Comerica Incorporated (NYSE:CMA) announced a quarterly dividend on Thursday, July 26th, Wall Street Journal reports. Stockholders of record on Friday, September 14th will be given a dividend of 0.60 per share by the financial services provider on Monday, October 1st. This represents a $2.40 annualized dividend and a dividend yield of 2.47%. The ex-dividend date of this dividend is Thursday, September 13th. This is a positive change from Comerica’s previous quarterly dividend of $0.34.
Comerica has increased its dividend by an average of 10.3% per year over the last three years and has raised its dividend every year for the last 6 years. Comerica has a dividend payout ratio of 33.6% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Comerica to earn $7.97 per share next year, which means the company should continue to be able to cover its $2.40 annual dividend with an expected future payout ratio of 30.1%.
CMA opened at $97.28 on Friday. The firm has a market cap of $16.78 billion, a PE ratio of 16.34, a P/E/G ratio of 0.61 and a beta of 1.37. Comerica has a 52-week low of $64.30 and a 52-week high of $102.66. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.69.
Comerica (NYSE:CMA) last released its earnings results on Tuesday, July 17th. The financial services provider reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.64 by $0.26. The company had revenue of $838.00 million for the quarter, compared to analyst estimates of $833.59 million. Comerica had a return on equity of 13.14% and a net margin of 27.28%. Comerica’s quarterly revenue was up 8.0% on a year-over-year basis. During the same period in the prior year, the firm posted $1.13 EPS. equities analysts forecast that Comerica will post 7.15 earnings per share for the current year.
Several analysts have recently issued reports on the company. Macquarie lowered Comerica from an “outperform” rating to a “neutral” rating in a report on Friday. Morgan Stanley raised their price objective on Comerica from $108.00 to $111.00 and gave the company an “equal weight” rating in a research note on Thursday, July 26th. Sandler O’Neill reaffirmed a “hold” rating and issued a $100.00 price objective on shares of Comerica in a research note on Thursday, July 26th. Bank of America set a $109.00 price objective on Comerica and gave the company a “buy” rating in a research note on Wednesday, July 25th. Finally, B. Riley raised their price objective on Comerica from $110.00 to $113.00 and gave the company a “buy” rating in a research note on Wednesday, July 25th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and sixteen have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $99.72.
In other news, EVP Christine M. Moore sold 4,800 shares of Comerica stock in a transaction dated Thursday, August 2nd. The stock was sold at an average price of $98.41, for a total transaction of $472,368.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.83% of the company’s stock.
Comerica Incorporated, through its subsidiaries, provides various financial products and services. The company operates through three segments: Business Bank, the Retail Bank, and Wealth Management. The Business Bank segment offers various products and services, such as commercial loans and lines of credit, deposits, cash management, capital market products, international trade finance, letters of credit, foreign exchange management, and loan syndication services to middle market businesses, multinational corporations, and governmental entities.
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