Comerica Incorporated (NYSE:CMA) Announces $0.71 Quarterly Dividend

Comerica Incorporated (NYSE:CMA) declared a quarterly dividend on Tuesday, February 25th, RTT News reports. Investors of record on Friday, March 14th will be paid a dividend of 0.71 per share by the financial services provider on Tuesday, April 1st. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.39%.

Comerica has raised its dividend payment by an average of 1.5% per year over the last three years. Comerica has a payout ratio of 48.5% 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 Price Performance

Shares of CMA traded up $0.46 during mid-day trading on Wednesday, reaching $64.71. The company had a trading volume of 165,898 shares, compared to its average volume of 2,019,201. The company’s 50-day moving average is $64.33 and its 200-day moving average is $63.03. Comerica has a twelve month low of $45.32 and a twelve month high of $73.45. The company has a market capitalization of $8.51 billion, a P/E ratio of 12.89 and a beta of 1.25. The company has a debt-to-equity ratio of 1.09, a current ratio of 0.97 and a quick ratio of 0.97.

Comerica (NYSE:CMA) last issued its earnings results on Wednesday, January 22nd. The financial services provider reported $1.20 EPS for the quarter, missing the consensus estimate of $1.25 by ($0.05). Comerica had a net margin of 13.98% and a return on equity of 12.04%. During the same quarter last year, the company posted $1.46 earnings per share. On average, equities analysts anticipate that Comerica will post 5.28 EPS for the current year.

Comerica announced that its board has approved a share buyback program on Tuesday, November 5th that allows the company to buyback 10,000,000 outstanding shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on CMA shares. Piper Sandler boosted their price objective on Comerica from $64.00 to $72.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 3rd. Barclays lifted their price target on Comerica from $66.00 to $68.00 and gave the company an “underweight” rating in a report on Monday, January 6th. Wells Fargo & Company raised shares of Comerica from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $51.00 to $73.00 in a report on Friday, November 15th. Royal Bank of Canada dropped their target price on shares of Comerica from $78.00 to $76.00 and set an “outperform” rating for the company in a research note on Thursday, January 23rd. Finally, Robert W. Baird upped their target price on shares of Comerica from $75.00 to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 11th. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $68.57.

Comerica Company Profile

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.