DALLAS, April 27, 2021 /PRNewswire/ -- Comerica Incorporated (NYSE: CMA) announced its Board of Directors declared a quarterly cash dividend for common stock of 68 cents ($0.68) per share. The dividend is payable July 1, 2021, to shareholders of record at the close of business on June 15, 2021.
The Board also declared a dividend of $1,406.25 per share (equivalent to $14.0625 per depositary share) on the Series A Non-Cumulative Perpetual Preferred Stock of Comerica Incorporated, payable July 1, 2021, to preferred stock shareholders of record at the close of business on June 15, 2021.
In addition, the Board approved the authorization to repurchase up to an additional 10 million shares of Comerica Incorporated outstanding common stock. This authorization is in addition to the 4.9 million shares remaining at March 31, 2021 under the Board's prior authorizations for the share repurchase program. There is no expiration date for the share repurchase program. The timing and actual amount of share repurchases are subject to various factors, including the Corporation's earnings generation, capital needs to fund future loan growth and market conditions. Shares will be purchased occasionally 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.
Earlier in the day, Comerica held its annual meeting of shareholders. Comerica shareholders elected the following directors to its Board of Directors for one-year terms:
Michael E. Collins
Barbara R. Smith
Roger A. Cregg
Robert S. Taubman
T. Kevin DeNicola
Reginald M. Turner, Jr.
Curtis C. Farmer
Nina G. Vaca
Jacqueline P. Kane
Michael G. Van de Ven
Richard G. Lindner
Full biographies and company affiliations for all directors can be found in the Proxy Statement.
Shareholders also ratified the appointment of Ernst & Young LLP as independent registered public accounting firm; approved a non-binding, advisory proposal approving executive compensation; approved the Comerica Incorporated Amended and Restated 2018 Long-Term Incentive Plan and approved the Comerica Incorporated 2021 Employee Stock Purchase Plan.
Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Commercial 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. Comerica reported total assets of $86.3 billion at March 31, 2021.
SOURCE Comerica Incorporated