Company: CMA
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000028412-25-000108
Chunk: 360

Company: COMERICA INC
Filing Date: 2025-02-24
Form: 10-K
Item: Item 5
Chunk 360
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 loan growth and market conditions. Shares under Comerica’s repurchase program may be repurchased through open market repurchases, privately negotiated transactions, structured repurchase agreements with third parties and/or otherwise, including utilizing Rule 10b5-1 plans. The repurchased shares may be held as treasury stock or retired. There is no expiration date for Comerica's share repurchase program.

On October 18, 2024, Comerica announced that it intended to resume repurchases under the share repurchase program, and on October 22, 2024, Comerica entered into an accelerated share repurchase agreement to repurchase $100 million of common stock. A total of 1.499 million shares were repurchased under the ASR agreement during the fourth quarter of 2024. On January 22, 2025, Comerica announced that it intended to repurchase $50 million of common stock during the first quarter of 2025, and on February 3, 2025, Comerica entered into an ASR to repurchase $50 million of common stock. Under the terms of the ASR agreement, Comerica received an initial delivery of common shares representing approximately 80% of the expected total to be repurchased. Subject to certain adjustments pursuant to the ASR agreement, the final number of shares repurchased and delivered under the ASR agreement will be based on the volume weighted average share price of Comerica’s common stock during the term of the transaction, which is expected to be completed in the first quarter of 2025.

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The following table summarizes Comerica's share repurchase activity for the year ended December 31, 2024.

(shares in thousands)Total Number of Shares Purchased as Part of Publicly Announced Repurchase Plans or Programs Remaining ShareRepurchaseAuthorization (a)Total Numberof SharesPurchased (b)Average PricePaid Per ShareTotal first quarter 2024— 4,997 19 $50.95 Total second quarter 2024— 4,997 2 54.32 Total third quarter 2024— 4,997 2 51.21 October 1 - 31, 20241,290 3,707 1,292 62.30 November 1 - 30, 2024— 13,707 — — December 1 - 31, 202