Announcement • Jan 29
Employment Discrimination Lawsuit Filed Against Comerica in Michigan Federal Court A significant employment discrimination lawsuit has been filed in the U.S. District Court for the Eastern District of Michigan against Comerica Incorporated. The complaint alleges that the financial institution operates an unlawful Diversity, Equity, and Inclusion (DEI) program characterized by "Soviet-style" personnel controls and rigid demographic quotas. The filing comes as Comerica prepares for its scheduled acquisition by Fifth Third Bancorp on February 1, 2026. The lawsuit claims that Comerica--led by CEO Curt Farmer, who is transitioning to Vice Chair at Fifth Third--established corporate-level quotas that bypass merit-based hiring. According to the complaint, senior management compensation and performance ratings are directly tied to the quota mandates. The filing highlights a specific statistic from the company's internal reporting: 100% of business units met their DEI performance goals for multiple consecutive years. The plaintiff claims this was achieved through: Centralized HR Control: Rigorous monitoring and mandates to ensure "preferred demographics" were selected for leadership roles. Outcome Manipulation: Adjusting job titles, qualifications, or performance ratings to align with quota requirements. Compulsory Compliance: Management accountability structures that penalized leaders who did not meet demographic targets. New Risk • Jan 28
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.8% per year for the foreseeable future. Minor Risk Significant insider selling over the past 3 months (US$981k sold). Recent Insider Transactions • Jan 25
Insider recently sold US$981k worth of stock On the 22nd of January, James Carr sold around 10k shares on-market at roughly US$98.06 per share. This transaction amounted to 29% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$2.5m more than they bought in the last 12 months. Reported Earnings • Jan 21
Full year 2025 earnings released: EPS: US$5.33 (vs US$5.05 in FY 2024) Full year 2025 results: EPS: US$5.33 (up from US$5.05 in FY 2024). Revenue: US$3.27b (up 2.2% from FY 2024). Net income: US$691.0m (up 3.0% from FY 2024). Profit margin: 21% (in line with FY 2024). Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Banks industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Announcement • Jan 20
Comerica Incorporated Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2025 Comerica Incorporated reported net charge-offs for the fourth quarter ended December 31, 2025. For the quarter, the company reported net charge-offs of $3 million compared to net charge-offs of $16 million reported a year ago. Announcement • Dec 23
Holdco Asset Management Releases Presentation to The Board of Directors of Comerica On December 22, 2025, HoldCo Asset Management, LP announced that it released a presentation to the Board of Directors of Comerica Inc. reiterating its recommendation for shareholders to vote no on the proposed merger of the Company with Fifth Third Bancorp. HoldCo stated that the Company's revised proxy disclosures confirm its concerns that the sale process was rushed and designed to neutralize a potential proxy contest, benefiting the CEO's compensation rather than maximizing shareholder value. In addition, HoldCo noted that while the proxy advisory firm ISS recommended the merger, it acknowledged HoldCo's role in prompting the sale process and the need for additional disclosures. Announcement • Dec 16
Holdco Asset Management Releases Presentation to The Shareholders of Comerica On December 15, 2025, HoldCo Asset Management LP published a presentation urging Comerica Inc shareholders to vote against the proposed merger with Fifth Third on January 6, 2026, arguing that the deal significantly undervalues Comerica and that a rejection could lead to a better outcome. In addition, HoldCo stated that it believes the deal undervalues Comerica because, merger price was negotiated during a rushed 17-day process led solely by the CEO, without a genuine market check for other potential buyers or an independent committee, and the Company’s CEO could receive approximately $140 million if the merger closes, suggesting a conflict of interest that prioritizes personal gain over shareholder value. Further, HoldCo stated that transaction terms are highly favorable to Fifth Third, which incurs no tangible book dilution, indicating a bargain price for the acquirer. Upcoming Dividend • Dec 08
