10:34 AM EDT, 10/18/2024 (MT Newswires) -- Comerica ( CMA ) plans to buy back $100 million of shares starting in Q4, the company's Chief Financial Officer James Herzog said Friday during the Q3 earnings call.

"Considering our compelling estimated [common equity tier 1] well in excess of our strategic target and the favorable movement in the rate curve, we plan to utilize a portion of our excess capital to repurchase $100 million of our common stock shares starting in Q4," Herzog said on the call, according to a Capital IQ transcript.

The company's shares were up nearly 5% in recent trading.

Price: 65.74, Change: +3.10, Percent Change: +4.95