Comerica Incorporated (CMA) to Distribute Quarterly Dividend of $0.71 on July 1st

Comerica Incorporated (NYSE:CMA) declared a quarterly dividend on Monday, April 22nd, RTT News reports. Investors 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 yield of 5.40%.

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

CMA stock opened at $52.64 on Wednesday. Comerica has a 1 year low of $28.40 and a 1 year high of $57.39. The company has a market cap of $6.97 billion, a P/E ratio of 10.47 and a beta of 1.27. The firm has a 50-day moving average of $51.44 and a 200 day moving average of $49.54. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.95 and a quick ratio of 0.94.

Comerica (NYSE:CMA) last released its quarterly earnings results on Thursday, April 18th. The financial services provider reported $1.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.13 by $0.16. Comerica had a net margin of 13.11% and a return on equity of 16.51%. The company had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $807.57 million. During the same period in the prior year, the firm earned $2.39 earnings per share. On average, sell-side analysts forecast that Comerica will post 5.11 EPS for the current year.

Insider Activity at Comerica

In related news, EVP Cassandra M. Mckinney sold 1,616 shares of Comerica stock in a transaction on Monday, January 29th. The shares were sold at an average price of $54.64, for a total transaction of $88,298.24. Following the transaction, the executive vice president now owns 8,314 shares in the company, valued at approximately $454,276.96. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, EVP Cassandra M. Mckinney sold 1,616 shares of Comerica stock in a transaction on Monday, January 29th. The shares were sold at an average price of $54.64, for a total transaction of $88,298.24. Following the transaction, the executive vice president now owns 8,314 shares in the company, valued at approximately $454,276.96. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Wendy Bridges sold 3,034 shares of Comerica stock in a transaction on Monday, February 12th. The shares were sold at an average price of $52.74, for a total transaction of $160,013.16. Following the completion of the sale, the executive vice president now owns 17,460 shares in the company, valued at $920,840.40. The disclosure for this sale can be found here. 0.19% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on CMA shares. Truist Financial decreased their target price on shares of Comerica from $62.00 to $60.00 and set a “buy” rating for the company in a research note on Monday. Bank Of America (Bofa) raised their target price on shares of Comerica from $52.00 to $55.00 and gave the company a “neutral” rating in a research note on Thursday, January 18th. Piper Sandler raised their target price on shares of Comerica from $53.00 to $54.00 and gave the company a “neutral” rating in a research note on Friday, April 19th. Royal Bank of Canada raised their price target on shares of Comerica from $61.00 to $62.00 and gave the company an “outperform” rating in a research report on Friday, April 19th. Finally, The Goldman Sachs Group raised shares of Comerica from a “neutral” rating to a “buy” rating and set a $70.50 price target for the company in a research report on Thursday, January 4th. Three research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $56.89.

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.