DALLAS, July 26, 2016 /PRNewswire/ -- The Board of
Directors of Comerica Incorporated (NYSE: CMA) announced a 4.5
percent increase of the quarterly cash dividend for common stock to
23 cents ($0.23) per share. The dividend is payable
October 1, 2016, to common stock
shareholders of record on September 15,
2016.
"Today's dividend increase reflects our Board's confidence in
Comerica's solid capital position, business model and strategic
direction, as well as our future growth potential," said
Ralph W. Babb Jr., chairman and
chief executive officer. "As we have always done, 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 also authorized an increase of 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.
These actions were taken in conjunction with Comerica's
announcement on June 29, 2016, that
the Federal Reserve did not object to Comerica's annual capital
plan and contemplated capital distributions under the 2016
Comprehensive Capital Analysis and Review ("CCAR"). The plan
includes up to $440 million in equity
repurchases for the four-quarter period commencing in the third
quarter 2016 and ending in the second quarter 2017. The timing and
ultimate amount of equity repurchases will be subject to various
factors, including the Company's capital position, financial
performance and market conditions, including interest rates.
Shares and/or warrants will be purchased from time to time in
the open market, through privately negotiated transactions,
utilizing Rule 10b5-1 plans or otherwise. The repurchased
shares may be held as treasury stock or retired. The repurchased
warrants may be retired and cancelled.
Comerica Incorporated 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, in particular the
energy industry; unfavorable developments concerning credit
quality; 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; reductions in Comerica's credit rating; whether
Comerica may achieve opportunities for revenue enhancements and
efficiency improvements under the GEAR Up initiative, or changes in
the scope or assumptions underlying the GEAR Up initiative; the
interdependence of financial service companies; the implementation
of Comerica's strategies and business initiatives; damage to
Comerica's reputation; 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, 2015 and
"Item 1A. Risk Factors" beginning on page 54 of Comerica's
Quarterly Report on Form 10-Q for the quarter ended March 31, 2016. 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.
Logo -
http://photos.prnewswire.com/prnh/20010807/CMALOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/comerica-declares-dividend-increase-of-45-percent-300304101.html
SOURCE Comerica Incorporated