Comerica Incorporated (NYSE:CMA) to Issue $0.71 Quarterly Dividend

Comerica Incorporated (NYSE:CMA) declared a quarterly dividend on Monday, April 22nd, RTT News reports. Investors of record on Friday, June 14th will be given a dividend of 0.71 per share by the financial services provider on Monday, July 1st. This represents a $2.84 annualized dividend and a yield of 5.40%.

Comerica has raised its dividend payment by an average of 1.5% annually over the last three years and has increased its dividend every year for the last 1 years. Comerica has a dividend payout ratio of 46.9% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Comerica to earn $6.11 per share next year, which means the company should continue to be able to cover its $2.84 annual dividend with an expected future payout ratio of 46.5%.

Comerica Trading Up 2.0 %

NYSE CMA opened at $52.59 on Tuesday. The stock has a market capitalization of $6.97 billion, a P/E ratio of 10.46 and a beta of 1.27. Comerica has a 52-week low of $28.40 and a 52-week high of $57.39. The firm has a 50-day moving average price of $51.38 and a 200 day moving average price of $49.45. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 1.26.

Comerica (NYSE:CMA) last posted its quarterly earnings results on Thursday, April 18th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.13 by $0.16. The firm had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $807.57 million. Comerica had a net margin of 13.11% and a return on equity of 16.51%. During the same period in the prior year, the company posted $2.39 earnings per share. Equities research analysts expect that Comerica will post 5.09 EPS for the current year.

Analyst Ratings Changes

A number of research analysts have issued reports on CMA shares. Deutsche Bank Aktiengesellschaft started coverage on shares of Comerica in a report on Wednesday, April 10th. They issued a “hold” rating and a $59.00 target price for the company. TheStreet raised shares of Comerica from a “c+” rating to a “b-” rating in a report on Tuesday, December 26th. UBS Group dropped their target price on shares of Comerica from $59.00 to $55.00 and set a “neutral” rating for the company in a report on Friday. Raymond James cut shares of Comerica from an “outperform” rating to a “market perform” rating in a report on Monday, January 22nd. Finally, Truist Financial dropped their target price on shares of Comerica from $62.00 to $60.00 and set a “buy” rating for the company in a report on Monday. Three analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $56.89.

Insider Buying and Selling

In related news, EVP Cassandra M. Mckinney sold 1,616 shares of the firm’s stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $54.64, for a total transaction of $88,298.24. Following the sale, the executive vice president now owns 8,314 shares in the company, valued at $454,276.96. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Comerica news, EVP Cassandra M. Mckinney sold 1,616 shares of the stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $54.64, for a total transaction of $88,298.24. Following the transaction, the executive vice president now owns 8,314 shares of the company’s stock, valued at $454,276.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Wendy Bridges sold 3,034 shares of the stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $52.74, for a total transaction of $160,013.16. Following the transaction, the executive vice president now directly owns 17,460 shares in the company, valued at approximately $920,840.40. The disclosure for this sale can be found here. 0.19% of the stock is owned by company insiders.

About Comerica

Comerica Incorporated, through its subsidiaries, provides various financial products and services. The company operates through Commercial Bank, Retail Bank, Wealth Management, and Finance segments. The Commercial Bank segment offers various products and services, including commercial loans and lines of credit, deposits, cash management, payment solutions, card services, capital market products, international trade finance, letters of credit, foreign exchange management services, and loan syndication services for small and middle market businesses, multinational corporations, and governmental entities.