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In line with CCAR plan, Comerica ups dividend by 1 cent, upsizes buyback program

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In line with CCAR plan, Comerica ups dividend by 1 cent, upsizes buyback program

As , Dallas-based 's board authorized anincrease in the company's quarterly cash dividend to 23 cents per share, payableOct. 1 to shareholders of record as of Sept. 15.

As per SNL data, the company'sprevious dividend payout was 22 centsper share.

Also, the boardapproved increasing the number of shares Comerica can repurchase in its buybackprogram by up to 10 million additional shares.

These approvalsfollow the Federal Reserve's nonobjection to Comerica's annual capital plan underthe 2016 Comprehensive Capital Analysis and Review.

That capitalplan includes up to $440 million in equity repurchases for the four-quarter periodbeginning in the third quarter and ending in the second quarter 2017.

The timing andamount of repurchases will be done at management's discretion, and purchased sharesmay be held as treasury stock or retired. Repurchased warrants may be retired orcanceled.