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

Comerica Incorporated (NYSE:CMA) declared a quarterly dividend on Tuesday, July 23rd, RTT News reports. Investors of record on Friday, September 13th will be paid a dividend of 0.71 per share by the financial services provider on Tuesday, October 1st. This represents a $2.84 dividend on an annualized basis and a yield of 5.45%.

Comerica has increased its dividend payment by an average of 1.5% per year over the last three years. Comerica has a dividend payout ratio of 48.2% meaning its dividend is sufficiently covered by earnings. Research analysts expect Comerica to earn $5.80 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 49.0%.

Comerica Trading Up 1.9 %

NYSE:CMA traded up $0.98 during mid-day trading on Tuesday, reaching $52.09. 2,188,069 shares of the company’s stock traded hands, compared to its average volume of 2,276,775. Comerica has a 12-month low of $37.40 and a 12-month high of $58.50. The firm has a market capitalization of $6.91 billion, a price-to-earnings ratio of 10.16 and a beta of 1.25. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.96 and a quick ratio of 0.95. The company has a 50 day moving average price of $50.78 and a 200-day moving average price of $51.69.

Comerica (NYSE:CMA) last announced its quarterly earnings results on Friday, July 19th. The financial services provider reported $1.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.19 by $0.30. Comerica had a return on equity of 15.01% and a net margin of 12.15%. The company had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $812.79 million. During the same quarter in the previous year, the business earned $2.01 EPS. On average, sell-side analysts predict that Comerica will post 5.01 earnings per share for the current year.

Insider Activity

In other news, EVP Cassandra M. Mckinney sold 7,271 shares of the stock in a transaction on Wednesday, April 24th. The stock was sold at an average price of $52.59, for a total transaction of $382,381.89. Following the transaction, the executive vice president now directly owns 7,236 shares of the company’s stock, valued at approximately $380,541.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.19% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. StockNews.com upgraded Comerica from a “sell” rating to a “hold” rating in a report on Monday. Barclays reduced their target price on Comerica from $59.00 to $56.00 and set an “underweight” rating on the stock in a report on Monday. Deutsche Bank Aktiengesellschaft initiated coverage on Comerica in a report on Wednesday, April 10th. They set a “hold” rating and a $59.00 target price on the stock. Citigroup downgraded Comerica from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $60.00 to $56.00 in a report on Monday, May 6th. Finally, Robert W. Baird reduced their target price on Comerica from $72.00 to $68.00 and set an “outperform” rating on the stock in a report on Thursday, June 20th. Two analysts have rated the stock with a sell rating, sixteen have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $55.35.

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.