Comerica Incorporated (CMA) to Issue Quarterly Dividend of $0.71 on April 1st

Comerica Incorporated (NYSE:CMA) declared a quarterly dividend on Tuesday, February 25th, RTT News reports. Stockholders of record on Friday, March 14th will be given a dividend of 0.71 per share by the financial services provider on Tuesday, April 1st. This represents a $2.84 annualized dividend and a dividend yield of 4.46%. The ex-dividend date of this dividend is Friday, March 14th.

Comerica has raised its dividend payment by an average of 1.5% annually 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 Trading Down 1.0 %

NYSE CMA opened at $63.62 on Thursday. The stock has a market capitalization of $8.37 billion, a price-to-earnings ratio of 12.67 and a beta of 1.25. The stock’s 50 day moving average price is $64.38 and its two-hundred day moving average price is $63.03. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.97 and a current ratio of 0.97. Comerica has a 52 week low of $45.32 and a 52 week high of $73.45.

Comerica (NYSE:CMA) last issued its quarterly earnings data on Wednesday, January 22nd. The financial services provider reported $1.20 EPS for the quarter, missing analysts’ consensus estimates 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 period last year, the business earned $1.46 earnings per share. As a group, analysts anticipate that Comerica will post 5.28 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on CMA shares. Robert W. Baird lifted their price target on Comerica from $75.00 to $80.00 and gave the company an “outperform” rating in a research report on Tuesday, February 11th. DA Davidson cut their price objective on Comerica from $71.00 to $67.00 and set a “neutral” rating for the company in a report on Thursday, January 23rd. Evercore ISI boosted their target price on Comerica from $64.00 to $69.00 and gave the company an “in-line” rating in a research note on Wednesday, October 30th. Piper Sandler upped their price target on Comerica from $64.00 to $72.00 and gave the company a “neutral” rating in a research report on Tuesday, December 3rd. Finally, Morgan Stanley decreased their target price on Comerica from $76.00 to $71.00 and set an “equal weight” rating for the company in a research report on Thursday, January 23rd. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $68.57.

Comerica announced that its Board of Directors has approved a share buyback plan on Tuesday, November 5th that permits the company to repurchase 10,000,000 shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

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.