Upcoming dividend of US$0.71 per share Eligible shareholders must have bought the stock before 15 December 2025. Payment date: 01 January 2026. Payout ratio is a comfortable 54% but the company is paying out more than the cash it is generating. Trailing yield: 3.4%. Lower than top quartile of British dividend payers (5.7%). Lower than average of industry peers (3.8%). Announcement • Nov 25
Kaskela Law Llc Announces Shareholder Class Action Lawsuit Against Comerica Inc Kaskela Law LLC announces that a shareholder class action lawsuit has been filed against Comerica Inc. in connection with the company’s proposed acquisition by Fifth Third Bancorp. According to the complaint, after an activist investor called for his termination, Comerica’s CEO “raced to find a friendly white knight that could provide him with a lucrative post-closing role” and contacted Fifth Third Bancorp to encourage its CEO to make a proposal to acquire Comerica. The complaint further details how Comerica’s board of directors has “improperly locked up the merger through preclusive deal protections” in an attempt to ensure that no superior bid emerges for Comerica. Declared Dividend • Nov 10
Third quarter dividend of US$0.71 announced Dividend of US$0.71 is the same as last year. Ex-date: 15th December 2025 Payment date: 1st January 2026 Dividend yield will be 3.7%, which is lower than the industry average of 6.5%. Sustainability & Growth Dividend is covered by earnings (54% payout ratio) and is expected to be covered in 3 years' time (53% forecast payout ratio). The dividend has increased by an average of 14% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 10% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 05
Comerica Incorporated Declares Quarterly Cash Dividend on Common Stock, Payable on January 1, 2026 The Board of Directors of Comerica Incorporated declared a quarterly cash dividend for common stock of 71 cents ($0.71) per share. The dividend is payable on January 1, 2026, to shareholders of record at the close of business on December 15, 2025. Reported Earnings • Oct 20
Third quarter 2025 earnings released: EPS: US$1.36 (vs US$1.33 in 3Q 2024) Third quarter 2025 results: EPS: US$1.36. Revenue: US$816.0m (up 2.4% from 3Q 2024). Net income: US$175.0m (down 1.1% from 3Q 2024). Profit margin: 21% (in line with 3Q 2024). Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Banks industry in the United Kingdom. Buy Or Sell Opportunity • Oct 10
Now 21% undervalued Over the last 90 days, the stock has risen 24% to US$78.95. The fair value is estimated to be US$99.33, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 22%. For the next 3 years, revenue is forecast to grow by 3.3% per annum. Earnings are also forecast to grow by 1.7% per annum over the same time period. Announcement • Oct 06
Fifth Third Financial Corporation entered into a definitive merger agreement to acquire Comerica Incorporated (NYSE:CMA) from Holdco Asset Management, LP and other shareholders for $10.9 billion. Fifth Third Financial Corporation entered into a definitive merger agreement to acquire Comerica Incorporated (NYSE:CMA) from Holdco Asset Management, LP and other shareholders for $10.9 billion on October 6, 2025. Under the terms of the agreement, Comerica’s stockholders will receive 1.8663 Fifth Third shares for each Comerica share. Upon completion, Fifth Third shareholders will own approximately 73% and Comerica shareholders will own approximately 27% of the combined company and Curt Farmer, Chairman, President and CEO of Comerica will assume the role of Vice Chair and Peter Sefzik, Comerica’s chief banking officer, will lead Fifth Third’s Wealth & Asset Management business. Three members of Comerica’s Board will join Fifth Third’s Board of Directors following the transaction close. Curt Farmer will also join Fifth Third’s Board of Directors upon retirement.
The transaction is subject to shareholder approvals for both Fifth Third and Comerica, customary regulatory approvals and closing conditions. The transaction is anticipated to close at the end of the first quarter of 2026. The combination is expected to be 9% accretive to shareholders, deliver peer-leading efficiency, return on assets and return on tangible common equity ratios and create a compelling platform to generate sustainable long-term growth. The transaction is expected to generate cost saving of $850 million, 35% of Comerica’s non-interest expense base of total, 37.5% to be realised in 2026 & 100% thereafter. Transaction is also expected to generate $1.3 billion of core deposit intangibles, to be amortized over 10 years with sum of years digit method.
