares may be held as
treasury stock or retired. The repurchased warrants may be retired
and cancelled.
Comerica Incorporated (NYSE: CMA) is a financial services
company headquartered in Dallas,
Texas, and strategically aligned by three business segments:
The Business Bank, The Retail Bank, and Wealth Management. Comerica
focuses on relationships, and helping people and businesses be
successful. In addition to Texas,
Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in
several other states, as well as in Canada and Mexico.
Forward-looking Statements
Any statements in this news release that are not historical
facts are forward-looking statements as defined in the Private
Securities Litigation Reform Act of 1995. Words such as
"anticipates," "believes," "contemplates," "feels," "expects,"
"estimates," "seeks," "strives," "plans," "intends," "outlook,"
"forecast," "position," "target," "mission," "assume,"
"achievable," "potential," "strategy," "goal," "aspiration,"
"opportunity," "initiative," "outcome," "continue," "remain,"
"maintain," "on course," "trend," "objective," "looks forward,"
"projects," "models" and variations of such words and similar
expressions, or future or conditional verbs such as "will,"
"would," "should," "could," "might," "can," "may" or similar
expressions, as they relate to Comerica or its management, are
intended to identify forward-looking statements. These
forward-looking statements are predicated on the beliefs and
assumptions of Comerica's management based on information known to
Comerica's management as of the date of this news release and do
not purport to speak as of any other date. Forward-looking
statements may include descriptions of plans and objectives of
Comerica's management for future or past operations, products or
services, and forecasts of Comerica's revenue, earnings or other
measures of economic performance, including statements of
profitability, business segments and subsidiaries, estimates of
credit trends and global stability. Such statements reflect the
view of Comerica's management as of this date with respect to
future events and are subject to risks and uncertainties. Should
one or more of these risks materialize or should underlying beliefs
or assumptions prove incorrect, Comerica's actual results could
differ materially from those discussed. Factors that could cause or
contribute to such differences are changes in general economic,
political or industry conditions; changes in monetary and fiscal
policies, including changes in interest rates; changes in
regulation or oversight; Comerica's ability to maintain adequate
sources of funding and liquidity; the effects of more stringent
capital or liquidity requirements; declines or other changes in the
businesses or industries of Comerica's customers, including the
energy industry; operational difficulties, failure of technology
infrastructure or information security incidents; reliance on other
companies to provide certain key components of business
infrastructure; factors impacting noninterest expenses which are
beyond Comerica's control; changes in the financial markets,
including fluctuations in interest rates and their impact on
deposit pricing; changes in Comerica's credit rating; unfavorable
developments concerning credit quality; the interdependence of
financial service companies; the implementation of Comerica's
strategies and business initiatives; Comerica's ability to utilize
technology to efficiently and effectively develop, market and
deliver new products and services; competitive product and pricing
pressures among financial institutions within Comerica's markets;
changes in customer behavior; any future strategic acquisitions or
divestitures; management's ability to maintain and expand customer
relationships; management's ability to retain key officers and
employees; the impact of legal and regulatory proceedings or
determinations; the effectiveness of methods of reducing risk
exposures; the effects of terrorist activities and other
hostilities; the effects of catastrophic events including, but not
limited to, hurricanes, tornadoes, earthquakes, fires, droughts and
floods; changes in accounting standards and the critical nature of
Comerica's accounting policies. Comerica cautions that the
foregoing list of factors is not exclusive. For discussion of
factors that may cause actual results to differ from expectations,
please refer to our filings with the Securities and Exchange
Commission. In particular, please refer to "Item 1A. Risk Factors"
beginning on page 12 of Comerica's Annual Report on Form 10-K for
the year ended December 31, 2014.
Forward-looking statements speak only as of the date they are made.
Comerica does not undertake to update forward-looking statements to
reflect facts, circumstances, assumptions or events that occur
after the date the forward-looking statements are made. For any
forward-looking statements made in this news release or in any
documents, Comerica claims the protection of the safe harbor for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995.
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SOURCE Comerica Incorporated