Comerica Plans Up To $236 Mln Of Stock Buybacks

(RTTNews) - Comerica Inc. (CMA) said Wednesday that after the Federal Reserve had completed its 2014 Comprehensive Capital Analysis and Review, it did not object to the Comerica capital plan and capital distributions contemplated in the plan.

Comerica's capital plan provides for up to $236 million in share repurchases for the four-quarter period commencing in the second quarter 2014 and ending in the first quarter 2015. In addition, Comerica's capital plan includes the authority to redeem $150 million of subordinated notes due 2018 when callable at par later this year.

On January 21, 2014, and as part of its 2013 capital plan, Comerica announced that its Board of Directors increased the quarterly cash dividend for common stock 12% to $0.19 per share, payable April 1 to common stock shareholders of record on March 14.

The 2014 capital plan, which was approved by Comerica's Board of Directors, further contemplates a $0.01 increase in the company's quarterly dividend to $0.20 per common share, a 5% increase over the current dividend rate.

The dividend proposal will be considered by the Comerica board at its next scheduled meeting on April 22.