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

Comerica Incorporated (NYSE:CMA) announced a quarterly dividend on Monday, April 22nd, RTT News reports. Stockholders 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 dividend on an annualized basis and a dividend yield of 5.40%.

Comerica has raised its dividend payment by an average of 1.5% per year over the last three years and has increased its dividend annually for the last 1 consecutive years. Comerica has a payout ratio of 46.9% indicating that its dividend is sufficiently covered by earnings. 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 Stock Performance

NYSE:CMA opened at $52.59 on Tuesday. The stock has a fifty day moving average price of $51.38 and a 200-day moving average price of $49.45. The company has a market cap of $6.97 billion, a price-to-earnings ratio of 10.46 and a beta of 1.27. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.94 and a current ratio of 0.95. Comerica has a fifty-two week low of $28.40 and a fifty-two week high of $57.39.

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

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Keefe, Bruyette & Woods dropped their target price on Comerica from $60.00 to $58.00 and set a “market perform” rating for the company in a research report on Monday, January 22nd. Bank Of America (Bofa) increased their target price on Comerica from $52.00 to $55.00 and gave the company a “neutral” rating in a research report on Thursday, January 18th. Barclays increased their target price on Comerica from $49.00 to $59.00 and gave the company an “underweight” rating in a research report on Tuesday, January 2nd. Royal Bank of Canada increased their price target on Comerica from $61.00 to $62.00 and gave the company an “outperform” rating in a research note on Friday. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $53.00 price target on shares of Comerica in a research note on Monday. Three investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $56.89.

Insiders Place Their Bets

In other Comerica news, 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 value of $160,013.16. Following the completion of the sale, the executive vice president now owns 17,460 shares in the company, valued at approximately $920,840.40. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, EVP Cassandra M. Mckinney sold 1,616 shares of the stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $54.64, for a total value of $88,298.24. Following the completion of the transaction, the executive vice president now owns 8,314 shares of the company’s stock, valued at approximately $454,276.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 value of $160,013.16. Following the completion of the transaction, the executive vice president now directly owns 17,460 shares of the company’s stock, valued at approximately $920,840.40. The disclosure for this sale can be found here. Company insiders own 0.19% of the company’s stock.

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.