Goldman Sachs & Co. LLC acted as exclusive financial advisor to Fifth Third. Sullivan & Cromwell LLP acted as legal advisor to Fifth Third. J.P. Morgan Securities LLC acted as financial advisor to Comerica Incorporated. Wachtell, Lipton, Rosen & Katz LLP acted as legal advisor to Comerica Incorporated. Keefe, Bruyette & Woods, Inc. acted as financial advisor to Comerica Incorporated. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to US$81.57, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 9x in the Banks industry in the United Kingdom. Total returns to shareholders of 31% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$114 per share. Announcement • Sep 17
Comerica Incorporated Promotes Kristina Janssens as Senior Executive Vice President and Chief Risk Officer, Effective September 19, 2025 Comerica Incorporated announced that Kristina Janssens, Executive Vice President, Chief Compliance Officer, will be promoted to Senior Executive Vice President and Chief Risk Officer, effective September 19, 2025. As Chief Risk Officer, Janssens will report directly to Comerica Chairman, President and Chief Executive Officer Curt Farmer, as well as to the Enterprise Risk Committee of the Comerica Incorporated Board of Directors. She will be responsible for overseeing risk across the enterprise, including governance of all risk management operations across the organization; integration of risk principles into strategic planning; leading the second line risk management function; and identification of emerging risks related to regulation, product, services, customer types and channels. Janssens joined Comerica in September 2023 and has helped drive the development of the bank's Compliance organization and the growth of its Compliance program. Before arriving at Comerica, Janssens spent nearly a decade with Flagstar Bank, serving in a variety of key leadership roles, most notably as Executive Vice President, Chief Compliance & Privacy Officer. Prior to joining Flagstar, she was in legal private practice, specializing in providing banks and financial institutions guidance on regulatory compliance matters. She holds a Bachelor of Arts in Marketing from Michigan State University and a Juris Doctor from Wayne State University in Detroit. Upcoming Dividend • Sep 08
Upcoming dividend of US$0.71 per share Eligible shareholders must have bought the stock before 15 September 2025. Payment date: 01 October 2025. Payout ratio is a comfortable 54% and this is well supported by cash flows. Trailing yield: 4.1%. Lower than top quartile of British dividend payers (5.5%). In line with average of industry peers (4.2%). Announcement • Sep 04
HoldCo Asset Management Intends to Nominate Candidates to the Board of Comerica Incorporated On September 2, 2025, HoldCo Asset Management, LP announced its intention to launch a board fight at Comerica Incorporated, urging the bank to explore a sale due to years of underperformance. HoldCo Asset Management stated that it plans to nominate 5 directors if the Company does not pursue a sale. Declared Dividend • Aug 04
Second quarter dividend of US$0.71 announced Dividend of US$0.71 is the same as last year. Ex-date: 15th September 2025 Payment date: 1st October 2025 Dividend yield will be 4.3%, which is lower than the industry average of 6.5%. Sustainability & Growth Dividend is covered by earnings (54% payout ratio) and is expected to be covered in 3 years' time (51% forecast payout ratio). The dividend has increased by an average of 14% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 14% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jul 30
Comerica Incorporated Declares Quarterly Cash Dividend on Common Stock, Payable on October 1, 2025 The Board of Directors of Comerica Incorporated declared a quarterly cash dividend for common stock of 71 cents ($0.71) per share. The dividend is payable October 1, 2025, to shareholders of record at the close of business on September 15, 2025. Announcement • Jul 29
Holdco Asset Management Urges Comerica Inc to Start a Sale Process On July 28, 2025, Holdco Asset Management LP urged the Comerica Inc to start a sale process after analysts grilled the Company's top executive over operating metrics and long-term financial performance. Holdco Asset Management released a presentation outlining some of the questions asked by some analysts and the answers provided by Comerica Chairman, CEO and President Curtis Farmer during a July 18, 2025, earnings call, Holdco Asset Management deemed Company's responses to questions about historical underperformance and a potential sale unacceptable and believes a sale process is a value-maximizing path forward for the company. In addition, Holdco Asset Management stated that the Company mentioned that the Company welcomes shareholders' constructive input on various topics. Reported Earnings • Jul 19
