DETROIT -- Direction of Comerica Inc. approved last Friday plans to redeem its Series B preferred stock and to buy back 500,000 shares of its common. It has 59.9 million shares outstanding.
The preferred shares will be purchased for $50 each plus accrued and unpaid dividends on Dec. 31. The dividend yield on the stock is 8.65%. The outstanding preferred totals about $836,000.
Comerica common shares were up sharply on the announcement, trading at $58 late in the day, up 87.5 cents.