JP Morgan Reiterates Overweight on Comerica

JP Morgan maintains its Overweight rating on Comerica (NYSE: CMA) as the company is expected to continue buybacks in 2012.

JPM comments, “CMA announces continuation of current share repurchase plan in 1Q12. CMA announced after the close that its Board of Directors approved the company's existing share repurchase plan in the first quarter of 2012. The company reiterated that repurchases when combined with the dividend will result in a payout of up to 50% of netincome. Despite being subject to the Capital Plan Review (CapPR), CMA is able to buy back shares during the first quarter tied to a carryover clause within CapPR.”

CMA closed at $25.02 per share on Wednesday.