Comerica Incorporated (NYSE:CMA) announced a quarterly dividend on Tuesday, July 25th, RTT News reports. Shareholders of record on Friday, September 15th will be given a dividend of 0.30 per share by the financial services provider on Sunday, October 1st. This represents a $1.20 annualized dividend and a yield of 1.64%. This is a positive change from Comerica’s previous quarterly dividend of $0.26.
Comerica has raised its dividend by an average of 9.6% annually over the last three years and has raised its dividend annually for the last 5 consecutive years. Comerica has a dividend payout ratio of 21.9% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Comerica to earn $5.19 per share next year, which means the company should continue to be able to cover its $1.04 annual dividend with an expected future payout ratio of 20.0%.
Comerica (CMA) traded up 1.331% during mid-day trading on Tuesday, reaching $74.255. The company’s stock had a trading volume of 971,946 shares. The firm has a market cap of $13.06 billion, a PE ratio of 18.559 and a beta of 1.48. Comerica has a one year low of $43.74 and a one year high of $75.72. The stock’s 50 day moving average is $72.71 and its 200 day moving average is $70.39.
Comerica (NYSE:CMA) last released its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.06 by $0.07. Comerica had a return on equity of 9.25% and a net margin of 23.22%. The firm had revenue of $776 million for the quarter, compared to analyst estimates of $777.08 million. During the same quarter last year, the company posted $0.58 earnings per share. The business’s revenue was up 8.8% on a year-over-year basis. On average, analysts anticipate that Comerica will post $4.57 EPS for the current year.
Comerica announced that its Board of Directors has initiated a stock buyback plan on Wednesday, June 28th that authorizes the company to buyback $605.00 million in shares. This buyback authorization authorizes the financial services provider to purchase up to 4.8% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.
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In other news, CEO Ralph W. Babb, Jr. sold 83,600 shares of the stock in a transaction that occurred on Monday, May 1st. The shares were sold at an average price of $70.94, for a total value of $5,930,584.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.10% of the company’s stock.
A number of analysts recently weighed in on the stock. Jefferies Group LLC reaffirmed a “buy” rating and set a $81.00 price target on shares of Comerica in a research report on Tuesday, April 4th. Royal Bank Of Canada restated a “buy” rating and issued a $78.00 target price on shares of Comerica in a research note on Tuesday, April 4th. Keefe, Bruyette & Woods restated a “buy” rating and issued a $72.00 target price on shares of Comerica in a research note on Wednesday, April 5th. Zacks Investment Research lowered shares of Comerica from a “buy” rating to a “hold” rating in a research note on Monday, April 10th. Finally, FBR & Co reiterated a “market perform” rating and set a $74.00 price objective on shares of Comerica in a research note on Wednesday, April 19th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Comerica has an average rating of “Hold” and an average price target of $71.13.
Comerica Incorporated is a financial services company. The Company’s principal activity is lending to and accepting deposits from businesses and individuals. The Company’s segments include the Business Bank, the Retail Bank, Wealth Management, Finance and Other. The Business Bank serves middle market businesses, multinational corporations and governmental entities by offering various products and services, including commercial loans and lines of credit, deposits, cash management, capital market products, international trade finance, letters of credit, foreign exchange management services and loan syndication services.
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