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Comerica (CMA Quote) on Wednesday slashed its dividend to 5 cents from 33 cents per common share, in a move expected to preserve $170 million in capital.
The dividend is payable on April 1 to shareholders of record as of March 15. The cut followed the company's 50% reduction of its fourth-quarter dividend.
The cut does not come as a surprise. Comerica was sixth on the list of large, profitable holding companies with the highest dividend payouts, with a payout ratio of 153%, according to Highline Financial. TheStreet.com recently noted that many of these banks were ripe for dividend cuts. ...
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