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.

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