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

Comerica Incorporated (NYSE:CMA) announced a quarterly dividend on Tuesday, February 25th, RTT News reports. Shareholders 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 yield of 4.42%.

Comerica has increased its dividend by an average of 1.5% per year over the last three years. Comerica has a payout ratio of 48.5% indicating that 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 0.8 %

NYSE:CMA traded down $0.55 on Tuesday, reaching $64.28. The company’s stock had a trading volume of 1,901,286 shares, compared to its average volume of 2,073,075. Comerica has a 1-year low of $45.32 and a 1-year high of $73.45. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market cap of $8.45 billion, a PE ratio of 12.80 and a beta of 1.25. The business’s 50-day moving average price is $64.34 and its two-hundred day moving average price is $62.94.

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

Comerica declared that its board has authorized a share repurchase plan on Tuesday, November 5th that allows the company to repurchase 10,000,000 shares. This repurchase authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Wells Fargo & Company upgraded Comerica from an “underweight” rating to an “equal weight” rating and raised their price objective for the company from $51.00 to $73.00 in a report on Friday, November 15th. Evercore ISI raised their target price on shares of Comerica from $64.00 to $69.00 and gave the company an “in-line” rating in a research note on Wednesday, October 30th. Truist Financial raised shares of Comerica to a “hold” rating in a research report on Monday, January 6th. Morgan Stanley dropped their price objective on Comerica from $76.00 to $71.00 and set an “equal weight” rating on the stock in a research note on Thursday, January 23rd. Finally, Royal Bank of Canada cut their price target on Comerica from $78.00 to $76.00 and set an “outperform” rating for the company in a 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 given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $68.57.

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.