Second quarter 2025 earnings released: EPS: US$1.43 (vs US$1.50 in 2Q 2024) Second quarter 2025 results: EPS: US$1.43 (down from US$1.50 in 2Q 2024). Revenue: US$805.0m (down 2.3% from 2Q 2024). Net income: US$187.0m (down 6.5% from 2Q 2024). Profit margin: 23% (down from 24% in 2Q 2024). Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Banks industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Announcement • Jun 27
Comerica Bank Appoints Stephen Jeffrey as Senior Vice President, Austin Market President Comerica Bank announced Stephen Jeffrey has been named its Senior Vice President, Austin Market President. In this role, Jeffrey will lead market strategy, collaboration, community development and overall growth, as well as direct the region's commercial team as Group Manager of Business Banking and Middle Market. Jeffrey has worked in Private and Commercial banking for more than 27 years in the Central Texas area, most recently with PNC Bank. The fourth generation Austin native's family has been active in the Austin community for more than a century as artists, supporters, and advocates in music, local business, and public service. Jeffrey, also an accomplished lifelong musician, currently serves on the Board of Directors for Austin PBS, Headliners Club, Austin Opera, and Health Alliance for Austin Musicians, where he serves as treasurer. A Class of 2016 Leadership Austin Essential graduate, Jeffrey is a University of Wisconsin-Madison Graduate School of Banking alumnus and earned a Certificate of Executive Leadership from UWM's School of Business. He also holds a Bachelor of Business Administration in finance from Texas State University. Upcoming Dividend • Jun 06
Upcoming dividend of US$0.71 per share Eligible shareholders must have bought the stock before 13 June 2025. Payment date: 01 July 2025. Payout ratio is a comfortable 54% and this is well supported by cash flows. Trailing yield: 4.9%. Lower than top quartile of British dividend payers (5.6%). In line with average of industry peers (4.5%). Recent Insider Transactions • May 08
Senior EVP & Chief Banking Officer recently sold US$1.1m worth of stock On the 1st of May, Peter Sefzik sold around 20k shares on-market at roughly US$54.63 per share. This transaction amounted to 30% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$1.8m more than they bought in the last 12 months. Declared Dividend • May 02
First quarter dividend of US$0.71 announced Dividend of US$0.71 is the same as last year. Ex-date: 13th June 2025 Payment date: 1st July 2025 Dividend yield will be 5.3%, which is lower than the industry average of 6.5%. Sustainability & Growth Dividend is covered by earnings (53% payout ratio) and is expected to be covered in 3 years' time (49% forecast payout ratio). The dividend has increased by an average of 14% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 12% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 29
Comerica Incorporated Declares Quarterly Cash Dividend on Common Stock, Payable on July 1, 2025 The Board of Directors of Comerica Incorporated declared a quarterly cash dividend for common stock of 71 cents ($0.71) per share. The dividend is payable July 1, 2025, to shareholders of record at the close of business on June 13, 2025. Announcement • Apr 25
Comerica Bank Promotes Matt Marchbanks to Fort Worth Market President Comerica Bank announced Matt Marchbanks has been named its Fort Worth Market President. Marchbanks will also serve as the Senior Vice President, Middle Market and Business Banking Group Manager in this footprint. As Market President, Marchbanks will manage business and community development efforts, including acquiring and strengthening relationships in Tarrant County. He will also oversee Middle Market & Business Banking relationship teams in this footprint, reporting to Brian Enzler, Director, Middle Market and Business Banking for North Texas. Marchbanks began his financial services career 25 years ago after completing the Comerica Commercial Banking