Comerica shares are undervalued, says Oppenheimer After meeting with management, Oppenheimer says shares of Comerica are undervalued. The firm keeps an Outperform rating on the stock with a $38 price target.
Comerica increases authorization for stock, warrant repurchases The board of Comerica increased the number of shares of common stock that Comerica is authorized to repurchase under its share repurchase program by up to 10M additional shares and increased the number of warrants that Comerica is authorized to repurchase by up to 2.6M additional outstanding warrants. These actions were taken in conjunction with Comerica's announcement on March 11 that the Federal Reserve did not object to Comerica's 2015 capital plan and contemplated capital distributions. The plan includes up to $393M in equity repurchases for the five-quarter period commencing in the second quarter 2015 and ending in the second quarter 2016. Shares and/or warrants will be purchased from time to time in the open market or otherwise. The repurchased shares may be held as treasury stock or retired. The repurchased warrants may be retired and cancelled.