Comerica Plans Share Repurchase of Up to $375M; Management Recommends Board Increase Quarterly Dividend 50%
Comerica Incorporated (NYSE: CMA) today announced that the Federal Reserve had completed its 2012 Capital Plan review and that it did not object to the Comerica capital plan and capital distributions contemplated in the plan. The plan provides for up to $375 million in equity repurchases for the period commencing the first quarter 2012 and ending the first quarter 2013. The plan, which was approved by Comerica's Board of Directors, further contemplates an increase in Comerica's quarterly dividend from 10 cents per share to 15 cents per share, a 50 percent increase.
The dividend proposal will be considered by the Board at its April 24, 2012, meeting. In addition, Comerica's Capital Plan includes the authority to redeem its remaining $25 million of trust preferred securities when callable.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.