Development Program. Throughout his tenure, he has held various leadership roles with increasing responsibility, most recently leading commercial banking for the Dallas-Fort Worth West and South Florida regions. Marchbanks also served as a North Texas relationship manager for nine years. A longtime Tarrant County resident, Marchbanks, earned a bachelor's degree in finance from Texas A&M University and is a graduate of Southern Methodist University'sSouthwestern Graduate School of Banking. Marchbanks also has completed multiple professional development programs, including Leadership Fort Worth, and has been actively involved in the community and held various local board positions. Reported Earnings • Apr 22
First quarter 2025 earnings released: EPS: US$1.26 (vs US$0.99 in 1Q 2024) First quarter 2025 results: EPS: US$1.26 (up from US$0.99 in 1Q 2024). Revenue: US$809.0m (up 5.1% from 1Q 2024). Net income: US$165.0m (up 26% from 1Q 2024). Profit margin: 20% (up from 17% in 1Q 2024). Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Banks industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 19% per year whereas the company’s share price has fallen by 14% per year. Announcement • Apr 21
Comerica Incorporated Reports Net Charge-Offs for the First Quarter Ended March 31, 2025 Comerica Incorporated reported net charge-offs for the first quarter ended March 31, 2025. For the quarter, the company reported net charge-offs totaled $26 million, compared to $14 million a year ago. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to US$48.37, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 7x in the Banks industry in the United Kingdom. Total loss to shareholders of 35% over the past three years. Declared Dividend • Mar 02
Fourth quarter dividend of US$0.71 announced Dividend of US$0.71 is the same as last year. Ex-date: 14th March 2025 Payment date: 1st April 2025 Dividend yield will be 4.4%, which is lower than the industry average of 6.5%. Sustainability & Growth Dividend is covered by earnings (56% payout ratio) and is expected to be covered in 3 years' time (50% forecast payout ratio). The dividend has increased by an average of 14% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 17% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 26
Full year 2024 earnings released: EPS: US$5.05 (vs US$6.47 in FY 2023) Full year 2024 results: EPS: US$5.05 (down from US$6.47 in FY 2023). Revenue: US$3.20b (down 8.8% from FY 2023). Net income: US$671.0m (down 21% from FY 2023). Profit margin: 21% (down from 24% in FY 2023). The decrease in margin was driven by lower revenue. Net interest margin (NIM): 2.88% (down from 3.06% in FY 2023). Non-performing loans: 0.61% (up from 0.34% in FY 2023). Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Banks industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Announcement • Feb 26
Comerica Incorporated Declares Quarterly Dividend, Payable on April 1, 2025 The Board of Directors of Comerica Incorporated declared a quarterly cash dividend for common stock of 71 cents ($0.71) per share. The dividend is payable April 1, 2025, to common stock shareholders of record at the close of business on March 14, 2025. Announcement • Feb 25
Comerica Incorporated, Annual General Meeting, Apr 29, 2025 Comerica Incorporated, Annual General Meeting, Apr 29, 2025. Reported Earnings • Jan 23
Full year 2024 earnings released: EPS: US$5.06 (vs US$6.47 in FY 2023) Full year 2024 results: EPS: US$5.06 (down from US$6.47 in FY 2023). Revenue: US$3.20b (down 8.8% from FY 2023). Net income: US$671.0m (down 21% from FY 2023). Profit margin: 21% (down from 24% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Banks industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Announcement • Jan 22
Comerica Incorporated Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2024 Comerica Incorporated reported net charge-offs for the fourth quarter ended December 31, 2024. For the quarter, the company reported net charge-offs of $16 million against $20 million. Upcoming Dividend • Dec 06
Upcoming dividend of US$0.71 per share Eligible shareholders must have bought the stock before 13 December 2024. Payment date: 01 January 2025. Payout ratio is a comfortable 70% and this is well supported by cash flows. Trailing yield: 4.1%. Lower than top quartile of British dividend payers (5.8%). Lower than average of industry peers (5.2%). Declared Dividend • Nov 11
