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

Comerica Incorporated (NYSE:CMA) announced a quarterly dividend on Tuesday, November 5th, RTT News reports. Stockholders of record on Friday, December 13th will be given a dividend of 0.71 per share by the financial services provider on Wednesday, January 1st. This represents a $2.84 dividend on an annualized basis and a dividend yield of 4.49%.

Comerica has increased its dividend payment by an average of 1.5% annually over the last three years. Comerica has a payout ratio of 51.7% meaning its dividend is sufficiently covered by earnings. Analysts expect Comerica to earn $5.40 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 52.6%.

Comerica Stock Up 1.4 %

CMA traded up $0.89 during trading hours on Tuesday, hitting $63.28. 1,325,994 shares of the company’s stock were exchanged, compared to its average volume of 2,142,731. Comerica has a 12-month low of $40.41 and a 12-month high of $66.06. The firm has a 50 day moving average of $59.55 and a 200 day moving average of $54.62. The firm has a market cap of $8.32 billion, a P/E ratio of 15.81 and a beta of 1.22. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.97.

Comerica (NYSE:CMA) last posted its quarterly earnings results on Friday, October 18th. The financial services provider reported $1.33 EPS for the quarter, topping the consensus estimate of $1.17 by $0.16. Comerica had a net margin of 11.17% and a return on equity of 12.54%. The company had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $806.49 million. During the same quarter in the previous year, the business posted $1.84 EPS. Analysts predict that Comerica will post 5.37 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Christine M. Moore sold 2,545 shares of Comerica stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $57.51, for a total transaction of $146,362.95. Following the transaction, the executive vice president now owns 27,910 shares in the company, valued at $1,605,104.10. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, EVP James Harry Weber sold 6,500 shares of the company’s stock in a transaction on Thursday, October 24th. The stock was sold at an average price of $63.23, for a total transaction of $410,995.00. Following the completion of the sale, the executive vice president now directly owns 15,773 shares in the company, valued at $997,326.79. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Christine M. Moore sold 2,545 shares of the company’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $57.51, for a total value of $146,362.95. Following the completion of the transaction, the executive vice president now directly owns 27,910 shares of the company’s stock, valued at approximately $1,605,104.10. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 16,609 shares of company stock worth $1,027,839. Insiders own 0.19% of the company’s stock.

Wall Street Analyst Weigh In

CMA has been the subject of several research reports. Wedbush upgraded shares of Comerica from a “neutral” rating to an “outperform” rating and upped their price target for the company from $52.00 to $75.00 in a research report on Tuesday, September 24th. The Goldman Sachs Group upped their price objective on shares of Comerica from $63.00 to $71.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Morgan Stanley upped their price objective on shares of Comerica from $63.00 to $67.00 and gave the stock an “equal weight” rating in a research report on Monday, October 21st. Truist Financial upped their price objective on shares of Comerica from $66.00 to $70.00 and gave the stock a “hold” rating in a research report on Monday, October 21st. Finally, Piper Sandler upped their price objective on shares of Comerica from $51.00 to $52.00 and gave the stock a “neutral” rating in a research report on Monday, July 22nd. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $62.81.

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.