* Ups qtrly dividend to $0.10 from $0.05
* Approves buyback of 12.6 mln common shares
Nov 16 Comerica Inc (CMA.N) said it would buy
back 7 percent of its outstanding common shares, and doubled
its quarterly dividend to 10 cents a share.
The U.S. regional bank approved a plan to repurchase up to
12.6 million common shares, and outstanding warrants to buy up
to another 11.5 million shares.
"With respect to the authorization to repurchase shares of
common stock and warrants, until the banking industry has more
clarity on regulatory targeted capital levels, we expect to
remain cautious in managing our capital," CEO Ralph Babb Jr
said in a statement.
Dallas-based Comerica, which has branches in California,
Florida, Arizona, Michigan and Texas, said the new repurchase
program will supersede its prior share repurchase programs.
Shares of Comerica -- one of the few regional banks to
have repaid the bailout funds it received from the U.S.
Treasury and redeemed its trust preferred securities -- have
rallied 2 percent since the bank reported third-quarter results
They were up about 3 percent in trading after the bell, and
closed at $36.74 on Tuesday on the New York Stock Exchange.
(Reporting by Tenzin Dekeva in Bangalore; Editing by Roshni