Third quarter dividend of US$0.71 announced Dividend of US$0.71 is the same as last year. Ex-date: 13th December 2024 Payment date: 1st January 2025 Dividend yield will be 4.0%, which is lower than the industry average of 6.5%. Sustainability & Growth Dividend is covered by earnings (70% payout ratio) and is expected to be covered in 3 years' time (47% forecast payout ratio). The dividend has increased by an average of 15% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 44% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 06
Comerica Incorporated Declares Quarterly Dividend, Payable on January 1, 2025 The Board of Directors of Comerica Incorporated declared a quarterly cash dividend for common stock of 71 cents ($0.71) per share. The dividend is payable January 1, 2025, to shareholders of record at the close of business on December 13, 2024. Reported Earnings • Oct 18
Third quarter 2024 earnings released: EPS: US$1.34 (vs US$1.85 in 3Q 2023) Third quarter 2024 results: EPS: US$1.34 (down from US$1.85 in 3Q 2023). Revenue: US$797.0m (down 9.6% from 3Q 2023). Net income: US$177.0m (down 28% from 3Q 2023). Profit margin: 22% (down from 28% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Banks industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Sep 06
Upcoming dividend of US$0.71 per share Eligible shareholders must have bought the stock before 13 September 2024. Payment date: 01 October 2024. Payout ratio is a comfortable 63% and this is well supported by cash flows. Trailing yield: 5.2%. Lower than top quartile of British dividend payers (5.5%). Lower than average of industry peers (6.1%). Declared Dividend • Jul 29
Second quarter dividend of US$0.71 announced Dividend of US$0.71 is the same as last year. Ex-date: 13th September 2024 Payment date: 1st October 2024 Dividend yield will be 5.3%, which is lower than the industry average of 6.5%. Sustainability & Growth Dividend is covered by earnings (63% payout ratio) and is expected to be covered in 3 years' time (56% forecast payout ratio). The dividend has increased by an average of 15% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 41% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jul 24
Comerica Incorporated Declares Quarterly Cash Dividend, Payable on October 1, 2024 The Board of Directors of Comerica Incorporated declared a quarterly cash dividend for common stock of 71 cents ($0.71) per share. The dividend is payable October 1, 2024, to shareholders of record at the close of business on September 13, 2024. Reported Earnings • Jul 22
Second quarter 2024 earnings released: EPS: US$1.50 (vs US$2.02 in 2Q 2023) Second quarter 2024 results: EPS: US$1.50 (down from US$2.02 in 2Q 2023). Revenue: US$824.0m (down 7.5% from 2Q 2023). Net income: US$200.0m (down 25% from 2Q 2023). Profit margin: 24% (down from 30% in 2Q 2023). Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Banks industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 9% per year and the company’s share price has also fallen by 9% per year. Upcoming Dividend • Jun 07
Upcoming dividend of US$0.71 per share Eligible shareholders must have bought the stock before 14 June 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 56% and the cash payout ratio is 97%. Trailing yield: 5.9%. Within top quartile of British dividend payers (5.6%). In line with average of industry peers (6.2%). Announcement • May 02
Comerica Incorporated Appoints Floyd Kessler as Executive Vice President, Chief Business Risk and Controls Officer Comerica Incorporated announced that Floyd Kessler has been named to the new role of Executive Vice President, Chief Business Risk and Controls Officer. Kessler will report to Peter Sefzik, Chief Banking Officer. Kessler will lead the Business Risk and Controls Office for Commercial Bank, Marketing, Customer Experience, the Retail Bank and Wealth Management, helping drive transformation of risk and control functions across all of Comerica's revenue divisions. Kessler joins Comerica with 18 years of risk management experience in the financial services industry, 16 of which were with USAA. His roles have focused on mid and large-financial institution risk framework transformation and implementation. Kessler has served in several risk management roles, most recently as Head of Non-Financial Risk Processes where he focused on the development of foundational risk management strategies during high growth periods. As a risk leader at USAA, Kessler was instrumental in establishing critical risk functions and delivery of regulatory initiatives. He has served in leadership roles focused on the establishment and execution of programs designed to identify, monitor, report and mitigate operational and compliance risks. In addition, Kessler also served in the U.S. Navy as an Aerographers Mate 3rd Class Petty Officer. He earned a bachelor's degree in finance from Texas State University, master's degree from St. Mary's University, and holds a Certification in Control Self-Assessment from the Institute of Internal Auditors. Recent Insider Transactions • May 01
