DETROIT -- Comerica Inc. said its board has authorized a 2-for-1 stock split, in the form of a 100% stock dividend. The company also increased the quarterly cash dividend by 8.5%, to 25.5 cents, payable Jan. 4 to shareholders of record on Dec. 15.
On a pre-split basis, the new quarterly cash dividend is 51 cents a share, up from 47 cents. The dividend will be payable on all shares, including those issued in connection with the stock split.
Common shareholders will receive one new share for each share registered in their name as of the close of business Dec. 15. The split will be payable Jan. 4 and will increase the number of Comerica common shares outstanding to about 114 million.