Financial services company Comerica Inc. (CMA) said Tuesday its Board has declared a quarterly cash dividend of 17 cents per common share, payable July 1 to common shareholders as of June 14.
The board has raised the number of common shares that Comerica is authorized to repurchase under its buyback program by up to 10 million shares.
The decision to increase the buyback authorization was taken taken in conjunction with an announcement in mid-March that the Federal Reserve did not object to Comerica's 2013 capital plan and contemplated capital distributions.
The capital plan includes up to $288 million in equity repurchases for the four-quarter period commencing in the second quarter 2013 and ending in the first quarter 2014.
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