Insider recently sold US$382k worth of stock On the 24th of April, Cassandra McKinney sold around 7k shares on-market at roughly US$52.59 per share. This transaction amounted to 50% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$606k more than they bought in the last 12 months. Board Change • Apr 30
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Arthur Angulo was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 28
First quarter 2024 earnings released: EPS: US$0.99 (vs US$2.42 in 1Q 2023) First quarter 2024 results: EPS: US$0.99 (down from US$2.42 in 1Q 2023). Revenue: US$770.0m (down 20% from 1Q 2023). Net income: US$131.0m (down 59% from 1Q 2023). Profit margin: 17% (down from 33% in 1Q 2023). Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Banks industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. Announcement • Apr 28
Comerica Incorporated Announces Board Changes Comerica Incorporated announced Reginald M. Turner, Jr.'s, Michael E. Collins' and Jacqueline P. Kane's respective terms as directors ended as of the 2024 Meeting held on April 23, 2024 and they did not stand for re-election to the Board. On that date, the Board reduced its size to twelve directors. Announcement • Apr 23
Comerica Incorporated Declares A Quarterly Cash Dividend, Payable on July 1, 2024 The Board of Directors of Comerica Incorporated declared a quarterly cash dividend for common stock of 71 cents ($0.71) per share. The dividend is payable July 1, 2024, to shareholders of record at the close of business on June 14, 2024. Reported Earnings • Apr 18
First quarter 2024 earnings released: EPS: US$0.99 (vs US$2.42 in 1Q 2023) First quarter 2024 results: EPS: US$0.99 (down from US$2.42 in 1Q 2023). Revenue: US$770.0m (down 20% from 1Q 2023). Net income: US$131.0m (down 59% from 1Q 2023). Profit margin: 17% (down from 33% in 1Q 2023). Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Banks industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. New Risk • Apr 18
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.03% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Announcement • Mar 19
Comerica Bank Announces Executive Changes Comerica Incorporated announced that Larry Franco has been named Executive Vice President, National Director of Retail Banking & Operations. He will succeed Rhonda Davenport, Executive Vice President and National Director of Retail Banking, who is expected to retire in April 2024, following more than 36 years with Comerica. Franco will report to Cassandra McKinney, Executive Vice President, Executive Director of the Retail Bank. Franco will oversee the development and leadership of Comerica's more than 400 banking centers that span across five states and employ approximately 2,200 employees. Additionally, he will have oversight for the operational execution and risk management of the banking centers. Larry Franco: An accomplished leader with more than 25 years of retail banking experience, Franco joins Comerica following his tenure with PNC Bank in Houston, where he served as the Southwest Territory Executive, Executive Vice President, leading a team of 3,200 team members across 501 retail bank branches. Prior to PNC Bank, he spent 14 years at BBVA, starting as a District Retail Executive, moving into positions of increasing scope and responsibility in banking center management, then culminating in his leadership role over the retail network of 644 branches and more than 4,000 team members as Senior Executive Vice President, Head of Retail Banking. Franco remains active in the community, serving as a Board Member of Junior Achievement of Southeast Texas. He is also an Executive Advisory Board Member of the National Basketball Retired Players Association. He earned his bachelor's degree from the University of Phoenix and