Comerica Incorporated (CMA) Prices Its Offering At $35

Comerica Incorporated (NYSE: CMA), which announced on Monday after the market close that it plans to raise as much as $800 million, said that it has priced the offering of 22.8 million of its shares at $35 a share.

The bank intends to repay the money it received from the government under the TARP from the proceeds of the offering.

Peter Winter, analyst at BMO Capital Markets, views the Comerica Incorporated’s plan as a dilutive capital raise, and has cut his rating on the bank’s stock from an Outperform to a Market Perform.