completed the Executive Leadership Program at Harvard Business School. Rhonda Davenport: Davenport has spent more than 36 years with Comerica, joining the bank in 1987. She has held positions of increasing score and responsibility in banking center management, including regional manager in Michigan, new business development in small business banking, national sales/service management and retail operations. As the Director of the Comerica Bank Loan Center (CLC), she oversaw CLC operations for all consumer and small business loans generated through Comerica's national operations. In this role, she spearheaded a consumer loan origination redesign project with redefined roles and responsibility, as well as implemented extensive training and continuous improvement initiatives which, among others, significantly reduced loan processing time resulting in a significant increase in loan growth. She is a member of the Retail Operation Committee and contributes valuable insights to organizational effectiveness. She earned a bachelor's degree in business, as well as an MBA, from Western Michigan University, and is a graduate of the Graduate School of Retail Bank Management administered by the Consumer Bankers Association. Announcement • Mar 14
Comerica Incorporated, Annual General Meeting, Apr 23, 2024 Comerica Incorporated, Annual General Meeting, Apr 23, 2024. Upcoming Dividend • Mar 07
Upcoming dividend of US$0.71 per share Eligible shareholders must have bought the stock before 14 March 2024. Payment date: 01 April 2024. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 5.5%. Lower than top quartile of British dividend payers (6.3%). Lower than average of industry peers (6.7%). Declared Dividend • Mar 04
Fourth quarter dividend of US$0.71 announced Dividend of US$0.71 is the same as last year. Ex-date: 14th March 2024 Payment date: 1st April 2024 Dividend yield will be 5.8%, which is lower than the industry average of 6.5%. Sustainability & Growth Dividend is well covered by earnings (44% payout ratio) and is expected to be well covered in 3 years' time (42% forecast payout ratio). The dividend has increased by an average of 15% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 4.6% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 02
Full year 2023 earnings released: EPS: US$6.47 (vs US$8.57 in FY 2022) Full year 2023 results: EPS: US$6.47 (down from US$8.57 in FY 2022). Revenue: US$3.50b (flat on FY 2022). Net income: US$854.0m (down 24% from FY 2022). Profit margin: 24% (down from 32% in FY 2022). Net interest margin (NIM): 3.06% (up from 3.02% in FY 2022). Cost-to-income ratio: 65.6% (up from 56.3% in FY 2022). Non-performing loans: 0.34% (down from 0.46% in FY 2022). Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Banks industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Feb 16
Reginald M. Turner, Jr. Intends Not to Stand for Re-Election as a Director of Comerica Incorporated On February 9, 2024, Reginald M. Turner, Jr. notified the Board of Directors (the "Board") of Comerica Incorporated (Comerica") that he does not intend to stand for re-election as a director at the 2024 Annual Meeting of Shareholders. He plans to serve out his current term as a director until April 23, 2024. Mr. Turner has served as a member of the Board since 2005, and his decision was not due to any disagreement with Comerica on any matter. Announcement • Jan 21
Comerica Incorporated Provides Net Interest Income Guidance for the Year 2024 Comerica Incorporated provided net interest income guidance for the year 2024. The company expects full year net interest income to decline 11% from 2023, driven largely by year-over-year deposit mix. Reported Earnings • Jan 19
Full year 2023 earnings released: EPS: US$6.47 (vs US$8.57 in FY 2022) Full year 2023 results: EPS: US$6.47 (down from US$8.57 in FY 2022). Revenue: US$3.50b (flat on FY 2022). Net income: US$854.0m (down 24% from FY 2022). Profit margin: 24% (down from 32% in FY 2022). Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, while revenues in the Banks industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 07
Upcoming dividend of US$0.71 per share at 6.0% yield Eligible shareholders must have bought the stock before 14 December 2023. Payment date: 01 January 2024. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 6.0%. Within top quartile of British dividend payers (6.0%). In line with average of industry peers (6.5%). 
